Non Resident External (NRE) Accounts are opened for Non Resident Indians. A Non Resident Indian (NRI) is an Indian citizen or foreign national of Indian origin resident outside India for purposes of employment, carrying on business or vocation in circumstances as would indicate an intention to stay outside India for an indefinite period.
A person of Indian origin (PIO) is a citizen of any country other than Pakistan, Bangladesh or Sri Lanka, who
Please click / tap on the feature name to hide / view its content.
Accounts can be opened in single name or in joint names with another non resident Indian.
The credits received in foreign currency are converted into Indian Rupees at the prevailing exchange rates.
Account holder(s) can grant Power of Attorney and authorize resident Indian(s) to operate Savings or Current accounts.
In case of term / fixed deposits, the interest may be paid either in lump sum at the time of maturity or it may be paid every quarter or every month as opted by the depositor.
The fixed / term deposits shall continue to earn the earlier contracted Interest Rate till maturity.
The entire credit balance (inclusive of accrued interest) in an NRE account can be repatriated outside India at any time without reference to the Reserve Bank.
Loans/overdrafts are available from banks against security of deposits in NRE accounts.
Exchange risk is born by the depositors.
Investment from the account can be made in shares, debentures, mutual funds, money market mutual funds etc. The amount invested and income on that amount can be repatriated if the required conditions are fulfilled.
On return to India, the following amounts can be deposited in the RFC A/C -
Disclaimer : This site does not make any claim that the information provided on its pages is correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.
|Tax Saving Calculator||Perquisite Value Calculator|
|Mutual Fund & SIP Calculator||Mutual Fund & SIP Calculator|
|Income Tax Slabs and Rates||Income Tax Calendar of Due Dates 2019|
|PNB forms - Fillable||PAN and TAN forms - Fillable|
|Educational Loan by Banks||SBI Lending Rates: Perquisite Valuation|