Reserve Bank of India has issued authorization to maintain NRE Account (Non-Resident (E) Account vide KOC.FEO.FMID.2804/88.02.030/2016-17 dated April 18, 2017 to our Bank. NRE Account can be opened by any person who is residing outside India. As per Income Tax rules, an individual is considered as a ‘resident’ if he is in India during any financial year for a period not less than 182 days. NRI is an individual migrated for six months or more who hold an Indian Passport. All the funds along with the accrued interest are freely repatriable in NRE Accounts. Savings Bank Account, Current Deposit and Term Deposits can be opened as NRE Account. Interest on NRE Account are not taxable and at the same time, the interest on NRO Account is taxable. Rupee fund generated in India is not permitted for deposit in NRE Account. Joint holding with Resident Indians are also not permitted in NRE Accounts.
Following documents are to be collected to open NRE Account along with the properly filled application form:
A copy of passport
Copy of Valid Visa
Overseas Address proof (Utility Bill, Gas, Electricity, Bank Statements,etc.) Address proof should not be over 3 months old.
If no address proof, offer letter mentioning the overseas work address.
Indian Address proof, if any
Passport size photograph of NRE Account holder.