| The Non Resident External (NRE) Savings Account
is an account that can be opened in Indian Rupees
and is the ideal way to remit funds to India from
abroad. This account can be jointly held with
other NRIs. You can also move your funds out of
India, whenever you wish to. Moreover, you are
not even taxed on the funds or the interest earned
in this account.
Who Can Open a Non Resident External account?
Non-Resident individuals of Indian nationality
or of Indian origin
Joint Accounts: NRE account can be opened jointly
with other NRIs. A resident Indian cannot be a
joint holder in a NRE Account.
How do I fund my NRE Savings Account?
-
Funds transferred from abroad in a freely
convertible foreign currency in an approved
manner or from an existing NRE/FCNR Account
held in other banks
-
Directly remit
the amount to us
-
Tendering Foreign Currency notes/traveler's
cheques brought in during your visit to India
What are the balance requirements?
-
The Average Quarterly Balance: Savings Account:
Rs. 5,000
-
Charges for Non-maintenance of Average Quarterly
Balance: Rs. 250 per quarter.
Features
-
ATM Card: You are issued an ATM that
can be used at any DCB ATM
-
Letter of Mandate: You can give a
letter of mandate to your local representative
in India who can operate the account on your
behalf. Download
Mandate Form (PDF)
-
Repatriation: You can easily have
your balances held in the NRE Account, along
with interest earned and transferred outside
India without the prior approval of the Reserve
Bank Of India.
-
Personalised Cheque book: You get
a personalised cheque book, that is issued
on your NRE Savings Account.
-
Nomination Facility: Nomination is
allowed in NRE Accounts.
-
FREE Quarterly Statements & Monthly
Statements by E Mail: You are sent Quarterly
Statements to your mailing address. Monthly
statements and Duplicate statements are also
available for a fee.
-
Any Branch Banking: Enjoy the convenience
of banking at any of our branches
-
Tax Deduction At Source (TDS): Interest
earned on the NRE account is exempt from tax
as per clause 4(ii) of Section 10 of the Income
Tax Act, 1961
-
Safe Deposit Locker at certain branches,
for safety of your valuables and important
documents while you are away.
|
