NRE Saving Bank Account

It is very easy and convenient to have an account with us. The account Opening application form can be downloaded from our website and is also available at our NRI desks at Bahrain / Kuwait / Dubai / Mumbai / Hyderabad / Aluva & New Delhi. The completed form along with the support documents as listed hereunder maybe submitted at any of our counters. The accounts can be opened by remittances from abroad or by transfer of funds from your existing NRE/FCNR accounts. It can also be opened by tendering Foreign Currency or Travellers cheque during the temporary visit to India.

FEATURES & BENEFITS :

  • Free cheque Book facility. Cheque book could also be obtained from our overseas NRI desks.
  • Free ATM Card for local usage when on vacation / visits to India.
  • Withdrawals and Balance Enquiry from ATMs NPCI Network.
  • Anywhere Banking on CBS Platform - This facility entitles the account holder to withdraw or deposit cash at Mumbai, Hyderabad & Aluva.
  • Standing instructions are accepted for regular local / overseas payment.
  • W.e.f 01/01/2012 interest rate on NRO/ NRE saving deposit shall be 4 to 6% per annum, depending on the balances held in the respective account. Please refer to the Interest Chart for details.
  • Specific Investments in Mutual funds, Equity, Insurance can be made through this account without reference to Reserve Bank of India. Refund/ Income/ dividend on such investments can be credited back.
  • Dedicated overseas service centres for personalized services.

MINIMUM BALANCE* :

Type of Account Average Balance per Quarter
Savings Account Rs 5000/-
  • For new NRE/NRO accounts, this requirement will start after 2 calendar quarters.
  • Total relationship (including the linked accounts) with the Bank will be considered for this requirement.
  • Minimum balance requirement is not there, if the customer maintains a Term Deposit of minimum Rs. 100,000.

NOMINATION :

  • Nomination facility available for bank deposits.
  • There can be only one Nominee for a deposit account whether held singly or jointly.
  • The nomination details can be changed during the subsistence of the account relationship by filling up the prescribed form.
  • For more details Contact BBK Branches / overseas centers.

ELIGIBILITY & OPERATIONS:

The following are eligible to open a NRE Savings account

  • NRIs can open accounts in their name singly.
  • NRIs can open accounts jointly with another NRI.
  • NRIs can open accounts jointly with Resident Close Relative; in such an event the operation will be on “Former or Survivor” basis; Resident Joint account holder can operate the account on the basis of Power of Attorney or Mandate for all types of local disbursements and for remittance to the account holder abroad.

ACCOUNT OPERATION :

A minimum deposit of Rs. 1,000/- is required to open an account and thereafter an Average Amount of Rs 5000 per Quarter to be maintained.

DOCUMENTATION:

Along with the account opening form application, self attested copies of following be forwarded to complete the formalities as per the Central Bank ( viz Reserve Bank of India ) Know your customer guidelines:

  • PAN Card.
  • Valid Passport ( Copies of pages having the photograph. Signature, Address, Date of birth, Visa endorsement and place of issue and expiry ).
  • Original Letter from Employer certifying the residential address of applicant. Signature of the employee has to be attested on the letter.
  • National Identity Card.

Note : Mandatory to provide Permanent address and telephone number.

FEES & CHARGES FOR SAVING ACCOUNT :

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