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Account Type: NRE Rupee Savings Account
Interest Rate: 4.0% |
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Avg. Monthly BalanceRs. 10,000Fund RepatriationNet BankingAccount Variant
Documents Required
Phone Banking Numbers
Overseas Branches
Remittance Service
More Information
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Account Type: NRE Savings
Interest Rate: 3.5% |
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Avg. Monthly BalanceRs. 10,000Fund RepatriationNet BankingAccount Variant
Documents Required
Phone Banking Numbers
Overseas Branches
Remittance Service
More Information
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Account Type: NRE Savings
Interest Rate: 3.5% |
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Avg. Monthly BalanceRs. 3,000Fund RepatriationNet BankingAccount Variant
Documents Required
Phone Banking Numbers
Overseas Branches
Remittance Service
More Information
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Account Type: NRE Savings
Interest Rate: 4.0% |
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Avg. Monthly BalanceRs. 10,000Fund RepatriationNet BankingAccount Variant
Benefits
Documents Required
Phone Banking Numbers
Overseas Branches
Remittance Service
More Information
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Account Type: NRE Savings
Interest Rate: 6.0% |
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Avg. Monthly BalanceRs. 10,000Fund RepatriationNet BankingAccount Variant
Benefits
Documents Required
Phone Banking Numbers
Overseas Branches
Remittance Service
More Information
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Account Type: Rupee Checking
Interest Rate: 3.5 % |
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Avg. Monthly BalanceRs. 40,000Fund RepatriationNet BankingAccount Variant
Documents Required
Phone Banking Numbers
Overseas Branches
Remittance Service
More Information
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*T&C apply
A Non-Resident External (NRE) Account can be defined as an account that allows transfer or conversion of Indian currency across borders in an effective manner and is also equipped with options to avail various types of saving schemes in India.
The primary purpose of a Non-Resident External account is that it helps NRIs deposit overseas remittances or savings to India. This is usually the case, when the NRI has family in India, and needs to transfer them money on a regular basis.
An NRI, or a Non-Resident Indian, is a person who is of Indian birth, descent or origin but who resides or lives outside the country. NRIs are also known as PIOs (Persons of Indian Origin). According to a Ministry of External Affairs report, there were 30,995,729 NRIs and PIOs residing outside India as of December 2018.
From a taxation point of view, as per Section 6 of the Income Tax Act, 1961, a non-resident is anyone who hasn’t stayed in the country for a specific period of time. The rates of income tax are different for residents (resident and ordinarily resident, and resident but not ordinarily resident) and non-residents. To be a resident of India, you must:
It is also key to know the difference between a Resident and a Citizen. The criteria to be a resident are mentioned above. Whereas, a citizen is someone who holds or carries an Indian passport. So, in essence, you can be a citizen of India, but still be a non-resident. At the same time, you can be a resident of India, and not be a citizen.
An NRI, holds a strategic place in our economy. NRIs are vital in flushing in foreign currency into our country. This increases our foreign reserve and helps increase the value of rupee. Also, the number of non-resident Indians in foreign countries, help maintain diplomatic relations between the different nations. For this purpose, it is beneficial to offer NRIs some exclusive accounts. One of these accounts offered to NRIs is the NRE (Non-Resident External) Account.
The currency of transfer is Indian Rupee.
The types of accounts which allow an NRE Account are Savings Account, Current account, Fixed Deposits.
A Non-Resident External (NRE) Account allows joint holding. This means that the NRE Account can be jointly held by both Resident Indians and Non-Resident Indians.
Money sent by NRIs is freely repatriable from India. Repatriation refers to the process of returning an asset to its owner or back to its place of origin.
In the case of NRE Accounts, money is exempt from TDS in India.
Cash cannot be deposited into an NRE Account.
An NRE Accounts can be funded through different modes. These include:
The advantages of an NRE Account include:
The disadvantages of an NRE Account include:
Hence, an NRE Account is an extremely beneficial and lucrative account. If you are an NRI, you should avail all the benefits of such an account. The existence of such an account offers a great advantage to our economy as a whole, as well.
