FOR NRE SAVING's
ACCOUNT :
In
what currency is my NRE Savings Account maintained?
Your NRE Savings Account is maintained in Indian Rupees.
What
is the minimum amount required to open an NRE Savings
Account?
The minimum amount required to open an NRE Savings Account
is INR 5,000 or its equivalent in foreign currency. You
would be required to maintain monthly minimum balance
of INR 5,000/- only.
What
is the frequency of interest payment on my NRE Savings
Account?
The frequency of interest payment on your NRE Savings
Account is half-yearly
What
do I get against my NRE Savings Account?
You will get a cheque book and an ATM card on your NRE
Savings Account.
Can
I repatriate funds in my NRE Savings Account?
Yes. The Principal and interest earned on NRE Savings
Account are fully repatriable
Do
I have to pay any taxes on the funds in my NRE Savings
Account?
As per Current I.T. rules, funds in NRE Saving Accounts are exempted for I.T. in India
Can
I transfer funds between NRE Savings Account?
Yes. Transfer of funds from NRE Savings Account is allowed
for bonafide personal purposes such as personal expenses,
education of children, and gifts.
Can
I transfer funds from my existing NRE Savings Accounts
to open NRO/FCNR Accounts?
Yes. You can transfer funds from your existing NRE Savings
Accounts to open NRO/FCNR Accounts.
If
I am visiting India, can I use Travellers Cheques or Foreign
Currency to open an account or credit my existing NRE
Savings Account?
Travellers Cheques can be used to credit/open the account.
NRIs bringing Foreign Currency Notes & Travellers
Cheques will have to submit a Currency Declaration Form
(CDF) from the customs authorities on arrival in India,
if the foreign currency notes exceed USD 5,000/- or combined
value of Travellers Cheques and notes exceed USD 10,000/-.
You must produce the CDF for endorsement by the bank when
you submit the money for opening/credit to an account.
Can
I appoint a mandate holder for my NRE Savings Account?
Yes. You can appoint a mandate holder for your NRE Savings
Account. You can also choose to provide the mandate holder
with an ATM Card on your NRE Savings Account.
Can
I have joint holders for my NRE Savings Account?
Yes. You can hold your NRE Savings Account jointly with
other Non-Resident Indian(s).
Can
I have a nominee for my NRE Savings Account?
Yes. You can have a nominee for the NRE Savings Account.
What
are the fees and charges for the NRE Savings Account?
Please click here to know more about fees and charges.
