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NRE Rupee Deposits |
NRE Savings Account |
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NRE Fixed Deposits |
| Useful Information
- NRE Rupee Deposits |
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| NRE Savings Account |
A deposit plan that
provides standard banking facilities such as Cheque
book, provision for nomination and other remittance
facilities and also allows repatriation of entire
funds.
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Features |
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Account
can be opened through instruments such as Demand
Drafts, Wire transfers etc. in freely
convertible currencies.
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Account
can also be opened by tendering Foreign Currency
Notes,Travelers Cheques etc during your personal
visit to India.
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Local
Rupee Cheques (drawn in India) etc. & cash in
Rupees cannot be deposited in this account.
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The
Account can be opened jointly with other NRIs
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Minimum
deposit of  1000 and Average Quarterly
Balance of 2500 only
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Entire
Funds including interests are fully repatriable.
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Offers
remittance facilities through RTGS and NEFT
within India and through SWIFT to outside India.
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Nomination
Facility available
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Personal
Cheque Book Facility with cheques payable on all
Anywhere Branches of the bank.
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Interest
payable at half yearly basis (September &
March).
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The
principal and interest earned is fully tax
exempted.
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Add-on Facilities |
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Internet
Banking facility for viewing account statements
and funds transfer.
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Free
Global Access Debit Card to account holder or
for his assigned holder
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Account
Operations allowed through Letter of Mandate or
POA holder in India.
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Safe
Deposit Locker facility available.
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Free
Monthly Statements over e-mail.
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NRE Fixed Deposits |
A Term
Deposit plan that provides for payment of Interest
on quarterly basis with option of reinvestment. The
plan offers renewal of deposits and the option of
repatriation of proceeds in the currency of your own
choice.
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Key Features
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Account
can be opened by Inward remittances in any
convertible currency from abroad through normal
banking channels by way of:
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Demand drafts, Telegraphic Transfers, Mail
Transfers, SWIFT
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Foreign Currency Notes/Travelers cheques
(during your personal visit) as well as
transfer from any non-resident
(External) Rupee Savings & Fixed Deposit
account or Foreign Currency Non Resident
deposit Account.
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Deposits
can be placed for periods ranging from 1 year to
3 years.
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Repatriation of these deposits and interest
allowed freely in Foreign Currency at a place of
your choice.
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“Best in
the Industry” Interest rates coupled with
convertibility.
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Option
for Reinvestment (cumulative interest) Plan and
Quarterly Interest Plan.
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Interest
paid/credited (in case of cumulative deposit)
every Quarter (i.e. March, June, September &
December).
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Premature withdrawal for the purpose of renewal
at better interest rate permitted without
penalty clause on demand (conditions apply).
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Interest
and balances are exempted from tax.
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Add-on
Facilities |
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Automatic renewal on due date
for minimum maturity of 1 year, in the absence
of specific instructions.
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Loans against deposits subject
to a maximum of 20 lacs in Indian Rupees
available on easy terms.
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Payment of proceeds in the
currency of your choice.
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Safe Deposit Locker facility
available.
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Provision for nomination.
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| Non Resident External
(NRE) (RUPEE) Accounts can be opened as recurring
and current accounts as well. |
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Useful Information - NRE Rupee
Deposits |
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Permissible Credits |
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Proceeds
of remittances received from abroad in freely
convertible currency through normal banking
channels.
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Proceeds
of personal cheques drawn by you on your foreign
currency account and bank drafts payable in any
permitted currency including instruments
expressed in Indian rupees for which
reimbursement will be received in foreign
currency, deposited by you in person during your
temporary visit to India.
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Proceeds
of Foreign Currency Notes and Traveler’s Cheques
of the Account holder during his personal visit
to India, provided the amount was declared on
CDF where FC notes exceed USD 5000 or equivalent
and FC notes and Traveler cheques exceed in
aggregate USD $ 10,000 or equivalent.
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Transfers
from other NRE/FCNR accounts.
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Interest
accruing on the funds held in the account.
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Interest
on Government securities and dividend on units
of mutual funds, provided the securities/units
were purchased by debit to your NRE/FCNR account
or out of inward remittance through normal
banking channels.
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Any other
credit covered under General or Special
Permission granted by the Reserve Bank of India.
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Permissible
Debits |
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Local disbursements.
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Remittances outside India.
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Transfer to NRE/FCNR accounts
of the account holder or any other person
eligible to maintain such account.
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Investment in shares/securities
/commercial paper of an Indian company or for
purchase of immovable property in India provided
such investment/purchase is covered by the
regulations made, or the general/special
permission granted, by the Reserve Bank.
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Any other transaction if
covered under general or special permission
granted by the Reserve Bank.
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How to Open
Deposit Accounts |
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