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NRE SB ACCOUNTS
Eligibility1. Accounts can be opened by remittances from abroad,deposit of foreign exchange brought into India , transfer from existing self NRE/FCNR accounts.
2. Accounts can be opened jointly with any other Non-Resident Indian / Residents who are close relatives (as defined in Section 6 of the Companies Act 1956) of the NRI.
3. Joint account with resident close relatives is permitted only under Former (NRI) or Survivor (resident) basis.
4 Non-Resident Indians can appoint residents to operate their NRE accounts for local payments through a power of attorney.
Benefits1. Withdrawals for local payments or payments abroad in any convertible currency are allowed as per the extant RBI guidelines.
2. Standing instructions can be undertaken for periodic payments of insurance premia, school fees, etc.
3. Funds from these accounts are freely repatriable.
4. Nomination facility is available. - Nominee can either be a resident in India or a resident outside India .
Tax Benefit1. Interest on the deposit is free of Indian Income Tax.
2. Use of NRE accounts is obligatory for channelising funds for all repatriable investments in India (including investments in shares and securities).
Salient Features1. Deposit scheme where balance are maintained in Indian Rupees.
 
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