NRE - Current
Non-Resident (External) Rupee Account ( NRE) - Current Deposit (CD).
Type of Accounts
Sources of Funding the Account
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).
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.