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Many Non-Resident Indians (NRIs) seek to earn money in a foreign currency and save it in the Indian denomination. An NRE account is an effective way to do the same for an NRI since it helps them access a range of services besides the ones offered by ordinary savings accounts. Read on to learn the functioning of NRE accounts.
A Non-Resident External (NRE) account helps an NRI store their foreign currency savings in an Indian bank. Using an NRE account, an account holder can deposit money in any foreign denomination and withdraw it in INR (Indian Rupees).
According to the guidelines issued by the Foreign Exchange Management Act (FEMA), the Reserve Bank of India (RBI) allows an NRI to open two types of savings bank accounts with authorised dealers and banks – a Non-Resident External Rupee Account (NRE) and a Non-Resident Ordinary Rupee (NRO) account.
Besides these two options, if an NRI wishes to deposit a lump sum in a term deposit at a stipulated maturity rate in a foreign currency, they can also open an FCNR (B) (Foreign Currency Non-Resident (Bank)) deposit account.
An NRE account can be opened online by filling in the respective bank or financial institution application form.
As mentioned earlier, an NRE account can help an NRI access a range of services not offered by standard savings accounts.
There are several benefits to having an NRE account if you are an NRI.
To be eligible to apply for an NRE savings account with IDFC FIRST Bank, an applicant needs to fulfil the following criteria:
NRE accounts are helpful for NRIs. They can deposit funds in foreign denomination and withdraw in Indian Rupees. Their family in India can also access the account and meet their needs.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.