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.
  • 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.
© 2023, Canara Bank, All rights reserved

Last updated on 17-08-2023 06:10 PM

Powered By PECS