NRE Regular A/c

non residential (external) rupee account
NRE Regular A/c

This is our Non Residential (External) Rupee Term Deposit Scheme.

This account enables NRIs to have operative account in India & save in India at higher rate with repatriation benefits.

Account Highlights:

  • Savings / Current or Term Deposits accounts in Indian Rupees can be opened.
  • Minimum period of NRE Term deposit is one year and maximum period is 10 years.
  • The balances in these accounts can be repatriated outside India at any time.
  • Transfer to / from other NRE / FCNR Account is possible.
  • Accounts in the name of 2 or more NRI’s are permitted.
  • NRIs are now permitted to open joint accounts with their close relatives on former or survivour basis.
  • Nomination facility is available.
  • Interest earned on deposit is exempted from Indian Income Tax.
  • Balances in the accounts are free from wealth Tax.
  • Gifts to close relatives in India from balances in the account are exempted from gift tax.
  • NRE Account can be operated by resident in terms of Power of Attorney for Local payments.
  • Local disbursements from accounts can be made freely.
  • Loans / Overdrafts can be availed against the security of Term Deposits.
  • Premature withdrawals are allowed. Interest for such withdrawals is paid one percent less than the rate payable for the period of deposit held.
  • Standing instructions for local payments are accepted.
  • Term Deposits will be allowed to be continued till maturity at the contracted rate on return to India and re-designated as resident account.
  • The depositor runs the risk of depreciation in Rupee against foreign currencies.

Schemes available under NRE Account:

Features of Anywhere OD against NRE & NRO deposits for NRI customers:

Download the Application Form: