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Non Resident (External) Rupee Accounts (NRE A/Cs)

 
 
These accounts are designed to help the individual NRIs/PIOs for placing their savings meant for meeting uncertain exigencies or as investment in Term deposits. Accounts can be either as savings bank account, current account, cumulative deposits, and Term deposits (Cash certificates or Fixed deposits). The funds are repatriable along with interest

 
Accounts can be opened by submitting duly filled in account opening form, (which is available on our website) 2 passport photographs, and a copy of passport with VISA stamping (KYC purpose) along with the foreign remittance and attestation by the Indian Embassy

 
Credits can be only out of foreign remittances/Travellers cheques/Foreign currencies or proceeds of NRE term deposits, FCNR (B) deposits or proceeds of certain other investments made out of NRE remittances

 
Withdrawals are permitted for local payments, transfer to NRE/FCNR (B) accounts and certain other investments permitted by RBI.

 
Joint accounts are permitted. NRIs with their resident close relatives (‘relative’ as defined in section 6 of the Companies Act, 1956) on ‘former or ‘survivor’ basis. The resident close relative shall be eligible to operate the account as a Power of Attorney holder in accordance with the extant instructions during the life time of the NRI/PIO account holder.

 
Power of Attorney holders can operate the accounts for local payments and approved investments.

 
Bank issues special series of cheques to NRI Account holders for easy identification.

 
Term deposits can be made in the normal course for a minimum period of 1 year and a maximum of 10 years.

 
Loans against term deposits can be availed for personal/business purposes. However, loan against term deposits cannot be availed for the purpose of relending, agriculture/plantation or for investments in real estate business. The interest on such loans shall be as per Bank’s guidelines stipulated from time to time.

 
No penalty will be charged for premature closure of NRE term deposits for conversion to Resident foreign currency (RFC) deposit. Conversion of NRE term deposit to FCNR (B) deposit before maturity will be subject to penal provision for premature withdrawal.

 
Nomination facility is available

 
Click here for NRE account opening form.
 
Click here for Interest rates on NRE deposits

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