NRE SAVINGS ACCOUNT
NRE Savings Account lets you transfer your earnings to India conveniently with complete security. You can repatriate the funds held in the account along with the interest earned at any point of time and you don't even have to pay tax on the interest amount. With a host of direct banking channels available at your fingertips, you can stay in complete control of your hard-earned income abroad.
Features & Benefits
Why choose this product:
- Funds can be freely transferred between India and abroad
- Interest earned on this A/c are not taxable in India
- Earn higher interest rates
Free transfers & higher interest
- Transfer funds freely between India and abroad
- Earn higher interest rates on your account
- Pay ZERO tax on the interest earned on your NRE Account in India
- Withdraw cash easily and shop worldwide with International Debit Card
- Appoint a mandate is an authorization given to a person to operate the customers bank account on his behalf to operate your account for you
Managing your account
- Transfer your funds freely to any place outside India
- Conduct transactions securely online, 24x7 with NetBanking
- Pay utility bills - electricity, phone, mobile phone - payment by a simple registration
- Get a personalised cheque book
- Get tax exemptions on interest earned and wealth tax
- Get your account details in the monthly statements FREE
- Avail of Safe Deposit Lockers at certain branches
- Invest in Mutual Funds by linking your NRE Savings Account to our Investment Savings Account
Transferring money to and from your account
To transfer money to your NRE account, you can:
- Transfer funds from abroad in a freely convertible foreign currency These are foreign currencies that can be exchanged easily with other currencies and are recognised by the international market.
- Present foreign currency notes / traveller's cheques brought in by you on your visit t o India
- Directly remit the amount to us from your overseas bank account
- Transfer funds from an existing NRE / FCNR Account held in other banks in India
You need to maintain an Average Monthly Balance(AMB) of Rs. 10,000. In case your Average Monthly Balance dips below the required amount, then you will be charged a fee for non maintenance of AMB as below:-
Charges for non maintenance of Average Monthly Balance (AMB) on NRE Savings Account - If AMB in the account is between Rs 5,000 to Rs 10,000 - Rs 250/- per month would be levied.
- If AMB is less than Rs 5,000 - Rs 350/- per month would be levied.
To Know More about Fees & Charges, click here
- Photocopy of the pages of the passport containing passport details and personal details of all applicants
- Copy of valid visa / work permit
- One passport photograph of each applicant
- One document confirming either the overseas or Indian address. The address on the document has to match the address mentioned in the application form.
Incase, you cannot come to our branch for account opening and you reside in a non FATF country, all photocopies of the above documents to be attested by Indian Embassy or by a Notary.
Incase,you cannot come to our branch for account opening and you reside in a FATF country, then either all photocopies of the above documents to be attested by an Indian Embassy or Notary or by a Banker overseas If the documents are not certified then all documents need to be self signed and submitted along with one additional document.
- You are eligible if you are a Non-Resident individual of Indian nationality or of Indian origin.
In what currency is my NRE Savings Account maintained?
Your NRE Savings Account is maintained in Indian Rupees.
What is the minimum amount required to open an NRE Savings Account?
The minimum amount required to open an NRE Savings Account is INR 10,000 or its equivalent in foreign currency. You would be required to maintain an Average Monthly Balance of INR 10,000/- only.
What is the frequency of interest payment on my NRE Savings Account?
Effective from 1st April and as per RBI mandate, Savings Bank interest will be calculated on the daily balances maintained in your account, at a rate of interest as specified by RBI from time to time (existing rate is 4% p.a.). The Savings Bank interest will be paid at half yearly intervals on 30th September & 31st March each year.
What do I get against my NRE Savings Account?
You get a cheque book and an International Debit Card against your NRE Savings Account.
Can I repatriate funds in my NRE Savings Account?
Yes. The principal and interest earned on NRE Savings Account are fully repatriable.
Do I have to pay any taxes on the funds in my NRE Savings Account?
As per current guidelines, funds in NRE Savings Account are exempted from Income tax in India.
Can I transfer funds between NRE Savings Account?
Yes. Transfer of funds from NRE Savings Account is allowed for bonafide personal purposes such as personal expenses, education of children, and gifts.
Can I transfer funds from my existing NRE Savings Accounts to open NRO/FCNR Accounts?
Yes. You can transfer funds from your existing NRE Savings Accounts to open NRO/FCNR Accounts.
If I am visiting India, can I use Travellers Cheques or foreign currency to open an account or credit my existing NRE Savings Account?
Travellers Cheques can be used to credit/open the account. If the foreign currency notes brought by you exceed USD 5,000/- or the combined value of Travellers Cheques and notes exceed USD 10,000/-, then you have to submit a Currency Declaration Form (CDF) to the customs authorities on arrival in India.
You must produce the CDF for endorsement by the Bank when you submit the money for opening/credit to an account.
Can I appoint a mandate holder for my NRE Savings Account?
Yes. You can appoint a mandate holder for your NRE Savings Account. You can also choose to provide the mandate holder with an ATM Card on your NRE Savings Account.
Can I have joint holders for my NRE Savings Account?
Yes. You can hold your NRE Savings Account jointly with other Non-Resident Indian(s).
Can I have a nominee for my NRE Savings Account?
Yes. You can have a nominee for the NRE Savings Account.
How can I send a remittance for credit of funds in my NRE Savings Account?
Please click here to know more about remittances to your NRE Savings Account in India.
What are the payment services available for my NRE Savings Account?
With HDFC Bank's Payment Services, you can bid goodbye to queues and paper work. Our range of payment options makes it easy for you to pay for a variety of utilities and services. Please click here to know more about Payment Services.
How do I access my NRE Savings account while I am abroad? What are the fees and charges for the NRE Savings Account?
Please click here to know more about fees and charges.