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NRE Account

The NRE account is an Indian Rupee denominated account for NRIs. It can be in the form of savings, current, recurring, or fixed deposits. In this NRE account, the foreign currency deposited in the account is converted to Indian Rupees. The NRE Account is useful for people who have a family in India and they need to transfer the money on a regular basis. You can transfer money without paying any charges. The interest given by these account is non-taxable.

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Bank Account Type Interest Rate Avg. Monthly Balance Fund Repatriation
Kotak
4.0% ₹ 10,000 Net Banking

Account Variant


  • NRE Savings
  • NRE Platina Savings
  • NRE Current
  • NRE Mariner Savings Account
  • NRE FD

Documents Required


  • Passport
  • Valid Visa
  • Address proof (Overseas and Indian)
  • Identity proof
  • FATCA
  • Latest Photograph

Overseas Branches


    US, UK, UAE, Singapore and more

Phone Banking Numbers


  • USA: 1855-365-6767
  • Australia: 0011-800-4499-0000
  • UK: 00-800-4499-0000
  • Canada: 1855-768-4020
  • UAE: +91-22-6600-6022
  • Hong Kong- 00180044990000
  • Singapore- 8001013054

Remittance Service


    Click2Remit

More Information


  • Network constitutes 1375 branches, 2352 ATMs
  • International Debit Card is provided
  • Mandate and Nominee Facility is extended
  • Overseas P.O Box Facility is available
  • Get higher yield post tax by availing DTAA benefits
  • Preferential foreign exchange rate for transactions above $ 10,000/- (USD) or equivalent
Axis
 3.5%  ₹ 10,000  Net Banking

Account Variant


  • NRE Savings
  • NRI Prime savings
  • NRE Salary
  • NRI Fixed Deposit Plus
  • Resident Fixed Currency Account
  • Mariner’s Account

Documents Required


  • Passport
  • PAN Card or Form 60
  • Valid Visa
  • Residence Proof
  • Identity proof
  • FATCA
  • Recent Passport size photograph

Overseas Branches


    Hong Kong, Singapore, Dubai, Colombo, Shanghai

Phone Banking Numbers


  • USA 1855 205 5577
  • Saudi Arabia 800 850 0000
  • UK 0808 178 5040
  • UAE 8000 3570 3218
  • Singapore 800 1206 355
  • Qatar 00 800 100 348
  • Canada 1855 436 0726
  • Bahrain 800 11 300
  • Australia 1800 153 861
  • (Non - Toll Free) +91 40 67174100

Remittance Service


    RemitMoney

More Information


  • Network of 4050 branches and 11,801 ATMs 
  • International Debit Card provided
  • Mandate and Nominee Facility extended
  • Overseas P.O Box Facility available
  • Free Accident Cover
  • Free iConnect
  • Exemption from Tax
SBI
3.5% ₹ 3,000 Net Banking

Account Variant


  • NRE Savings Account
  • NRE Salary Account
  • NRE ‘SUKOON’ Current Account

Documents Required


  • Passport
  • Valid Visa
  • Address proof
  • Identity proof
  • FATCA

Overseas Branches


    USA, UK, UAE, Australia and more

Phone Banking Numbers


  • Australia: 1800-012-473
  • Canada: 1866-3284-209
  • UAE: 800-091-190-05
  • UK: 808-101-7633
  • USA: 1866-328-4209

Remittance Service


    SBI EXPRESS WORLDWIDE

More Information


  • Network constitutes over 24,000 branches and 59,000+ ATMs
  • International Debit Card is made available to the customers
  • Mandate and Nominee Facility is extended
  • Overseas P.O Box Facility available
  • Rupee loan available against NRO deposit
HDFC
4.0% ₹ 10,000 Net Banking

Account Variant


  • NRE Savings
  • NRE Current
  • NRE Fixed Deposit
  • NRE Recurring Deposit

Benefits


  • Transfer money freely between India and abroad
  • Earn high interest rates and pay zero tax on the interest earned on your NRE Account
  • Conduct secure transaction
  • Pay utility bills through a simple registration

Documents Required


  • Passport
  • Valid work permit
  • PAN card
  • FATCA
  • CRS Declaration
  • CKYC Annexure
  • Address Proof

Phone Banking Numbers


  • USA: 855-207-8106
  • Canada: 855-846-3731
  • UK: 800-756-2993
  • Australia: 91-2267606161
  • Other Countries : 91-2267606161

Remittance Service


    QuickRemit

Overseas Branches


    Dubai, Bahrain, Abu Dhabi, Kenya and Hong Kong.

