What is an NRE Account?
Persons of Indian nationality or origin resident abroad may open, with authorized banks in India, Non-resident (External) Accounts (NRE Accounts), designated in rupees. These accounts can be maintained in the form of savings, current or term deposit accounts. Opening of NRE Accounts jointly in the names of two or more non residents is permitted provided all the account holders are persons of Indian nationality or origin. For opening these accounts, the funds are required to be remitted to India through; • proceeds of foreign exchange remittances from abroad through banking channels in an approved manner. • proceeds of foreign currency notes and traveler cheques brought into India by the non-resident while on a temporary visit to India. • transfer from an existing Non-Resident (External) FCNR account of the same person. The account holder has to furnish an undertaking on the account opening form that he would promptly send intimation to his bank if and when he returns to India for perma
