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image NRE CURRENT DEPOSIT


NRE - Current

 

Particulars

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

Currency

Indian Rupees.

Type of Accounts

Current.

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).

Nomination

Permitted.

Minimum Balance

Rs.5000/-.

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 and freely repatriable.


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