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Advantages | NRIAccount.com

NRE Account » Advantages

  • Term deposits for one year and above made by non-residents carry interest at rates higher than those available to residents in India.
  • The interest on deposits and any other income accruing on the balance in the accounts are free of Indian Income-tax.
  • The balances in the accounts are free of Wealth-tax.
  • Gifts to close relatives in India from out of balances in the accounts are free of Gift-tax, when gifted before 1st October, 1998, thereafter there is no gift tax in India.
  • The entire credit balance (inclusive of interest earned thereon) can be repatriated outside India at any time without reference to the Reserve Bank.
  • Local disbursement from the accounts can be made freely.
  • Purchases of Units of Unit Trust of India (UTI), Central and State Government Securities and National Plan/Savings Certificates can be made freely from the balances in these accounts.
  • Sale proceeds/maturity proceeds/repurchase price of Units of UTI, securities or certificates originally purchased out of the funds in the account can be freely credited to these accounts by banks, without reference to the Reserve Bank.
  • Account holders are supplied special series of cheques forms for operations on these accounts.
  • Account holders can avail of loans/overdrafts from banks against security of fixed deposits in their NRE accounts.
NRE Advantages and Disadvantages advantages nri account 

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