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Non-Resident (External) Rupee Accounts (NRE)
Non-Resident (External) Rupee Accounts (NRE)
Submitted by csbadminbank on Wed, 02/10/2016 - 20:27
- An account maintained in INR where you can park your foreign income earned outside India.
- Enjoy full repatriability of your money & earn tax free interest in India
- Types:Current/Savings
- Account can be opened either individually or jointly with other NRIs/PIOs . Account can also be opened jointly with close relative residents on ‘former or survivor’ basis where the NRI/PIO is the former holder and the Resident holder can operate the account only on death of the primary NR/PIO holder. However, the resident relative can operate the account as a Letterof authority/Power of Attorney holder during the life time of the NRI account holder.
- Credit to this A/C can be from overseas or transfer from other NRE / FCNR (B) accounts
- Permissible debits are local disbursements, remittance outside India, transfer to other NRE/ FCNR(B) accounts and investments in India.
- Nomination can be in favour of a Non-Resident/ Resident.
