NRI Banking  Accounts & Deposits NRE Rupee Account

General Information

  • Accounts can be in the form of  Savings,Current or Term Deposit.
  • Joint accounts are permitted.
  •  Account can be opened by direct remittance from abroad, transfer from existing NRE, FCNR(B) accounts or with foreign currency note, travellers cheque tendered personally by NRIs during their visit to India.
  • Repatriation of credit balance permitted.
  • No Income tax deduction at source on interest
  • Balance is exempt from wealth tax and interest earned is exempt from Income Tax.
  • Nomination facility is available

 

Documents Required for Opening an NRE account

  • Application form duly filled and signed
  • Copy of latest valid passport
  • PAN CARD or FORM 60
  • Proof of address and residence like copy of statement of bank account maintained abroad or a certificate from your employer abroad
  • Two passport size photographs
  • Initial remittance by way of DD issued by a foreign bank or an exchange company abroad or cheque drawn on a foreign bank in your country of residence