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NRE Account is Non Resident External Rupee Account maintained as Savings or Term Deposit Account, in Indian Rupees only. NRE Accounts can be opened with Funds remitted from abroad
Persons of Indian nationality or origin residing abroad can open NRE Savings or Term Deposit Accounts.
- Accounts can be opened jointly with the other Non Resident Indian
- Power of Attorney can be given to a resident Indian to operate the account subject to
withdrawal being in Indian Rupees.
- Remittance made from abroad can be credited to NRE Accounts after realization at the prevailing buying rate
for the currency remitted.
- Income from the deposit is not taxable
- Balance in the Account can be withdrawn in Indian Rupees or can be remitted abroad when required.
- Interest Rates Applicable for NRE Accounts
Interest Rates on NRE Term Deposits ( w.e.f. 12th Oct, 2015 )
||Individuals / Group of Individuals.Revised for deposit of all Categories w.e.f. 12/10/2015
| 12 months
||8.00 % p.a.
| Above 12 months up to 36 months
|| 8.50% p.a.
|Above 36 months up to 60 months
|| 8.25% p.a.
| Above 60 months up to 120 months
|| 8.00 % p.a.