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NRE Savings
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What is an NRE Account?
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What are the Benefits offered by the NRE Account?
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Are my NRE funds repatriable?
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Is the NRE Account operable by a mandate?
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Can the NRE Account be jointly held?
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Will I get an ATM-cum-Debit Card when I open an NRE Account? |
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Is there a ceiling on the number of free cash withdrawals from other bank ATMs with the NRE Account?
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How do I access this account from abroad? |
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Can I provide
for recurring payments through standing instructions?
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Is there a minimum balance requirement for the NRE Account? |
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NRE Super Value Savings Account |
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What are the Additional Benefits offered?
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What is the minimum balance requirement? |
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NRE Term Deposit Account |
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What
currency is the NRE Term deposit maintained? |
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Are my
NRE funds repatriable? |
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Are the
funds in the NRE Term Deposit account taxable? |
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What is
the tenure of NRE Term Deposit? |
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Is
there a minimum amount requirement for the NRE Term Deposit? |
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What is an NRE Account? |
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The Non Resident External (NRE) Account is a savings account held in India, in Indian rupees. The Principal and the interest in an NRE account is fully repatriable. Interest income is exempt from Indian Income Taxes. |
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| Q. |
What are the Benefits offered by the NRE Account? |
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The NRE Account offers the dual benefit of maintaining an account in Indian Rupees and then converting the funds into a foreign currency at the time of repatriation. |
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Are my NRE funds repatriable? |
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Yes. Both the principal and interest are repatriable. |
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Is the NRE Account operable by a mandate? |
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Yes, operation of account through a Power of Attorney (POA) holder is allowed. |
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A POA holder can only issue INR cheques from NRE / NRO accounts for legitimate local payments. |
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A POA holder cannot |
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Open / close accounts |
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Gift funds from the account |
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Give instructions regarding fixed deposits |
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Cannot give a request for change of address |
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Cannot repatriate any funds overseas |
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Can the NRE Account be jointly held? |
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Yes an NRE Account can be jointly held. The joint account holder can only be another NRI. |
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Will I get an ATM-cum-Debit Card when I open an NRE Account? |
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Yes, you will be issued a globally valid VISA Electron Debit Card that gives you access to funds across the globe and the convenience to shop at over 10,000,000 outlets worldwide. |
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Is there a ceiling on the number of free cash withdrawals from other bank ATMs with the NRE Account? |
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Yes, four cash withdrawals per month per account from other banks ATMs in India are Free. |
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How do I access this account from abroad? |
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You have 24 x 7 access to your account through our Secure Internet Banking and Phonebanking facilities |
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Can I provide for recurring payments through standing instructions? |
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Yes, our robust systems facilitate recurring payments on behalf of the accountholder through standing instructions |
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Is there a minimum balance requirement for the NRE Account? |
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Yes, a minimum quarterly balance of INR 25,000 is required to be maintained. The service charge for non-maintenance of minimum balance is Rs.750 / quarter |
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What are the Additional Benefits offered? |
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In return for maintaining higher balances, the Additional Benefits you enjoy are |
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Free medical insurance up to Rs.50,000 for the prime A/c holder up to the age of 60 Years |
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Free Pay Orders / Demand Drafts on branch locations |
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Preferred pricing on Demand Drafts drawn on correspondent banks
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Free International Debit Card
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Free International Off-Us ATM Cash Withdrawals : two per month per account |
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Free Domestic Off-Us ATM Cash Withdrawals : four per month per account |
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Linked Resident Savings Account for family member in India without minimum balance criteria
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Free ATM Card to family member on linked Resident Savings Account |
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Facility to transfer funds to linked Resident Savings Account of family member through internet
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Free Payable at Par Cheque Books
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Special pricing on lockers (50% discount on first year's rentals)
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What is the minimum balance requirement? |
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You are required to maintain a minimum of INR 100,000, failing which the Account Maintenance Charges are as mentioned below: |
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| < INR 25 K |
1,750/- per quarter |
| > or = 25 K and < 50 K |
1,500/- per quarter |
| > or = 50 K and < 75 K |
1.250/- per quarter |
| > or = 75 K and < 100K |
1,000/- per quarter |
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What currency is the NRE Term deposit maintained? |
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Your NRE Term deposit account is maintained in Indian Rupees. |
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Are my NRE funds repatriable? |
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Yes, both the
principal and interest are freely repatriable |
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Are the funds in the NRE Term Deposit account taxable? |
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Interest earned
on the account is not subject to tax deduction at source
Interest earned on the account is not subject to tax deduction
at source |
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What is the tenure of NRE Term Deposit? |
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The tenure of the
Term deposit ranges from - 1 to 5 years. |
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Is there a minimum amount
requirement for the NRE Term Deposit? |
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Yes, a minimum deposit amount of INR 50,000 is required to
create an NRE Term Deposit. |
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*Conditions apply |
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