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Home >> NRI Services >> NRI Rupee Deposit Scheme
 
Non Resident (External) Rupee Accounts (NRE A/Cs)
 
These accounts are designed to help the individual NRIs for placing their savings meant for meeting uncertain exigencies or as investment in Term Deposits. Accounts can be maintained either as SB or as Term Deposits. The funds are repatriable along with interest.
Accounts can be opened by submitting duly filled in account opening form, (which is available on our website) 2 photographs and a copy of passport along with the foreign remittance.
Credits can be only out of foreign remittances/Travellers Cheques/Foreign currencies or proceeds of NRE Term Deposits, FCNR(B) Deposits or proceeds of certain other investments made out of NRE remittances.
Withdrawals are permitted for local payments, transfer to NRE/FCNR(B) accounts and certain other investments permitted by RBI.
Joint Accounts are permitted provided all account holders are NRIs.
Power of Attorney holders can operate the accounts for local payments and approved investments.
Bank issues special series of cheques to NRI Account holders for easy identification.
Term Deposits can be made in the normal course for a minimum period of 1 year and a maximum of 5 years in line with FCNR(B) Deposits.
Loans against term deposits can be availed for personal/business purposes. However, loan against term deposits cannot be availed for the purposes of relending, agriculture/plantation or for investments in real estate business. The interest on such loans shall be as per Bank's guidelines stipulated from time to time.
Premature closure of NRE Deposits for investment in Resident Foreign Currency (RFC) does not attract penal provisions relating to premature withdrawal.
Maturity period for NRE term Deposits is restricted to a maximum period of 10 years.
 
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