Non-Resident (External) Rupee Account ( NRE)
Type of Accounts
Tenure (For Term Deposits)
Minimum 1 year to Maximum 10 years (at the discretion of the Bank )
Sources of Funding the Account
Rate of Interest
As advised by the bank from time to time. See our latest interest rate chart on our website
Who can open
NRIs / PIOs/OCIs (other than person resident in Nepal and Bhutan) (Individuals from Pakistan require prior approval of RBI)
The accounts may be held jointly with residents and/or with non-residents. If the account is held jointly with non-residents, the operation mandate in the account may be as per the choice of the account holder. If the account is held jointly with resident Indians, the joint account holder should be a close relative of the NRI as per RBI guidelines. The operation mandate in this account shall only be FORMER OR SURVIVOR.
Tax on Interest Income
Operations by Power of Attorney in favour of a resident indian
Operations in the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments and for investment in the name of account holder. Remittance to the account holder abroad is permitted, if the PA document provides for the same.
Repatriation of fund
Principal & Interest amount are fully and freely repatriable