NRE Savings Account FAQs
How do I open an NRE / NRO Savings Account?
To open an NRE / NRO Savings Account, all you need to do is:
- Download the application form (Please note that you would need to have Adobe Acrobat Reader installed on your system)
- Complete the application form
- Attach a photograph
- Enclose photocopies of the passport showing your passport and person details*
- Attach a photocopy of your visa / resident permit / work permit*
- Attach one document indicating your mailing address as mentioned on the application form.*
* All the documents need to be self-attested. The above account opening form along with documents can be submitted at your nearest IndusInd Bank in India.
How do I choose whether I need to open a NRE (Non Resident External) Account?
- Currency of funding - To be funded using foreign currency / foreign currency sources (other NRE/FCNR Accounts)
- Tax implication - Both the principal amount and the interest earned on it is exempt from tax in India
- Repatriation - The funds in the account can be converted to foreign currency and taken back to any overseas location
- Joint Account holders - Can be held jointly along with either a NRI / PIO
- Currency of maintenance - The funds in the account are maintained in India in Indian Rupees
How do I choose whether I need to open a NRO (Non Resident Ordinary) Account?
- Currency of funding - Can be funded using foreign currency or Indian Rupees
- Tax implication - The interest earned is subject to Tax Deducted at Source (TDS) of 30%+ surcharge+ education cess
- Repatriation- The principal amount is not freely repatriable. Conversion and transfer of funds in foreign currency is subject to certain restrictions
- Joint Account holders- Can be held jointly with either a NRI / PIO or a Resident Indian
- Currency of maintenance- The funds in the account are maintained in India in Indian Rupees
Does the password have to contain a certain structure?
Yes the password must be at least 6 characters and include at least 1 number