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NRIAccount.com :: What is Non-Resident External Rupee (NRE) Account,India ?

NRE Account

NRE Account is a (Non Resident External) Rupee Account that can be maintained as a Savings account, Current account or Term Deposit Account, in Indian Rupees only. It can be opened with funds remitted from abroad. Money can be transferred out of India from an NRE account.

Persons of Indian nationality or origin resident abroad may open, with authorised banks in India, NRE Accounts, designated in rupees. Opening of NRE Accounts jointly in the names of two or more non residents is permitted provided all the account holders are persons of Indian nationality or origin. For opening these accounts, the funds are required to be remitted to India through,

(a) proceeds of foreign exchange remittances from abroad through banking channels in an approved manner.
(b) proceeds of foreign currency notes and traveler cheques brought into India by the non-resident while on a temporary visit to India.
(c) transfer from an existing Non-Resident (External) FCNR account of the same person.

The account holder has to furnish an undertaking on the account opening form that he would promptly send an intimation to his bank if and when he returns to India for permanent residence.

Proceeds of remittance arranged by the account holder through banking channels from any country can be credited to this account. Similarly, income from the account holder’s investment from the funds in the account can be credited to it, except in cases where the investments are permitted on non-repatriable basis. Remittances from the account to the country of residence of the account holder or any other country are freely allowed.

Authorised dealers may allow operations on NRE Accounts by persons resident in India in terms of Powers of Attorney (Annexure 14.5) or other appropriate authority granted in their favour of non-resident account holders, provided the powers are restricted to withdrawals for local payments.

When the NRI depositor returns to India, the NRE account will be automatically treated as Resident account. However NRE term deposit will continue to earn same rate till maturity even after such conversion.

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