As the name suggests these are repatriable Indian Rupee accounts which can be maintained by Non Resident Indians being Indian Citizens as also foreign citizens of Indian origin (other than citizens of Bangladesh & 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, travelers 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.
Features & Benefits
You can open current /savings/term/recurring/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 & 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
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..
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.