NRE Current Accounts

 

NRE Current Accounts

Transfer and repatriate funds easily with your NRE Rupee Current Account. Convenient banking options make your account accessible to you from anywhere in the world.

 

  • Ideal for foreign nationals who have ESOPs Employee Stock Option Plan (ESOP) are the shares offered to the employees of a company, wherein promoters decide to dilute their stake. Employees are often given a share of the business after a certain length of employment or they can buy shares at any time.  issued by Indian companies
  • Repatriate your principal and interest amount fully
  • Remit funds easily through Quickremit, IndiaLink, Cheque LockBox, Telegraphic Transfers and Cheque / Draft for free
  • Utilise account balance for repatriable investments as well as local payments in India
  • Deposit your overseas earnings in the non-interest bearing Rupee account
  • Avail of free ATM Card for the mandate holder in India
  • Get an International Debit Card
  • Get a personalized cheque book
  • Operate your account, anywhere, anytime with convenient banking channels like NetBanking
  •  
  • To deposit money in your NRE Current Account, you can:
  • Transfer funds from abroad in a freely convertible foreign currency These are foreign currencies that can be exchanged easily with other currencies and are recognized by the international market.
  • Present foreign currency notes/travellers cheques brought in by you or another NRI during a visit to India
  • Directly remit the amount to us
  • Transfer funds from an existing NRE/FCNR Account held in other Banks

Fees and Charges

·         Normally you need to maintain an Average Quarterly Balance (AQB) is the average balance you need to maintain in your account (s) over a period of 3 months.  of Rs.5,000 - 25,000/- (this conditions varies from banks to bank) In case your Average Quarterly Balance (AQB) is the average balance you need to maintain in your account (s) over a period of 3 months.   dips below the required amount, a fee of Rs 500 - 1000 per quarter (varies from banks to bank) will be charged. 

 

Documents Required

  • Photocopy of the pages of the passport containing passport details and personal details of all applicants
  • Copy of valid visa / work permit
  • One passport photograph of each applicant
  • One document confirming either the overseas or Indian address. The address on the document has to match the address mentioned in the application form.

In case, you cannot go to bank branch for account opening and you reside in a non FATF country, all photocopies of the above documents to be attested by Indian Embassy or by a Notary.

In case, you cannot go to any branch for account opening and you reside in a FATF country, then either all photocopies of the above documents to be attested by an Indian Embassy or Notary or by a Banker overseas If the documents are not certified then all documents need to be self signed and submitted along with one additional documents required by the respective banks

 

Eligibility

·         You are eligible if you are a non-resident individual of Indian nationality or of Indian origin.

a)

In what currency is my NRE Current Account be maintained?

  • Your NRE Current Account is maintained in Indian Rupees.

b)

What is the minimum amount with which I can open an NRE Current Account?

  • The minimum amount required to open an NRE Current Account is INR 5,000- 25,000 or its equivalent in foreign currency( this minimum amount varies from banks to bank). You would be required to maintain an Average Quarterly Balance of INR 5,000 to 25,000/- only.

c)

What is the frequency of interest payment on my NRE Current Account?

  • No interest is payable.
 

d) What do I get against my NRE Current Account?

  • You will get a cheque book and an International Debit Card against your NRE Current Account.

f)

Can I repatriate funds in my NRE Current Account?

  • Yes. The principal and interest earned on NRE Current Account are fully repatriable.

g)

What taxes am I liable to pay if I have an NRE Current Account?

  • As per current guidelines, funds in NRE Current Account are exempted from income tax in India.

h)

Can I transfer funds between NRE Current Accounts?

  • Yes. Transfer of funds from NRE Current Accounts is allowed for bonafide personal purposes such as personal expenses, education of children, and gifts.

i)

If I am visiting India, can I use Travellers Cheques or foreign currency to open an account or credit my existing NRE Current Account?

  • Travellers Cheques can be used to credit/open the account. If the foreign currency notes brought by you exceed USD 5,000/- or the combined value of Travellers Cheques and notes exceed USD 10,000/-, then you have to submit a Currency Declaration Form (CDF) to the customs authorities on arrival in India. You must produce the CDF for endorsement by the Bank when you submit the money for opening/credit to an Account.

j)

Can I appoint a mandate holder for my NRE Current Account?

  • Yes. You can appoint a mandate holder for NRE Current Account. You can also choose to provide the mandate holder with an ATM Card.
   

k)

What are the payment services available for my NRE Current Account?

  • With Bank's advanced Payment Services, you can bid goodbye to queues and paper work. Our range of payment options makes it easy for you to pay for a variety of utilities and services.

l)

How do I access my NRE Current Account while I am abroad?

  • You can access your NRE Current/Savings Account through NetBanking and PhoneBanking.
     

 

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