NRI SERVICES --> DEPOSITS --> non resident external (NRE)
rupee accounts
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| Non Resident External (NRE) Rupee Accounts |
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Eligibility
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Loans / Overdraft
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Period
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Tax Benefits
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Currency
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Nominations
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Opening of accounts
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Operations in the Account
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Withdrawals
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Overdue Deposits
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Download Application Form -
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Eligibility
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NRIs are eligible.
Non-Resident Indians, meaning persons of Indian origin / nationality, residing outside India
are eligible to open NRE accounts. |
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Period
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Non-Resident External Accounts (NRE) can be held either as operative accounts
(viz., Current A/c or Savings Bank A/c) or as term deposits, ranging from 1 year to 3 years
(cumulative / non-cumulative basis). |
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Currency
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Accounts can be maintained in Indian Rupees and the balances with accrued
interest are fully repatriable. |
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Opening of Accounts
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All our branches accept NRE deposits.
- NRE accounts can be opened with funds remitted from abroad through Banks by way of Demand Draft
/ Telegraphic Transfer / SWIFT transfer.
- With Foreign Currency Notes / Foreign Travellers Cheques while on visit to India.
- Transfer from NRE Account at other Banks.
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Withdrawals
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Funds can be withdrawn freely for local payments
Funds can be remitted in Foreign Currencies payable in convertible Indian Rupees and in
foreign currency, including interest earned. Withdrawals in SB A/c or C. A/c are permitted freely,
for local disbursement. Funds can be utilised for opening FCNR (B) deposits. |
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Overdue Deposits
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Backdated renewal of deposits is permitted only if renewed within 14 days from
the date of maturity. If renewed after 14 days the lowest interest rate applicable for the overdue
period shall be paid for the overdue period. |
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Loans / Overdrafts
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Loans & overdrafts can be availed against the securtiy of NRE deposits for
business purposes or personal use. Such loans should not be used for the purpose of investment in
India or for re-lending or for investment in farm houses / Real Estate. |
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Tax Benefits
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Income from interest on NRE deposit accounts held in an individual's name is
exempt from Indian Income Tax. Balances held in the account are also exempt from Wealth Tax. Gifts
made from the account are also exempted from Gift Tax. |
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Nomination
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Nomination facility is available. |
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Operations in the Account
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Power of Attorney can be given to residents to operate the account for local
payments. Power of Attorney holder cannot
- Open an account
- Remit funds abroad except only to the non resident account. Remittance in favour of account
holder is permitted provided specific power have been given in the Power of Attorney.
- Borrow against the deposit
- Close the account.
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