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Non-Resident External (NRE) Account
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Non-Resident External (NRE) Account

  • Account Types: Savings Bank/Current Account/Term Deposit/Recurring Deposits.
  • Accounts maintained in Indian Rupees.
  • Term Deposits accepted with a minimum period of one year and maximum period of five years.
  • Accounts can be opened jointly with another NRI.
  • Also can be opened jointly with resident close relative on former or survivor basis (close relative as defined in Section 6 of Companies Act 1956)
  • Accounts can be opened/credited with remittances from abroad through normal banking channel/ personal cheques drawn on foreign bank accounts/ transfer from existing NRE/FCNR accounts/ foreign exchange brought during visit to India.
  • Bank deposits are free from wealth tax in India.
  • Interest earned on NRE accounts is exempt from Indian Income Tax.
  • Principal and interest amount are freely repatriable.
  • Loans against NRE deposits can be availed for purposes other than relending/carrying on agricultural /plantation activities/real estate business.
  • Nomination facility is available for NRE accounts.
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Saraswat-Bank
Saraswat-Bank