NRE A/c

• NRI Interest Rates
• NRI A/c Types
• NRE A/c
• FCNR-B A/c
• NRO A/c
• RFC A/c
• W.U. Money Transfer

Learn more about the Non Residential (External) Rupee Term Deposit Schemes from TMB.

This account enables NRIs to have operative account in India and save in India at higher rate with repatriation benefits.

Account Highlights:

• Savings / Current or Term Deposits accounts in Indian Rupees can be opened.
• Minimum period of NRE Term deposit is one year and maximum period is 3 years.
• The balances in these accounts can be repatriated outside India at any time.
• Transfer to / from other NRE / FCNR Account is possible.
• Accounts in the name of 2 or more NRI's are permitted.
• Nomination facility is available.
• Interest earned on deposit is exempted from Indian Income Tax.
• Balances in the accounts are free from wealth Tax.
• Gifts to close relatives in India from balances in the account are exempted from gift tax.
• NRE Account can be operated by resident in terms of Power of Attorney for Local payments.
• Local disbursements from accounts can be made freely.
• Loans / Overdrafts can be availed against the security of Term Deposits.
• Premature withdrawals are allowed. Interest for such withdrawals is paid one percent less than the rate payable for the period of deposit held.
• Standing instructions for local payments are accepted.
• Term Deposits will be allowed to be continued till maturity at the contracted rate on return to India and re-designated as resident account.
• The depositor runs the risk of depreciation in Rupee against foreign currencies.

Schemes available under NRE Account:

• Fixed Deposit (Simple Interest Deposit).
• Recurring Deposit (Monthly Interest Deposit).
• Muthukkuvial Deposit (Reinvestment Plan).
• Pearl Deposit (Reinvestment Plan with Compound Interest Payment).

Download the Application Form:

• NRE A/c Application Form (Format: MS Word Document)