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As an Indian living away from home, chances are you may have some lingering ties to India, in the form of family members, bank accounts, investments, property and more. But no matter what corner of the world you are in, you can meet your financial obligations with NRI accounts. As such, you should be up to date with the changing policies for NRI bank accounts. As an NRE account holder, you should know the cash deposit limit in NRE accounts and the types of credits permitted.
Yes, you can deposit cash in your NRE account, provided the deposits are in specific foreign currencies, as permitted by the RBI. Since the NRE account is rupee-dominated, the deposits are converted to INR. And while there isn't any specific NRE account deposit limit, you cannot deposit cash in INR into your NRE account.
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While there is no restriction on the NRE account limit, only a few specific types of credits are allowed. These include:
NRE accounts are the perfect option for people looking to save their foreign income into a rupee-dominated account. And while there is no cash deposit limit in NRE account, it helps to stay aware of the changing policies regarding deposit limits, permissible credits and debits, and other RBI regulations.
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*Disclaimer: This article is published purely from an information perspective and it should not be deduced that the offering is available from DBS Bank India Limited or in partnership with any of its channel partners.
The purpose of this blog is not to provide advice but to provide information. Sound professional advice should be taken before making any investment decisions. The bank will not be responsible for any tax loss/other loss suffered by a person acting on the above.