NRE Savings Account is an account which is opened by an NRI (Non Resident Indian) to park his/her overseas earnings remitted to India converted to Indian Rupees. This account is maintained in rupee. It offers the entire standard banking facilities such as issuance of cheque book/ debit card, nomination facility and other remittance facilities. The account holder will receive interest on the money deposited under this account which differs from bank to bank.
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NRE Savings Interest Rates by Banks (as on 17 Apr 2021)
Key features and Benefits of Non Resident External (NRE) Savings Account
- Maintained in rupee.
- Both the principal as well as the interest can be repatriated.
- Interest is payable usually on a half yearly basis.
- Offers easy liquidity.
- Offers remittance facility.
- Get the cheque book facility.
- Provision for nomination. Nominee can be Resident or Non-resident or PIO(person of Indian Origin)
- Local Rupee Cheques (drawn in India) cannot be deposited in this account.
- Cash in rupees cannot be deposited in this account.
- Money in this account can be transferred from any non-resident (External) Rupee Savings and Fixed / Term Deposit account or Foreign Currency Deposit (FCNR) account.
- No income tax liability.