NRE Savings Account

Basic Savings Account

for the Global Indian

NRE Savings Account

Get your NRE Savings Account

An NRE account can be opened by any person who is residing outside India. NRIs having NRE account in India are permitted to hold and maintain foreign currency earnings in Indian rupees. All the funds, along with the accrued interest, are freely repatriable; moreover the interest earned is not taxable in India. A NRE account can be easily converted in to a regular resident account with the relocation of the NRI back to India.

This account is structured in manner that is suitable for most of the people living abroad; be they a student studying abroad, a professional deputed oversees or an entrepreneur trotting around the globe doing business. Submitting a few couple of documents at best is all you need to get started.

With features that include low minimum balance requirement, tax advisory services, multicity cheque books and online transaction capabilities you can be rest assured that the NRE Savings account will take care of all your banking needs.

Change of Resident Status

In the event of the NRI returning from overseas on a permanent basis the NRE Savings Accounts has to be redesignated as resident accounts or the funds held in these accounts may be transferred to RFC accounts if the account holder is eligible for maintaining RFC account .

Nomination Facility

Nomination can be in favour of resident or non-resident.

Repatriation of funds by nominee

  • Remittance abroad by Non-Resident Nominee: Banks may allow remittance of funds abroad, or funds may be credited to NRE or FCNR deposits.
  • Remittances abroad by Resident Nominee: Funds are to be credited to the ordinary SB account. If the nominee wants to remit funds outside India for meeting the liabilities of the deceased, he/she should obtain permission from RBI.

Features

  • Low minimum balance requirement of Rs 10,000
  • 'Multicity' cheque book which will permit you to make payment via cheque across multiple locations
  • Mandate or Letter of Authority facility available so that in your absence from the country you can authorize your relative or friend to operate conduct banking transactions on your behalf
  • Free iConnect: 24 X 7 account access through secure Internet banking facility from anywhere and anytime
  • Online shopping mall and utility bill payment facility by using our internet based Internet Banking login
  • Free personal accident cover of Indian Rupees 2,00,000 on our Debit Card (The insurance cover will come in force only after you make your first successful payment transaction at any merchant establishment.)*
  • Interest earned on NRE Savings Account is not taxable in India

*Conditions Apply

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