|Eligibility||1. 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.
|Benefits||1. The maturity proceeds of deposits as well as interest earned are freely repatriable. |
2. Loans are permitted against the deposits up to a maximum of Rs.100 lakhs, as per the extant RBI guidelines.
3. Subsequent to de regulation measure announced by RBI, interest rates offered by our Bank on NRE term deposits have been upwardly revised and they are highly competitive in the industry.
4. Nomination facility is available. - Nominee can either be a resident in India or a resident outside India .
|Salient Features||1. Deposit schemes for NRIs Maintained in Indian Rupees.|
|Min Period||1 year|
|Max Period||10 years