|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. Loan is available against the deposit as per extant RBI guidelines from time to time. Currently loans are available to the extent of Balance available subject to margin requirements . The facility of premature withdrawal shall not be available where loan against such deposits are to be availed of.
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