NRIs are permitted to open these accounts through remittance from abroad.

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Overview

Repatriable Indian Rupee accounts which can be maintained by Non Resident Indians being Indian citizens as foreign citizens of Indian origin (other than citizens of Bangladesh and Pakistan ) in the form of current, savings and/or deposit accounts. NRIs are permitted to open these accounts through remittance from abroad. Remittance from abroad could be through wire transfer, bank drafts, personal cheques, international money order, traveler's cheques, currency, drafts issued by exchange houses etc. Accounts can also be opened by funds transfer from any existing non-resident accounts i.e. NRE/FCNR accounts maintained with any other scheduled commercial Bank.

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Features & Benefits

  • You can open current/savings/term/fixed deposits
  • Accounts are denominated in Indian rupees
  • Joint accounts are permitted with other NRIs/PIOs only
  • Interest exempt from income tax in India
  • Principal amount and Interest are fully repatriable
  • Interest on the savings account is accrued on monthly minimum balance and credited to the account on half-yearly basis
  • On term deposits, period vary from 1 year to 3 years
  • Interest paid on maturity or quarterly basis as per customer's request
  • Statement issued on monthly basis or as per customers request or REGISTER for E-Statement Services
  • Nomination facility available
  • Operation by residents under power of attorney available for local payments and permitted investments
  • However, power of attorney holder cannot open or close NRE accounts nor make gifts or facilitate loans
  • Rupee loans against deposits held in NRE accounts are available to account holder as well as third party resident in India for specified purpose and subject to specified conditions
  • Rupee loans are also available outside India for fund based/non fund based facility for any bonafide purpose
  • Gifts made to close resident relatives are exempt from income tax liability applicable in case of the recipient done
  • Facility for automatic renewal of deposits on maturity and safe custody of deposit receipt is also available

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