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Special Features of NRE/NRO deposits

Who can open an account

A person , who fulfills all the 3 following conditions with any one of the approved purposes will be accorded an NRI status and eligible to open an NRE/NRO Account, i.e.

1. person of Indian origin-passport
2. gone abroad
3. for an indefinite period.

Purposes

A) for business,
B) for employment
C) for vocation
D) for Education.

NRIs (Individual/ entities of Pakistan nationality / entities of Bangladesh require prior approval of RBI).

Type of Accounts

1) Non-Resident External Rupee account scheme (NRE A/c.)
2) Non-Resident Ordinary Rupee account scheme (NRO A/c.)

Schemes available

Savings Bank Account
Current Account
Term Deposit/STDR/RD (maximum upto 10 years)

For NRE deposits minimum tenor would be 12 months.

Joint account

NRE Accounts -Each account holder should be NRI

NRO Accounts- With resident is permitted.

Nomination

Available & recommended (as applicable to domestic deposits)

Rate of interest

As applicable to domestic deposit accounts- For details click here

Documents to be submitted along with Account Opening Application - For details click here

For List of our Authorised Branches please click here

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