NRE Account » Highlights
- Savings / Current or Term Deposits accounts in Indian Rupees can be opened.
- Minimum period of NRE Term deposit is one year and maximum period is 3 years.
- The balances in these accounts can be repatriated outside India at any time.
- Transfer to / from other NRE / FCNR Account is possible.
- Accounts in the name of 2 or more NRI’s are permitted.
- Nomination facility is available.
- Interest earned on deposit is exempted from Indian Income Tax.
- Balances in the accounts are free from wealth Tax.
- Gifts to close relatives in India from balances in the account are exempted from gift tax.
- NRE Account can be operated by resident in terms of Power of Attorney for Local payments.
- Local disbursements from accounts can be made freely.
- Loans / Overdrafts can be availed against the security of Term Deposits.
- Premature withdrawals are allowed. Interest for such withdrawals is paid one percent less than the rate payable for the period of deposit held.
- Standing instructions for local payments are accepted.
- Term Deposits will be allowed to be continued till maturity at the contracted rate on return to India and re-designated as resident account.
- The depositor runs the risk of depreciation in Rupee against foreign currencies.
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