More Information


  • Network: 4555 branches, 12,087ATMs
  • International Debit Card: Yes
  • Mandate and Nominee Facility : Yes
  • Overseas P.O Box Facility: Yes
Yes
 6.0% ₹ 10,000 Net Banking

Account Variant


  • NRE Savings
  • NRE Fixed Deposit

Benefits


  • Earn high interest rate on your YES Bank NRE Account (6% p.a.)
  • No tax on the interest earned
  • Free ATM Card And Cheque Book for account holder
  • Free payment facility (NEFT/RTGS) through Net Banking

Documents Required


  • Passport
  • Valid Visa
  • Overseas and Indian Address proof
  • ID proof
  • FATCA

Phone Banking Numbers


  • USA: 1877-659-8044
  • UK: 808-178-5133
  • UAE: 8000-3570-3089
  • Canada: 1877-659-8044

Remittance Service


    YesRemit

Overseas Branches


    Singapore, UK, Dubai, and more

More Information


  • Network: 1000 branches, 1800 ATMs
  • International Debit Card provided
  • Mandate and Nominee Facility : Yes
  • Overseas P.O Box Facility: Yes
Citi
 3.5 % ₹ 40,000 Net Banking

Account Variant


  • NRE Regular Checking
  • NRE Prime Checking
  • NRE Gold Checking

Documents Required


  • Passport
  • Valid work permit
  • PAN card
  • FATCA
  • CRS Declaration
  • CKYC Annexure
  • Address Proof

Overseas Branches


    USA, UK, UAE, Australia, Canada and more

Phone Banking Numbers


  • USA: 1-866-703-2462
  • Australia: 1800-252-856
  • Canada: 1-866-703-2462
  • UAE: 8000-172-122
  • UK: 0-808-101-7384

Remittance Service


    Citibank Global Transfer

More Information


  • Network: 2500 branches worldwide
  • International Debit Card: Yes
  • Mandate and Nominee Facility : Yes
  • Overseas P.O Box Facility: Yes
  • Tax Deduction
Kotak Account Type: NRE Rupee Savings Account
Interest Rate: 4.0%

Avg. Monthly Balance

Rs. 10,000

Fund Repatriation

Net Banking

Account Variant

  • NRE Savings
  • NRE Platina Savings
  • NRE Current
  • NRE Mariner Savings Account
  • NRE FD

Documents Required

  • Passport
  • Valid Visa
  • Address proof (Overseas and Indian)
  • Identity proof
  • FATCA
  • Latest Photograph

Phone Banking Numbers

  • USA: 1855-365-6767
  • Australia: 0011-800-4499-0000
  • UK: 00-800-4499-0000
  • Canada: 1855-768-4020
  • UAE: +91-22-6600-6022
  • Hong Kong- 00180044990000
  • Singapore- 8001013054

Overseas Branches

    US, UK, UAE, Singapore and more

Remittance Service

    Click2Remit

More Information

  • Network constitutes 1375 branches, 2352 ATMs
  • International Debit Card is provided
  • Mandate and Nominee Facility is extended
  • Overseas P.O Box Facility is available
  • Get higher yield post tax by availing DTAA benefits
  • Preferential foreign exchange rate for transactions above $ 10,000/- (USD) or equivalent
Axis Account Type: NRE Savings
Interest Rate: 3.5%

Avg. Monthly Balance

Rs. 10,000

Fund Repatriation

Net Banking

Account Variant

  • NRE Savings
  • NRI Prime savings
  • NRE Salary
  • NRI Fixed Deposit Plus
  • Resident Fixed Currency Account
  • Mariner’s Account

Documents Required

  • Passport
  • PAN Card or Form 60
  • Valid Visa
  • Residence Proof
  • Identity proof
  • FATCA
  • Recent Passport size photograph

Phone Banking Numbers

  • USA 1855 205 5577
  • Saudi Arabia 800 850 0000
  • UK 0808 178 5040
  • UAE 8000 3570 3218
  • Singapore 800 1206 355
  • Qatar 00 800 100 348
  • Canada 1855 436 0726
  • Bahrain 800 11 300
  • Australia 1800 153 861
  • (Non - Toll Free) +91 40 67174100

Overseas Branches

    Hong Kong, Singapore, Dubai, Colombo, Shanghai

Remittance Service

    RemitMoney

More Information

  • Network of 4050 branches and 11,801 ATMs 
  • International Debit Card provided
  • Mandate and Nominee Facility extended
  • Overseas P.O Box Facility available
  • Free Accident Cover
  • Free iConnect
  • Exemption from Tax
SBI Account Type: NRE Savings
Interest Rate: 3.5%

Avg. Monthly Balance

Rs. 3,000

Fund Repatriation

Net Banking

Account Variant

  • NRE Savings Account
  • NRE Salary Account
  • NRE ‘SUKOON’ Current Account

Documents Required

  • Passport
  • Valid Visa
  • Address proof
  • Identity proof
  • FATCA

Phone Banking Numbers

  • Australia: 1800-012-473
  • Canada: 1866-3284-209
  • UAE: 800-091-190-05
  • UK: 808-101-7633
  • USA: 1866-328-4209

