Home >> NRI Banking >> PRODUCTS / DEPOSIT SCHEMES >> NON-RESIDENT (EXTERNAL) ACCOUNT – (NRE ACCOUNT)
Non-Resident (External)Rupee Account (NRE Account)
Who can open an account
(Opening of accounts by Bangladesh / Pakistan nationals require prior approval of RBI)
Joint account with another non resident(s)
Joint account with another resident
Permitted (The account can be in the joint names of the Non Resident holder and the resident 'relative' with the operating instruction "Former or Survivor". The term 'relative' will be as defined in the Companies Act 1956.
Currency in which account is denominated
Type of Account
Savings, Current, Recurring, Fixed Deposit
Period for fixed deposits
Minimum one year and Maximum ten years
Rate of Interest
Please see the Interest rate table.
Operations by Power of Attorney in favour of a resident by the non-resident account holder
Operations on the account in terms of Power of Attorney are restricted to withdrawals for permissible local payments or remittance to the account holder himself through normal banking channels.
a. In India i) to the Account holder ii) to Third Parties
b. Abroad i) to the Account holder ii) to Third Parties
Permitted provided loan funds are used abroad. Permitted provided loan funds are used abroad
c. Foreign Currency Loans in India i) to the Account holder ii) to Third Parties
Not Permitted Not Permitted
2. Purpose of Loan
a. In India
To the Account holder
a. Personal purposes or for carrying on business activities
b. Direct investment in India on non-repatriation basis by way of contribution to the capital of Indian firms / companies
c. Acquisition of flat / house in India for his own residential use.
To Third Party
Fund based and / or non-fund based facilities for personal purposes or for carrying on business activities.