- It can be opened only by non resident Indians (NRIs)
- It can be opened jointly with another NRI (in case you wish to open the account jointly with your spouse(s) he should also be an NRI).
- You can avail Internet Banking facility available, wherein You can view and transact on your account(s) on line
- The minimum balance of `1,000/- is to be maintained in Savings Bank a/c.
- The minimum balance of `5,000/- to be maintained in Current account.
Interest Rate For NRE Savings Bank Deposits: 4.00%
Interest Rate For NRE Current A/C: NIL
- Remittances from abroad (SWIFT, Telegraphic transfers) in permitted currencies.
- Personal cheque drawn on your account(s) maintained abroad.
- Proceeds of Foreign Currency Notes/ Travellers cheques tendered by you in person during your visits to India.
- Amounts in excess of $5000 USD (or equivalent) in currency or $10,000 USD (or equivalent) in Travelers cheques should be accompanied by a Currency Declaration Form.
- Drafts issued by Bank/Exchange Cos. Abroad.
- Transfer from another NRE account.
- Interest/dividend/maturity proceeds of investments made in India on repatriable basis.
- Nomination can be in favour of residents or non-residents.
- Funds lying in the NRE Account on the death of an account holder can be repatriated to his non-resident nominee. For remittance of funds by resident nominee outside India for meeting the liabilities or for similar other purposes of the deceased account holder, prior approval of RBI is required.
Customers, who wish to open an account for the first time with our bank, should send cheque / draft as initial remittance along with duly filled a/c opening form, passport copies, photograph, attestation of signature, to the branch of your choice (Click here for BRANCH IDENTIFIER) to enable them to verify your status. Subsequently, the customer are advised to opt for SWIFT remittance quoting the Account Number / Customer Number, Name of Branch he / she prefers to transfer the amount
The operation in the accounts will be through
POA Holder can make withdrawals from the account only for local payments. The POA Holder is permitted to operate the Account to make investments on behalf of the account holder, if the account holder or the bank designated by him has been permitted by RBI.
However, the POA Holder is not allowed:
- To repatriate funds held in the account outside India;
- To make payment by way of gift to a resident on behalf of the account holder; or
- To transfer funds from the account to another NRE Account.
A letter of Authority Holder can make withdrawals from the account only for local payments. The letter of Authority Holder is not permitted to operate the Account to make investments on behalf of the account holder
However, the letter of Authority Holder is not allowed:
- to repatriate funds held in the account outside India;
- to make payment by way of gift to a resident on behalf of the account holder; or
- to transfer funds from the account to another NRE Account.
Application Form Click here to Download Application Form
Details of Documents to be Enclosed Click here to download Details of Documents to be Enclosed
SWIFT Routing Formats Click here to Download the SWIFT Routing Formats