NRE account is a Rupee denominated account which is fully repatriable. Funds into this account will have to be received from outside India. You can open either a SB account (liquid account provided with a check book) or a Fixed deposit. The minimum period for an NRE fixed deposit is 12 months. FCNR accounts can be opened in five different currencies viz., US dollar, Pound Sterling, Euro, Jap Yen, Canadian Dollar & Australian Dollar.

Quickremit - Our completely online remittance service that enables you to remit funds to a beneficiary in India from the US, UK and Singapore. IndiaLink - A fast and efficient way to send remittances to India through Exchange Houses in the Gulf. Telegraphic transfer - SWIFT money transfers into your account from any of our correspondent banks overseas. See similar questions...

Yes, you can open NRE & FCNR jointly provided the other person is also an NRI. These accounts cannot be jointly held with an Indian resident. NRO accounts can be jointly held with an Indian resident. See similar questions...

Please visit the website of Indian operations (www.statebankofindia.com) and click on the box "Interest Rates" located at the bottom left hand corner of the home page. See similar questions...

These deposits are automatically renewed by the branch in India for the same period. In case you want a change in period or amount you will have to write to the Indian branch. See similar questions...

You can create a Fixed Deposit online using the NetBanking facility provided against your NRE / NRO Rupee Savings Account. In case you do not have NetBanking access, you can fill the application form and send it to your branch in India. See similar questions...

Balances held in NRE accounts can be repatriated abroad freely, whereas funds in NRO account cannot be remitted abroad but used only for local payments in rupees. Consequently, funds remitted from abroad or local funds which can otherwise be remitted abroad to the account holder can only be credited to NRE accounts. Funds which do not qualify, under the Exchange Control regulations, for remittance outside India are required to be credited to NRO accounts. See similar questions...

Yes. Authorised dealers can permit transfer of funds from the NRE account of one person to the NRE account of another person for bona fide personal purposes. Transfers by way of gifts are permitted subject to payment of gift tax. Remittances made for credit to rupee accounts (i.e. NRE/NRO/NRNR accounts) maintained by NRIs are converted at market rate. Yes, NRI and other non-residents can maintain NRO rupee accounts as well as keep deposits with banks in India under NRNR Rupee Deposit Scheme. See similar questions...

Yes. Transfer of funds from NRE Accounts maintained by two different persons may be allowed for bonafide personal purposes such as personal expenses, education of children, and gifts. See similar questions...

Yes, the interest on NRO Savings Account is subject to tax deduction at source as per the applicable tax rates. See similar questions...

Banks in India have been authorised to allow repatriation of funds held in NRE accounts freely. Funds held in NRO accounts which would generally be from a local source cannot ordinarily be repatriated outside India. Reserve Bank would consider repatriation of such funds on the merits of each case provided it is satisfied that the funds are of a repatriable nature and have not also lost their identity. See similar questions...

The loans raised against NRE deposits can be repaid out of NRO funds but in such cases, the interest would be charged at commercial rate as in force from time to time. See similar questions...

Ans: Balances held in NRE accounts can be repatriated abroad freely, whereas funds in NRO account are not generally repatriable. Repatriation of balances held in NRO accounts is allowed subject to certain conditions. Funds remitted from abroad or local funds which can otherwise be remitted abroad to the account holder can be credited to NRE accounts. See similar questions...

Yes. except for the purpose of relending, carrying on agricultural/plantation activities or for investment in real estate business. Loans against NRE fixed deposits can, however, be utilised for investments in India on non-repatriation basis, in certain specified areas and for acquisition of flats/houses subject to prescribed conditions. See similar questions...

A Debit card is valid globally and can be used to withdraw funds from your NRE savings account. NRO Account holders receive only an ATM card, as per RBI regulations. See similar questions...