Commonquestions answered about NRE Accounts
TheNon-Resident External or NRE Account offers total security and is denominated
in Indian rupees. These accounts can take the shape of an NRE Deposit, regular payments, Currentor Savings Account. The foreign currency you deposit is translated to INR. You
can transfer your money (principal and interest amount) from an NRE Account to
a foreign account without any issues or limitations.
Howcan an NRE Account be accessed?
TheNRE Account is accessible by non-resident Indians through secure Internetand Mobile Banking from anywhere globally, facilitating frictionless
transactions. The account holder of an NRE Account may designate a resident
Indian to carry out banking operations on your behalf or in your absence. The
money in these accounts gets generated outside India, which you should remember.
Youcan make transactions and withdraw cash around the clock using an International
Debit Card. Additionally, if you connect your NRE Account number to your
investment account, Mutual Funds would be simple and immediate. In India, NRE Accounts
are typically utilised for investing, personal banking, and business.
Youcan transfer funds to your NRE Account through:
· Money transfer from a foreignnation (freely convertible foreign currency)
· Present a traveller's chequeor foreign currency notes during your India visit
· Transfer funds from acurrent NREAccount from another Indian bank
Why open an NRE Account?
An NRI cannot open aSavings Account in India according to Foreign Exchange Management Act. As a
result, NRIs who want to conduct business in India should open an NRE Account.
NRIs can send money earned outside of India and keep their Indian rupees by maintaining
it from anywhere. Additionally, through this account, NRIs can freely
repatriate all their funds to their country of residence.
It also makes itpossible for an NRI to invest in India. Additionally, the funds in the account
are easily accessible to an authorised family member in India. This makes it a
practical choice for NRIs who want to take care of their family in India. If
you open an NRE Savings Account online, you can:
· Send money fromabroad to India and maintain it in Rupees.
· Unrestrictedly andfreely repatriate funds.
· Investing in Indianinstruments gets simpler.
· Give a residentIndian family member a mandate so that the money is readily available to your relatives
in India.
Ifyou have an NRE Bank Account, you can effortlessly transfer yourinternational earnings from your home country to this account. According to the
currentexchange rate, the sum placed inforeign currency gets translated to Indian Rupees. Repatriating your funds
converts your earnings back to the foreign currency they were initially
purchased with.
