NRE Account in Hindi | Interest Rates - SB NRI Bank

An NRE account is a bank account opened in India in the name of an NRI, to park his foreign earnings.

What is NRI account?
An Non-Resident Indian account is a bank account opened by an Non-Resident Indian or Person of Indian Origin (PIO) or Overseas Citizen of India (OCI), with a bank or financial institution authorized by the RBI (Reserve Bank of India). NRIs can open NRI bank accounts to deposit their foreign earnings or income originated in India. NRI accounts are also needed to conduct transactions like remittance to residents, NRI investment in India, payment of financial obligations, etc.

Types of NRI accounts
There are three types of NRI accounts available for non-resident customers – NRE bank account, NRO bank account and FCNR FD. It is important to understand the fundamental distinctions among these accounts.

Here are the types of NRI bank accounts available in India for NRI, PIOs and OCIs. You can open NRI bank accounts based on your transactional requirements.

Non-Resident External (NRE) accounts
Non-Resident Ordinary (NRO) accounts
Foreign Currency Non-Resident (FCNR) accounts
Non-Resident External (NRE) accounts
An Non-resident can open a Non-Residential External or NRE account to deposit and maintain his/her foreign earnings in India. The is a rupee-denominated account and can be opened in the form of savings or current bank accounts. Interest earned from these accounts is not taxable in India.

Yes. Nomination is allowed in NRE/NRO Accounts. The following people can be a nominee in an NRE/NRO Bank Account:

Any Resident of India
Any Non-Resident Indian
A minor (a person below 18 years of age); in this case a guardian needs to be appointed on the minor’s behalf

Eligibility criteria for opening NRI savings account in India
While the eligibility criteria for an NRI bank account in India may vary from bank to bank, here are common requirements you need to fulfil to open NRI accounts:

Residential status of the applicant should be NRI, as per the Income Tax Act 1961.
Individuals employed with the Indian Navy, airlines registered with a foreign country, overseas shipping companies, for at least 182 days outside India’s domestic territories, are also eligible for opening NRI accounts.
Government of India employees holding diplomat passport.
Students pursuing education abroad.
Documents required for opening NRI bank account
Although documentation varies based on the bank’s policy, here is the checklist of common documents required for opening NRI accounts:

Account opening application form
Photocopies of front and back pages of the passport featuring details like name, address, date of birth, date of passport issuance and expiration, etc.
Employment proof
Photocopy of valid visa/ work permit/ student visa/ residence visa
Address of India and abroad (as applicable)
NRI account benefits
Following are the key benefits of opening an NRI bank account in India:

Enables inward remittance
One of the primary benefits of an NRI bank account is that it allows NRIs to remit their income abroad to their dependents in India. Indians earning abroad in a foreign currency can transfer funds in their NRI accounts in India, which is denominated in India Rupees (INR).

Facilitates receipt of Indian income
NRIs who get income from Indian resources such as rental income, dividends, pension, etc. need to open an NRO account to receive their Indian income. For example, if you have leased a flat to someone in India, your tenant can deposit monthly rent in your NRO account.

Enables investment in India
It is essential for NRIs and OCIs to open an NRI bank account in India to trade in the stock market in India and contribute to different investment schemes. Such investments are facilitated through the Portfolio Investment Scheme (PIS) or NRI Portfolio Investment.

Tax benefits
Interest earned from NRE and FCNR (B) accounts is not taxable in India under the Income Tax Act 1961.

High returns
NRI FDs such as NRE FD and FCNR FDs offer attractive returns at negligible risks because such accounts have no connection with stock market fluctuations.
Opportunity to avoid exchange rate fluctuations
When putting their foreign earnings in an FCNR deposit, NRIs don’t need to convert the foreign currency into INR. As a result, NRIs can avoid exchange rate fluctuations and resultant reduction in the deposit value.

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[.mohammad_khan]

SB NRE SERVING ACCOUNT ME MINIMUM KITNA BALANCE RAKHNA HOGA CITY ME??

[rajankumar-kxnl]

Sir, I m Non resident indian living and working in foreign further Just wanted to know is NRE account five any Quartey interest and what is present. Also can I get Mastercard to get money in any country of their local currency plz reply?