NRE Rupee Accounts (Savings Bank & Current Accounts)
An NRE (Non-Resident External) Savings Account is a savings product exclusively for Non-Resident Indians to park and manage the foreign earnings in India, denominated in INR. NRE account is powered by internet banking to give 24x7 banking convenience to customers.
Features and Benefits
- Tax benefits: Interest earned not taxable in India.
- Easy movement of funds: Funds in NRE account are fully & freely repatriable.
- Anytime, anywhere account access from our 647 branches 1643 ATM’s and other bank ATM’s.
- Best conversion rates provided for the remittance in foreign currency, to NRE account.
- No MAB charges levied in NRE SB.
- Open to 24 hours banking, through our 24x7 internet banking facility.
- Balance in account earns an interest based on the daily balance available in the account.
- Easy and Cost-effective remittance arrangement to transfer funds, from the Middle East from M/s Lulu Exchange & M/s GCC Exchange available.
- Remit 2 Indian online facilities to transfer funds to NRE account from USA & Other countries are available.
- Excellent correspondence bank arrangement to send money through SWIFT TRANSFER across the globe to NRE account available.
- Joint holding with resident permitted on former or survivor basis.
- Mandate holders permitted to operate the account.
- Nomination facility allowed in the account.
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Documents Required
- Copies of Passport / Visa / Green Card
- Photographs of the each of the account holder (one each to be affixed in account opening form).
- Overseas and local addresses with contact Phone / Fax numbers, E-mail address, etc.,
- Specimen signature of the applicants to be verified by the Indian Embassy / Consulate / Overseas Bank or Notary Public on the application form or on a separate paper and such documents should be sent along with account opening form.
- Initial remittance.
- Detailed instructions are available in the application itself. NRIs are requested to go through the same and furnish all relevant details without any omission and forward the application, with the required documents, to the concerned branch of KVB to enable the account to be opened.
Permitted Credits & Debits
Permitted Credits
- Proceeds of remittances to India in any permitted currency.
- Proceeds of personal cheques drawn by the account holder on his foreign currency accounts, traveller’s cheques, bank drafts deposited by the account holder in person during his temporary visit to India.
- The traveller's cheques (issued outside India) or bank drafts provided they are standing or endorsed in the name of the account holder.
- Proceeds of foreign currency or bank notes tendered by the account holder during his temporary visit to India and should be supported by Currency Declaration Form wherever applicable.
- Transfers from other NRE / FCNR accounts.
- Interest accruing on the funds held in the account.
- Interest on Government securities and dividend on units of mutual funds provided the securities or units were purchased by debit to the account holder's NRE / FCNR account or out of inward remittance through normal banking channels.
- Maturity proceeds of Government securities provided they were originally purchased by debit to the account holders NRE / FCNR account or out of remittances received from outside India in free foreign exchange.
- Refund of share or debenture subscriptions to new issues of Indian companies or portions thereof, if the amount of subscription was paid from the same account or other NRE / FCNR accounts of the account holder or by remittance from outside India through normal banking channels.
- Refund of application, earnest money or purchase considerations made by the house building agencies or seller on account of non-allotment of flat, plot, cancellation of bookings, deals for purchase of residential or commercial property, together with interest if any (net of Income Tax payable thereon), provided the original payment was made out NRE / FCNR account of the account holder or remittance from outside India through normal banking channels.
Permitted Debits
- Local disbursements.
- Remittances outside India.
- Transfer to NRE / FCNR account of the account holder or any other person eligible to maintain such an account.
- Investment in shares, securities or commercial paper of an Indian company or for the purchase of immovable property in India provided such investments, purchase deals covered by the regulations made, or general or special permission is granted by the Reserve Bank.
