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NRI Deposite
Non Resident External Account (NRE)
Features
Non Resident External Account [NRE A/c] in brief:
  • NRIs/ PIOs/OCIs can open NRE account with an authorized bank
  • NRIs can open an NRE Savings A/c, NRE Term Deposit A/c, NRE Recurring Deposit A/c and an NRE Current account.
  • The NRE account can be credited with remittances from abroad, transfers from existing NRE/ FCNR accounts or by deposit of foreign exchange brought into India during a visit by way of foreign currency/ trave lers cheques.
  • NRE Account may be held jointly. If held jointly with Resident Indian, the joint account holder should be a close relative of the primary account holder (NRI) as per RBI guidelines and the operation in such joint account shall be ‘Former or Survivor’ only.
  • If held jointly with another NRI/PIO/OCI, the joint account holder may or may not be a close relative of the primary account holder (NRI) and the operation in such joint account shall be as per choice of the account holders.
  • Zero Balance A/c can also be opened and can be funded later.
  • Credits / Debits are governed by Exchange Control Regulations.
  • The minimum period for a Term Deposit is 12 months and the maximum period is 10 years.
  • The interest rate on this deposit is as decided by the Bank from time to time.
  • Interest earned under this scheme is exempted from Indian income tax.
I have been a customer of Union Bank of India, NRI Branch at Mumbai since the last 15 years. It is a matter of great satisfaction to me that UBI managers and staff are the most friendly and they have almost always exceeded our expectations.
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