Overseas Branches

    USA, UK, UAE, Australia and more

Remittance Service

    SBI EXPRESS WORLDWIDE

More Information

  • Network constitutes over 24,000 branches and 59,000+ ATMs
  • International Debit Card is made available to the customers
  • Mandate and Nominee Facility is extended
  • Overseas P.O Box Facility available
  • Rupee loan available against NRO deposit
HDFC Account Type: NRE Savings
Interest Rate: 4.0%

Avg. Monthly Balance

Rs. 10,000

Fund Repatriation

Net Banking

Account Variant

  • NRE Savings
  • NRE Current
  • NRE Fixed Deposit
  • NRE Recurring Deposit

Benefits

  • Transfer money freely between India and abroad
  • Earn high interest rates and pay zero tax on the interest earned on your NRE Account
  • Conduct secure transaction
  • Pay utility bills through a simple registration

Documents Required

  • Passport
  • Valid work permit
  • PAN card
  • FATCA
  • CRS Declaration
  • CKYC Annexure
  • Address Proof

Phone Banking Numbers

  • USA: 855-207-8106
  • Canada: 855-846-3731
  • UK: 800-756-2993
  • Australia: 91-2267606161
  • Other Countries : 91-2267606161

Overseas Branches

    Dubai, Bahrain, Abu Dhabi, Kenya and Hong Kong.

Remittance Service

    QuickRemit

More Information

  • Network: 4555 branches, 12,087ATMs
  • International Debit Card: Yes
  • Mandate and Nominee Facility : Yes
  • Overseas P.O Box Facility: Yes
Yes Account Type: NRE Savings
Interest Rate: 6.0%

Avg. Monthly Balance

Rs. 10,000

Fund Repatriation

Net Banking

Account Variant

  • NRE Savings
  • NRE Fixed Deposit

Benefits

  • Earn high interest rate on your YES Bank NRE Account (6% p.a.)
  • No tax on the interest earned
  • Free ATM Card And Cheque Book for account holder
  • Free payment facility (NEFT/RTGS) through Net Banking

Documents Required

  • Passport
  • Valid Visa
  • Overseas and Indian Address proof
  • ID proof
  • FATCA

Phone Banking Numbers

  • USA: 1877-659-8044
  • UK: 808-178-5133
  • UAE: 8000-3570-3089
  • Canada: 1877-659-8044

Overseas Branches

    Singapore, UK, Dubai, and more

Remittance Service

    YesRemit

More Information

  • Network: 1000 branches, 1800 ATMs
  • International Debit Card provided
  • Mandate and Nominee Facility : Yes
  • Overseas P.O Box Facility: Yes
Citi Account Type: Rupee Checking
Interest Rate: 3.5 %

Avg. Monthly Balance

Rs. 40,000

Fund Repatriation

Net Banking

Account Variant

  • NRE Regular Checking
  • NRE Prime Checking
  • NRE Gold Checking

Documents Required

  • Passport
  • Valid work permit
  • PAN card
  • FATCA
  • CRS Declaration
  • CKYC Annexure
  • Address Proof

Phone Banking Numbers

  • USA: 1-866-703-2462
  • Australia: 1800-252-856
  • Canada: 1-866-703-2462
  • UAE: 8000-172-122
  • UK: 0-808-101-7384

Overseas Branches

    USA, UK, UAE, Australia, Canada and more

Remittance Service

    Citibank Global Transfer

More Information

  • Network: 2500 branches worldwide
  • International Debit Card: Yes
  • Mandate and Nominee Facility : Yes
  • Overseas P.O Box Facility: Yes
  • Tax Deduction

*T&C apply




What is an NRE account?

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.

Purpose of an NRE Account

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.

Who is an NRI?

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:

  • Stay in India for at least 182 days in a financial year, or
  • Stay in India for 365 days spread over 4 consecutive years, AND
  • Stay in India for at least 60 days in the previous year

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.

Features of NRE 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:

  • Remittance from Outside India
  • Foreign Currency Cash or Cheque
  • Transfer from other NRE / FCNR (Foreign Currency Non-Resident) Deposits

Advantages of an NRE Account

The advantages of an NRE Account include:

  • Allows you to maintain the account in INR
  • Offers fully free repatriation benefits
  • NRIs can invest in various savings and deposit schemes through an NRE Account
  • Allows Loans to be availed from both foreign banks as well as Indian banks
  • Facilities like payment of bills, cheque books, and international credit cards are available with these accounts

Disadvantages of an NRE Account

The disadvantages of an NRE Account include:

  • The account has to be maintained in Indian Rupee (INR)
  • Possible loss to depositors due to fluctuations in exchange rates of foreign currency
  • Does not allow cash deposits to be made

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.

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