| NRE - Current |
|
| Details Required |
Indian Rupees |
| Particulars |
Non-Resident (External) Rupee Account ( NRE) - Current Deposit (CD) |
| Currency |
Indian Rupees |
| Type of Accounts |
Current |
| Sources of Funding the Account |
- Funds remitted from abroad in any permitted currency through banking channels.
- Depositing cheque / draft drawn in foreign currency or INR, drawn on Vostro A/cs maintained by foreign bank and exchange houses with us.
- 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.
- Surrender of foreign currency / foreign currency travellers’ cheques to the Bank by the account holder in person.
- Note : Third party TCs are not permitted.
|
| Rate of Interest |
No Interest Paid |
| Who can open |
NRIs / PIOs (other than person resident in Nepal and Bhutan) (such individuals from Bangladesh and Pakistan require prior approval of RBI) |
| Joint Account with |
One or more NRIs / PIOs |
| Nomination |
Permitted |
| Minimum Balance |
- Average quarterly balance in SB A/c
- Rs.5000/- (for metro & urban)
- Rs.______/- (for SU / rural)
|
| 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. |
| Repatriation |
Principal & Interest amount are fully repatriable
|