NRE Account

NRE Account

 

"NRE accounts allow Non-Resident Indians (NRIs) to open bank accounts in India. These accounts are typically funded through foreign inward remittances, including methods such as demand drafts, wire transfers, and mail transfers. NRE accounts also provide a range of standard banking services, such as cheque books, the ability to designate nomination and convenient remittance options."     

 

Documents:

 

  • Identity Proof: Passport Indian or Foreign.
  • Proof of NRI Status: Valid visa / Work permit / Overseas Resident Card depending on the country of residence etc.
  • Address Proof (Indian): Driving license, Voter’s ID issued by the Election Commission of India, proof of possession of Aadhaar number, job card issued by NREGA, letter issued by the National Population Register, Passport.
  • Address Proof (Overseas): Utility bill or a rental agreement in your foreign country of residence not more than three months old.
  • Proof of Indian Origin: Copy of your Person of Indian Origin (PIO) card, an Overseas Citizen of India (OCI) card or PIO declaration along with the documents to prove your connection to India.
  • Proof of Seafarer:
  • Valid Job Contract
  • Continuous Discharge Certificate (CDC), if the disembarkation stamp on CDC is not more than 180 months’ old
  • Expired contract letter (if the disembarkation stamp on CDC is not more than 180 days’,
  • Old Payslips evidencing employment with a shipping company (not more than 6 months old).
  • Tax related: Pan Card or Form 60, FATCA and CRS declaration.

                                

Features & Benefits:

  • Receive Foreign Currency: Easily receive foreign currency remittances into your account.
  • Tax-Free Interest: Enjoy tax-free interest earnings on your deposits.
  • Repatriation Freedom: Repatriate both your principal and interest earned back to your home country at any time.
  • Convenient Banking: Access a suite of banking services with international and domestic debit/ATM cards including online and mobile banking, lockers, and nomination facilities.
  • Loan Options: Obtain loans for investments in India against your NRE account balance.
  • Investment Options: Choose from a variety of account types, including savings, current, term, and recurring deposits, to suit your investment goals.
  • Peace of Mind: Secure your funds with nomination facilities and the option for joint accounts with "former or survivor" benefits with resident relatives.