Current / Savings / Term Deposits / Recurring Deposit accounts can be opened under this scheme. NRIs/PIOs can hold funds in convertible Indian rupees.
Entire balance, including interest earned thereon, can be converted into any convertible currency at ruling exchange rates and freely repatriated abroad.
Entire interest income from a NRE account is exempt from Income Tax under the provisions of Income Tax Act in India.
Accounts can be opened through the following modes:
 Remittances in any convertible currencies from abroad, which will be converted at ruling exchange rates into Indian rupees
- Transfers from existing NRE/FCNR accounts / deposits
- Foreign exchange brought into India during visits to India
Non-Resident External (NRE) Rupee Savings Account Features
The NRE Rupee Savings Account is packed with the best of services that meet your varied needs.
- Interest is offered at 3.00% p.a. for amount below Rs. 50.00 Lacs and at 3.50% p.a. for amount Rs 50.00 Lacs or above Rs. 50.00 Lacs, calculated on daily balance maintained in the account
- Joint Account can be opened with NRIs and Resident Indians. Joint Account with Resident Indians can be opened on Former or Survivor basis only
- International Debit-cum-ATM Card
- Internet Banking facility
- Mandate facility to enable your family member to operate your account on your behalf.
Non-Resident External (NRE) Fixed Deposits
Our NRE Fixed Deposits add value to your money. You can open fixed deposits for as low as Rs.10, 000/- and make your money grow.
NRE Fixed Deposit Features
- Attractive Interest rates
- FD Tenure 1 year to 10 years
- Interest payout at Monthly basis, Quarterly basis or Cumulative interest credit on maturity
- No interest will be paid on NRE deposits closed pre-maturely in less than a year
- Interest payable on prematurely withdrawn deposits will be the contracted rate or the rate applicable for which the deposit remained with the Bank, whichever is lower. With the revision in the premature closure policy, Bank will now levy a penalty of 1%, on the applicable rate for deposits in RTD & RD closed prematurely. Such closures include the withdrawals through sweep-ins and partial withdrawals as well.
- Easy loan against deposits
- Automatic renewal of FD on maturity if instructed accordingly
Non-Resident External (NRE) Recurring Deposits
NRE RD is an ideal tool to invest a fixed sum every month over a period of time from your NRE account.
NRE Recurring Deposits Features
- Attractive Interest rates
- RD Tenure 1 year to 5 years
- Installment amount per month Rs. 1000 to Rs. 10 lacs
- No interest will be paid on NRE deposits closed pre-maturely in less than a year
- Interest payable on prematurely withdrawn deposits will be the contracted rate or the rate applicable for which the deposit remained with the Bank, whichever is lower. With the revision in the premature closure policy, Bank will now levy a penalty of 1%, on the applicable rate for deposits in RTD & RD closed prematurely. Such closures include the withdrawals through sweep-ins and partial withdrawals as well.
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