In what currency is my NRE Savings Account maintained?
Your NRE Savings Account is maintained in Indian Rupees.
What is the minimum amount required to open an NRE Savings Account?
The minimum amount required to open an NRE Savings Account is INR 5,000 or its equivalent in foreign currency. You would be required to maintain monthly minimum balance of INR 5,000/- only.
What is the frequency of interest payment on my NRE Savings Account?
The frequency of interest payment on your NRE Savings Account is half-yearly
What do I get against my NRE Savings Account?
You will get a cheque book and an ATM card on your NRE Savings Account.
Can I repatriate funds in my NRE Savings Account?
Yes. The Principal and interest earned on NRE Savings Account are fully repatriable
Do I have to pay any taxes on the funds in my NRE Savings Account?
As per Current I.T. rules, funds in NRE Saving Accounts are exempted for I.T. in India
Can I transfer funds between NRE Savings Account?
Yes. Transfer of funds from NRE Savings Account is allowed for bonafide personal purposes such as personal expenses, education of children, and gifts.
Can I transfer funds from my existing NRE Savings Accounts to open NRO/FCNR Accounts?
Yes. You can transfer funds from your existing NRE Savings Accounts to open NRO/FCNR Accounts.
If I am visiting India, can I use Travellers Cheques or Foreign Currency to open an account or credit my existing NRE Savings Account? Travellers Cheques can be used to credit/open the account. NRIs bringing Foreign Currency Notes & Travellers Cheques will have to submit a Currency Declaration Form (CDF) from the customs authorities on arrival in India, if the foreign currency notes exceed USD 5,000/- or combined value of Travellers Cheques and notes exceed USD 10,000/-. You must produce the CDF for endorsement by the bank when you submit the money for opening/credit to an account.
Can I appoint a mandate holder for my NRE Savings Account?
Yes. You can appoint a mandate holder for your NRE Savings Account. You can also choose to provide the mandate holder with an ATM Card on your NRE Savings Account.
Can I have joint holders for my NRE Savings Account?
Yes. You can hold your NRE Savings Account jointly with other Non-Resident Indian(s).
Can I have a nominee for my NRE Savings Account?
Yes. You can have a nominee for the NRE Savings Account.
What are the fees and charges for the NRE Savings Account?
Please click here to know more about fees and charges.