NRE - SB

NRE Savings Bank Account

Particulars

Non-Resident (External) Rupee Account ( NRE) - Savings Bank (SB)

Currency

Indian Rupees

Type of Account

Savings

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

Interest rate shall be at the rate as applicable to domestic savings account.  (currently 4%)

Who can open

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

Joint Account with

Permitted with Resident Indian as well as with NRIs/PIOs/OCIs. If A/c is joint with Resident Indian the joint account holder should be close relative as per RBI guidelines and the operation in the account shall be ‘Former or Survivor’ only.

Nomination

Permitted

Minimum Balance

Rs.1000/-  (for metro & urban)

Rs.500/- (for SU / rural)

Tax on Interest Income

No TDS or Income Tax on interest earned.

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 of fund

Principal & Interest amount are fully and freely repatriable