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Home > Accounts / Deposits > NRE

NRE [ Non-Resident External ]

Accounts & Deposits


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Overview of NRE Accounts:

  • Account can be opened jointly with other NRIs.
  • Account can be opened with close resident relatives on "former or survivor" basis.
  • Account Type: Savings Bank / Current Account / Term Deposit / Special Term Deposit / Recurring Deposit.
  • Interest earned on NRE accounts is exempt from Indian Income tax.
  • Rupee loan available against NRE Term Deposits.

More information on NRE accounts:

NRE Term Deposits
Recurring Deposits
Special Term Deposits
How to Open an NRE account

Permissible Credits

  • Remittances from abroad through banking channel.
  • Personal cheques drawn on foreign account.
  • Proceeds of Foreign Currency Notes / Travelers cheques tendered by NRI, while visiting India.
  • Drafts issued by bank / exchange companies abroad.
  • Transfer from another NRE / NRO / FCNR (B) account.
  • Interest / dividend / maturity proceeds of investments made in India on repatriable basis.

Note: Amounts in excess of $ 5000 (or equivalent) in currency or $ 10,000/- (or equivalent) in Travelers cheques should be accompanied by a Currency Declaration Form.

NRE Term Deposits

  • Rupee deposits of fixed tenure.
  • Minimum period of 1 year.
  • Maximum period of 10 years.
  • Interest paid quarterly on Term Deposit Receipts (TDRs).
  • Principal & interest amount are fully repatriable.
  • Premature withdrawals permitted (conditional):
    • On pre-mature withdrawal of the Deposit (after completion of 1 year), interest will be calculated at applicable rate for the period the Deposit has actually remained with the Bank less applicable penalty as under:-

    • NRE term deposits opened Penalty
      Before 1st January, 2012 1%
      From   1st January, 2012 0.50%*

      * The interest paid shall be 0.50% below the rate applicable for the period deposit has    remained with the Bank or 0.50% below the contracted rate, whichever is lower.

    • No interest is payable if the deposit is withdrawn before one year.

Recurring Deposits

Want to create a fund for your children's education or marriage or to buy a house or for a dream holiday? Whatever may be your financial goals, through our Recurring Deposit Scheme, you can save a little every month so that at the time of need you have sufficient funds to achieve your financial goals. So, set aside a small amount every month and earn at compounded rates of interest.
  • Flexibility in period of deposit with maturity ranging from 12 months to 120 months
  • Attractive interest rates.
  • Interest income is tax free in India
  • You can avail a loan/overdraft against your deposit
  • Premature withdrawal allowed
  • Minimum monthly instalment of Rs.1000/-

Special Term Deposits

  • Deposit your money for a period between 1 year to 10 years.
  • Get a two-fold income, with interest both on your deposit and on the interest accrued on it.
  • Invest in an affordable/very low Minimum Deposit Amount of Rs. 1000/- only.
  • Enjoy higher returns with compounded interest every quarter.
  • Open a Special Term Deposit at any branch of ours.
  • Access your accounts 24X7 from anywhere in the world, with our Internet Banking facility.
  • Avail nomination facility for your deposits.

Tax Implications

As per the current regulations, interest income is exempt from income tax in India.

Automatic Renewals

  • No need to track maturity of your deposits.
  • Automatic renewal on maturity, if there are no instructions for renewal.
  • Earn interest for same period as that of your matured deposit, at the interest rate prevailing on the date of maturity.


  • Convert your Term Deposit to a Special Term Deposit, and enjoy compounded rate of interest to multiply your money faster.
  • Convert your Special Term Deposit to a Term Deposit to receive monthly / quarterly interest payments to handle your financial requirements.

To open an NRE account with a branch in India:

  1. Click here to download the account opening form.
  2. Fill the account opening form and send it to the branch of your choice with the following enclosures:
    • Two self attested passport size photographs.
    • Documents as mentioned below:
    Status Proof of Identity (Both mandatory) Address Proof mentioning the current overseas address (Any one) Additional document for the customers not visiting our Branch (Any one)
    1. Copy of the relevant pages of Passport

    2. Copy of valid Visa / Work Permit
    1. Copy of relevant pages of Passport

    2. Electricity Bill

    3. Telephone Bill

    4. Original copy of latest bank statement of account overseas

    5. Copy of Employee ID Card

    6. Copy of Labour Card

    7. Copy of Social Security Card
    1. Cheque drawn on your overseas Bank account

    2. Cancelled / Paid Cheque of your overseas Bank account

    3. Copy of Proof of Income / Pay Slip / Tax return
    PIO / OCI
    1. Copy of the relevant pages of Passport

    2. Any one of the following:
      1. Copy of PIO / OCI Card

      2. Copy of relevant pages of Passport of parents or grand-parents

      3. Copy of Marriage Certificate
    • For the customers who are not visiting to a Branch in India, please send your above mentioned documents and Signature in the account opening form, duly verified/attested by any one of the following persons / entities:
      • SBI Foreign Office (With SS No), wherever it is permitted
      • Indian Embassy or High Commission
      • Notary Public

Interest Rates:

Click here for Interest Rates.

Other Facilities:

  • International Debit Card.
  • Internet banking.
  • Add-on SBI ATM Card.
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