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from USA
At a Glance
For decades, the United States of India has been home to a significant Indian community, ranging from students, scholars, and professionals, in every field. Such Indians, who reside in the US for the long term, are known as Non-Resident Indians. NRIs in the US can manage their Indian finances with NRE Savings Accounts from USA and enjoy 100% repatriation of funds back to the US.
NRE Savings Account from USA
In Economics, there is a concept called the Brain-Drain Theory, which essentially means that the sharpest brains of a nation migrate to another that provides better employment and growth opportunities. The theory could not be more accurate for the many brilliant Indian minds who migrate to the USA each year and live there as Non-Resident Indians. However, such NRI can keep their financial ties with India intact with the help of DBS Treasures NRE Savings Accounts. As an NRI, you can park your US dollars in India and repatriate the NRE Account funds back to the US at any time, with 100% tax exemptions.
NRE Savings Accounts – Features and Benefits
- Fully repatriate the funds parked and the interest earned on NRE Savings Account in the USA.
- Get attractive interest rates and enjoy 100% tax-free interest income on NRE Account deposits.
- Initiate high-value fund transfers at preferential currency exchange rates from DBS NRE Accounts at zero handling fees.
- Access your account 24x7 through DBS robust internet banking platforms and the DBS mobile application.
- Transfer funds from your NRE Savings Account to NRO or FCNR accounts.
- Open NRE Savings Accounts individually or jointly with another NRI or a Resident Indian and operate it on a former or survivor basis.
- Name the RI joint account holder as your Power of Attorney to manage your NRE account with certain limitations per RBI policies.
- Open NRE Fixed Deposits or invest in the Indian Securities Markets, Mutual Funds, etc., with funds in the NRE Account.
Fees and Charges
Find the detailed schedule of NRE Savings Account Fees and charges here.
Eligibility Criteria for NRE Savings Accounts
To open an NRE Savings Account from USA, you must be:
- A Non-resident Indian residing in the USA for employment, business or overseas education holding an Indian Passport.
- A Person of Indian Origin (PIO) whose ancestors, i.e., great grandparents, grandparents, or parents, are/were Indian nationals.
- A PIO holding a foreign passport and citizenship.
- An Overseas Citizenship of India Cardholder.
- A Government of India official assigned to work in the USA or any affiliated United Nations (UN) bodies.
- An Indian citizen employed as a mariner or crew member with a foreign shipping company, airline, or oil rig.
Documents Required for NRE Savings Accounts
To open NRE Account for Indians in America, the documents required are as follows:
For Non-Resident Indian
- A copy of your valid Indian passport pages with your name, address, date of birth, date and place of issue, expiry date, photograph, address, signature, immigration stamp and visa pages, if any.
- NRI status proof, i.e., employment proof, work permit, visa copy or residence permit of USA.
- Address Proof for USA.
- Address Proof for India.
- Copy of your Indian PAN Card or Form 60 (in the absence of PAN)
- Latest passport size photographs.
For Seafarers
- Along with the documents mentioned above, seafarers must submit these additional documents.
- Current employment contract with the USA shipping company or oil rig.
- Copy of Continuous Discharge Certificate (CDC) with disembarkation stamp on the last page.
- Foreign Exchange Management Act (FEMA) declaration confirming NRI status.
For PIO and OCI Card Holders
- A copy of your valid foreign passport pages with your name, address, date of birth, date and place of issue, expiry date, photograph, address, signature, immigration stamp and visa pages, if any.
- Copy of the valid PIO/OCI card or any other proof of PIO status, including expired Indian passport, birth certificate, ration card etc., as per Customer Identification Policy.
- Address proof of Indian residence and overseas residence.
- Duly signed and filled PIO declaration form.
- Copy of your Indian PAN Card or Form 60 (in the absence of PAN)
- Latest passport size photographs.
How To Open NRE Savings Account From USA
Open NRE Savings Account online from USA by filling a form on the DBS Treasures website.
A DBS Treasures Relationship Manager will contact you shortly.
Frequently Asked Questions
The NRE Account enables you to park your US dollars in India and benefit from the vast difference in the market value of the two currencies. The funds are automatically converted to INR, but you can repatriate and withdraw the sums in USD whenever you need. Plus, you do not have to pay any taxes on NRO deposits and interest earnings.
Yes, you may nominate a Resident Indian citizen on your NRE Account even though you may be a PIO. The RI may also serve as your Power of Attorney and manage limited transactions and payments on your behalf.
DBS Treasures’ NRE Account for Indians in USA come with loan facilities. You can get a loan and pay EMIs directly from your NRE Savings Account by providing standing instructions.
