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Account Type
UNION ROYAL - NRE Savings Bank Account(URNRE)
Particulars
Non-Resident (External) Rupee Account(NRE)-Savings Bank(SB)
Currency
Rs. INR
Type of Accounts
Saving
Who Can Open
NRIs/PIOs
Individuals/ entities of Pakistan and Bangladesh shall require the prior approval of the Reserve Bank of India.
The account should be opened by the non-resident account holder himself and not by the holder of power of attorney in India.
Joint Account
Permitted with Resident Indian as well as with NRIs/PIOs.
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. The NRI/PIO will be the primary/first applicant in the joint account and Resident Individual will be the second applicant and shall be eligible to operate the account as a power of attorney holder in accordance with the extant instructions during the life time of the account holder.
Permissible Credits
Credits permitted to this account are inward remittance from outside India, interest accruing on the account, interest on investment, transfer from other NRE/ FCNR (B) accounts, maturity proceeds of investments (if such investments were made from this account or through inward remittance). Any other credits permitted as per FEMA, RBI guidelines from time to time.
Proceeds of foreign currency/Bank notes tendered by account holder during his temporary visit to India, provided (i)the amount was declared on a currency declaration form(CDF),where applicable, and (ii)the notes are tendered to the authorized dealer in person by the account holder himself and the authorized dealer is satisfied that the account holder is person resident outside India
Permissible Debits
Local disbursements,
Remittance outside India,
Transfer to other NRE/ FCNR (B) accounts of the account holder or any other person eligible to maintain such account.
Any other transaction if covered under general or special permission granted by Reserve Bank.
Repatriation of Funds
Principal & Interest amounts are fully and freely repatriable.
Rate of Interest
As Applicable to Domestic Savings Account
Nomination
Allowed
Quarterly Average Balance
Rs. 1,00,000/-
Debit Card Charges
Issuance Charge – Free AMC - Free
ATM access at own /other Bank ATM (Domestic)
Nil charges
ATM Cash withdrawal limit
Rs. 1,00,000/-Per day
POS limit
Rs. 3,00,000/-Per Day
Penalty for Non –Maintenance of QAB
Rs. 500 +GST Per quarter
Tax on Interest Income
Income earned in the accounts is exempt from income tax and balances exempt from wealth tax
Cheque leaves including Personalized cheque leaves
100 leaves per year, beyond 100 leaves chargeable as per guidelines
NEFT, RTGS and IMPS
Free
SMS Charges
Nil
Account Closure charges
No charges
Operation by Power of Attorney In favour of a resident
Operation in the accounts 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 PA document provides for the same.
Debit CARD
VISA SIGNATURE CARD or RuPay JCB Platinum Card (International) to be issued to customers as per their choice.
Benefits of VISA Signature Card: ( Benefits offered VISA may change from time to time)
Benefits of RUPAY JCB Platinum Card: ( Benefits offered by NPCI/ JCB may change from time to time)
*Debit card should be in active status and has been used for financial/non-financial transactions at least once in the last 90 days prior to death
Additional Facilities