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Home >> Services >> NRI Services  >> >> Types of Accounts  >> >> Non-Residence External
Non-Residence External

Non-Resident External Account (NRE)

Accounts can be opened by remittances from abroad/transfer from existing NRE/FCNR accounts/deposit of foreign exchange brought during visit to India. All types of accounts viz. Current, Savings and Term Deposit Accounts can be opened jointly with any other Non-Resident Indian. NRIs/ PIOs can hold jointly with a resident relative on ‘former or survivor’ basis (relative as defined in Companies Act, 2013).However, during the life time of the NRI/PIO account holder, the resident relative can operate the account only as a Power of Attorney holder.

 

Non-Resident Indians can appoint residents to operate their NRE accounts for local payments through a power of attorney / letter of authority. Transfer of funds between NRE accounts of different persons for genuine personal purposes freely permitted. Export payments from NRE account also permitted. Withdrawals for local payments are freely permitted. Forward exchange cover for Term Deposit funds available. Interest paid on maturity or quarterly intervals as per customer's request on Term Deposits. Loans against deposits are available. Nomination facility available. Repatriation of the balance including interest in any convertible currency is permitted.

 

Tax Benefits

Interest earned on these accounts is free from Income Tax in India