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Definition of NRE account?

  • Non Resident Indian i.e. An Indian Citizen, who have gone abroad for gainful employment or for carrying on a business or vocation or for any other purpose in circumstances indicating an intention to stay outside India for an uncertain duration)
  • Hassle free repatriation and remittance facility.
  • TAX free interest on deposit.
  • Registration of mandate.
  • Opportunity to invest in Indian investment instruments.
  • Provision of International debit card to withdraw funds.
  • Crew members of Indian nationality or Indian origin can open NRE account.
 

  • OCI/PIO can open NRE account.
  • NRE Account allows you to receive foreign currency remittance.
  • Denominated in Indian currency.
  • Full Repatriability of Funds outside India.
  • No income tax on interest income.
  • Easy to invest money in Indian investment instruments.
  • Conversion into RFC Account upon return to India.
  • Facilities such as Internet Banking, Mobile banking, locker, nomination is available.
  • Loans are permitted for investment in India.
 

  • Account Opening Form – NF1845.
    DOWNLOAD ACCOUNT OPENING FORM FROM HERE
  • Valid Visa (or Residential Permit or Job Card).
  • Valid Passport.
  • For OCI and PIO – Valid Foreign Passport and OCI/PIO Card required
  • PAN/Form 60 & Annexure-V (Mandatory for SB-NRO accounts).
  • FATCA declaration.
  • Foreign Tourists Visiting India – Valid Foreign Passport and valid Indian VISA.
  • For Bangladesh Citizens (individuals only) EFRRO registration is Mandatory.
  • KYC documents, Photo etc

  • Terms and conditions of the Bank as applicable on NRE Deposit. For complete details, please visit your nearest branch.
  • Benefits and Features:
    • Non-interest bearing account for NRI’s who do not wish to earn interest on their deposits.
    • Nil initial balance.
    • Rupee dominated account.
    • Joint account can be opened.
    • Transfer money from your existing NRE/FCNR account.
    • Amount repatriable to abroad without any restrictions.
    • Remit fund to NRE current account from abroad through wire transfers, FCY cheques/drafts.
    • Power of attorney to local resident can be given.
    • Digital banking services like internet banking and mobile banking are available.
    • Value added services like cheque book, debit cards, standing instructions etc. are available.
    • Nomination facility available.
  • Eligibility:
    • Can be opened by NRI individual/PIO
    • OCB aren’t eligible to open this account

Documentation

FOR NRI STATUS HOLDER.PIO/OCI HOLDER and SEAFARER
Status proof

Valid visa /Work permit

For Sea Farer: Continuous Discharge certificate (CDC) with valid job contract letter (Disembarkation stamp on CDC is not more than 6 months old)

For PIO/OCI holders, any one of the following documents are required:

  • Valid PIO card mentioning overseas address
  • Valid OCI card mentioning overseas address
  • Any other documents evidencing and establishing PIO relation.

Identification proof Passport
Current address document (Overseas)
  • Passport (Mentioning overseas address)
  • Letter from employer, offer letter
  • Government issued ID card
  • Valid permanent driving license
  • Utility bill (Electricity, Telephone, Gas) from private or public operators not exceeding 2 months prior to application
  • Original copy of latest overseas bank account or existing NRE/NRO account statement carrying overseas address, not exceeding 3 months prior to application.
  • In case of joint account with close relative, document evidencing and establishing relation is required.
  • For seafarer : Employer’s overseas address or Indian address
Permanent address proof (Indian/Overseas)

Anyone of the following:

Aadhaar, Bank account statement, Passport, Driving License, Voter Identity Card, NAREGA Job Card, Passport for PIO and OCI

Document attestation for NRI’s living abroad in case document is sent by post and the prospect is not personally present in the branch. Copies of the documents related to Address Proof and Identity proof to be attested by:

  • Authorized officials of overseas branches of Scheduled Commercial Banks registered in India,
  • Branches of overseas banks with whom Indian banks have relationships,
  • Notary Public abroad,
  • Court Magistrate,
  • Judge,
  • Indian Embassy/Consulate General in the country where the non-resident customer resides.

  • Other documents:
    • Account opening form
    • FATCA declaration
    • FORM 60 (In absence of PAN)
    • TIN
    • 2 passport size photographs
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    Last updated on 17-08-2023 06:10 PM

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