How to Open an NRE Account
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Key Takeaways: Many NRIs have financial commitments in India. An NRE account lets you save your foreign income in rupees and makes it easy to manage your India expenses. We bring you a guide on how to open an NRE bank account.
Whether you want to send money to family, invest in Indian securities, pay utility bills or earn an attractive interest, a Non-Resident External (NRE) account is an ideal solution for all NRIs.
An NRE account allows people who reside outside India to save the money they earn overseas with a bank in India.
Features and benefits of an NRE Savings account
Before we look at how to open an NRE account, let us look at the benefits such an account offers.
- Save your foreign income in Indian rupees
- Enjoy competitive interest rates
- Shop, donate to causes or make bill payments from your account
- Manage your account from anywhere in the world through mobile and internet banking
- Make instant money transfers
- Invest in the Indian mutual funds online
- Hold the account jointly with other NRIs
- Avail nomination facility
- Fully and freely repatriate money from an NRE account back to your country of residence any time you want.
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How to open an NRE account?
The first step in the process is to make sure you are eligible to open an NRE account. Here's a list of all those eligible:
- NRIs or Indians residing abroad who are either studying, working or running a business
- Employees of the UN, officials deputed abroad by the Government of India and employees of public sector undertakings who have been posted overseas
- PIOs (Persons of Indian origin), OCIs (Overseas Citizens of India) or an individual who has held an Indian passport at any point in time
- Citizens of other countries who have Indian parents or grandparents and spouses of Indian citizens
What are the documents needed to open an NRE account?
The documents needed by NRIs and PIOs are of two types – identity proof and address proof. You will need a valid passport and address proof of your residence overseas and income documents such as a PAN card and Form 60. You may be required to submit proofs of a permanent address in India. In addition, you will need to provide a passport-size photograph and proof of your NRI or PIO status to be eligible for opening an NRE account in India.
How to open an NRE account online
Click here to begin the application process for opening an NRE account. Some documents may require attestation from the Indian embassy in your country, a notary or even an overseas bank branch of an Indian bank. Our Relationship Manager will guide you through the process and help you set up your account with ease.
Final Note: Once you know how to open an NRE account, you can easily start planning your savings and grow your investments. The tax-free status of NRE accounts makes them extremely attractive. If you are wondering whether this is the right choice for you, speak to one of our Relationship Managers.