Non Resident External (NRE) Account

Overview:

  • To park your overseas earnings remitted to India and converted to Indian Rupees
  • Account can be opened either individually or jointly with other NRIs / PIOs / OCIs
  • Account types permissible:
    • Savings Bank
    • Current Account
    • Term Deposit
    • Special Term Deposit
    • Recurring Deposit
  • Funds deposited in the account will be in the form of fresh remittances from overseas or transfer from other NRE / NRO / FCNR (B) accounts
  • Account can be opened with close resident relatives on "former or survivor" basis
  • Account can be withdrawn for making local payments in Rupees
  • Interest earned on NRE accounts is exempt from Indian Income tax
  • Rupee loan available against NRE Deposits
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