OBC left Menu
Quick Info
Visitor No.:   49158326



Print Font :- Small Text Standard Text Large Text
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. Joint accounts with residents are not permitted.

 

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. Withdrawls 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.