Who can open NRE Accounts and how?
NRI’s as well as overseas corporate bodies and permitted to open NRE accounts. NRE accounts can be opened by depositing foreign currency along with an account opening application form. The account opening form may be signed by the NRI’s abroad and the signature of the NRI may be verified by a bank abroad or by the Indian embassy or by a notary public official board. NRE account can be opened during a visit to India by tendering foreign currency traveler’s cheque or foreign currency notes. What type of NRE accounts can be open? All types of accounts that are current, savings, recurring, and term deposit can be opened under the NRE account scheme. NRE accounts can be opened in single or joint names. However in case of accounts opened in joint names, all the joint holders should be residents of an external group or countries. Can funds be repatriated? As per liberalized Exchanged Rate Management System (LERMS) all the remittance of foreign exchange to NRE accounts are converted into India
