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 | | Link to: Union Smart Rupee Deposit |
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| Non Resident External Account (NRE) |
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Non Resident External Account [NRE A/c] in brief:
- NRIs and PIOs can open NRE account with an authorized bank
- NRIs can opt for either a Savings NRE A/c, Term Deposit A/c, Recurring Deposit A/c, or a Current account
- The NRE account can be opened or 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 currency/ travelers cheques
- Joint accounts only with another NRI & not with Residents
- 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 governed by RBI guidelines. At present Term Deposits attract interest rates equivalent to LIBOR rates plus 175 bps, normally modified every month
- Interest earned under this scheme is exempt from Indian income tax
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| Product Testimonial |
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| Quick Links |
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 | | Link To: Union Paradise |
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