Non-Resident (External) Rupee (NRE) account can be opened by any NRI with authorized dealers and with banks authorized by the Reserve Bank to maintain such account. For opening these accounts, the funds are required to be remitted to India through any bank from the country of residence of the prospective account holder. The accounts may be maintained in any form e.g. savings, current, recurring or fixed deposit account etc.

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.

Funds from NRO account cannot be transferred to an NRE / FCNR account since funds in an NRO account cannot be repatriated outside India

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.

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.

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.

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.

Under NRE [Non Resident (External) Rupee Account] accounts, funds can be repatriated whereas funds under NRO [Ordinary Non Resident Rupee Account] accounts are non repatriable. Yes, you need to have two separate trading accounts for investments with repatriation and non-repatriation basis. At the same time you also need to have two separate bank accounts respectively i.e. NRE and NRO account which would be linked with your trading account.

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.

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.

RBI has advised banks to re-designate such accounts as resident accounts on return of the account holder to India. per section 6(5) of FEMA, NRI can continue to hold the securities, which he/she had purchased as a resident Indian, even after he/she has become a non-resident Indian, but has to transfer the shares to his NRO (Non Resident Ordinary) account.

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.

Non-Resident (External) Rupee (NRE) account is a rupee account from which funds are freely repatriable. It can be opened with either funds remitted from abroad or local funds maintained in NRE/ FCNR accounts, which can be remitted abroad. The deposits can be used for all legitimate purposes. The balance in the account is freely repatriable. Interest credited to the NRE accounts is exempt from tax in the hands of the NRI.

Balances held in NRE accounts can be repatriated abroad freely, while funds in NRO accounts cannot be remitted abroad but have to be used only for local payments in rupees. Funds due to the non-resident accountholder which do not qualify, under the Exchange Control regulations, for remittance outside India are required to be credited to NRO accounts.

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.

Interest on NRE and FNCR deposits are exempted from tax in India . However US residents are advised to consult their tax advisor for implications of tax in USA .

Funds remitted from abroad and which are of repatriable nature can be credited to NRE accounts. Local funds which do not qualify, under the exchange control regulations, for remittance outside India can be credited to NRO accounts.