1. Individuals of Indian Nationality
(NRIs) or origin (PIOs) resident outside India.
2. State or Central Govt. officials working in
Indian Missions abroad or under International
Agencies like U.NO., I.M.F., World Bank, etc.
Restriction :
Opening of NRE account in the names of
individual of Bangladesh/Pakistan nationality requires approval of
RBI.
Documents required for opening Account :
1. Passport (issued by Indian Government)
2. 2 copies of latest photographs
3. VISA
4. Service Contract
5. Introduction
Source of Credit: i) Only foreign remittance
through A.D. or
ii) Transfer from one NRE A/c to another NRE A/c
Permitted types
of Accounts
:
Savings,
Current,
Recurring
Deposit and Term
Deposit
Repatriation
: For
the facility of
cash withdrawal
upto Rs.15,000/-
in a day from
account with our
any branch at
anytime of the
day through our
35 ATMs,
ATM card is
issued free of
charge at
present. No ATM
card is however
issued to Cash
Credit A/c
holder.
Tax Exemption :
No Income Tax,
Gift Tax, Wealth
Tax is
applicable
Nomination
Facility :
Nomination
facility is
available and
both resident
and non-resident
may be accepted
as nominees.
Loans and
Overdrafts :
a) Loans and
overdrafts to
Non-resident
Account holder
can be granted
on the security
of fixed deposit
subject to usual
norms as
applicable to
resident
accounts.
However such
facility for
investment in
real estate
business and
carrying on
agriculture/plantation
activity is not
permissible.
Repayment of
loan will be by
adjustment of
deposit of fresh
inward
remittance from
outside India.
b) Fund
based/non-fund
based facilities
to resident
individuals
/firms/companies
against
collateral of FD
in NRE account
may also be
granted subject
to compliance of
safeguards
advised by RBI
to be complied.
General
The NRE Accounts
are governed by
provisions of
Foreign Exchange
Management Act
1999,
administered by
RBI and the
above conditions
may undergo
change as
advised by RBI.
Interest
Rates on NRE
Term Deposits w.
e. f. April 03, 2012
Who Can Open an Account: