|Eligible Applicants & Requisites||1. Non-Resident Indians are permitted to open and maintain the accounts.|
2. Account can be opened only in indian rupees.
3. Account may be opened in the form of current, savings and recurring and term deposits.
4. Term deposits are accepted with a minimum period of one year and maximum period of five years.
5. Accounts can be opened by remittances from abroad/deposit of foreign exchange brought into india/transfer from existing self NRE/FCNR accounts.
6. Accounts can be opened jointly with other Non-Resident Indians.
7. Non-Resident indians can appoint residents to operate their NRE accounts for local payments through a power of attorney. Deposits cannot be opened/closed by a power of attorney holder remittance abroad by POA in favour of the NRI deposit holder is permitted.
|Facilities||1. Standing instructions can be undertaken for periodic payments of insurance premia, school fees, etc .|
2. The maturity proceeds of deposits as well as interest are freely repatriable at the prevailing rate of exchange.
3. Loan facilities are available upto a maximum of Rs.20 lacs per depositor.
4. Nomination facility is available. Nominee may be a resident in india or a resident outside india.
5. Application form for opening NRE is available in our bank’s website www.indianbank.in that may be used for opening the account with specific indication for the type of account required.