| (For Non-Resident Indians/Persons of Indian Origin) |
Deposits can be opened for periods ranging from 1 year to 5 years in any of the five designated currencies viz. Pound Sterling, US Dollar, EURO, Australian Dollar and Canadian Dollar.
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Deposits can be made by remittances from abroad or by funds held in existing NRE accounts.
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Accounts can be opened jointly with other Non-Resident Indians.
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No Exchange loss as interest and principal amounts are payable in the same currency in which it is deposited.
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Interest is compounded every half yearly.
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Loan Facility is available upto a maximum of Rs. 100 lakhs.
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Nomination facility is available.
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| Tax Benefits |
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Interest earned on these accounts is free from income tax.
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Funds invested in NRE and FCNR accounts by Non-Residents are free from Wealth Tax.
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