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NRI Deposits
NRE Current Deposit

NRE - Current



Non-Resident (External) Rupee Account ( NRE) - Current Deposit (CD).


Indian Rupees.

Type of Accounts


Sources of Funding the Account

  1. Funds remitted from abroad in any permitted currency through banking channels.
  2. Depositing cheque / draft drawn in foreign currency or INR.
  3. Transfer from other NRE / FCNR accounts of the same account holder or another account holder with our Bank or other Banks accompanied by a certificate from paying bank.
  4. Surrender of foreign currency / foreign currency travellers’ cheques to the Bank by the account holder in person.
  5. Note : Third party TCs are not permitted.

Rate of Interest

No Interest is Paid.

Who can open

NRIs / PIOs/OCIs (other than persons resident in Nepal and Bhutan)   (Individuals from Pakistan require prior approval of RBI).



Minimum Balance


Tax on Interest Income

No Income Tax.

Operations by Power of Attorney in favour of a resident

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. 


Principal & Interest amount are fully and freely repatriable.

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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