NRE [ Non-Resident External ]

NRE Savings Bank A/C

• Only for non-resident Indians (NRIs).
• Can be a joint account with another NRI (In case the joint account holder is your spouse, she / he should also be an NRI).
• Minimum balance Rs.1000/- (Rs. 5000/- in case of Personal Banking Branches)

Permissible Credits

• Remittances from abroad through banking channel.
• Personal cheques drawn on foreign account(s).
• Proceeds of Foreign Currency Notes / Travelers cheques tendered by NRI, while visiting India.
• Drafts issued by bank / exchange companies abroad.
• Transfer from another NRE account.
• Interest / dividend / maturity proceeds of investments made in India on repatriable basis.

Multi-City Cheque (MCC) facility for NRIs:

• A Multi-City Cheque (MCC) is one that can be written by the customer in favour of his client and is payable at par at all branches in India of the Bank. MCC can be issued in cheque operated accounts (SB and Current), in addition to normal cheque books. The MCC facility is to be used only for genuine transactions / bonafide remittances. No cash payments will be made to third parties at other branches.
• The upper limit for issue of MCCs is Rs.5 lacs. The issue charges for MCC are Rs. 3 per cheque leaf and will be debited from the account at the time of issue of the cheque book. There are no transaction charges.

NRE Term Deposits

• Rupee deposits of fixed tenure.
• Minimum period of 1 year.
• Maximum period of 10 years.
• Interest paid quarterly on Term Deposit Receipts (TDRs).
• Principal & interest amount are fully repatriable.
• Premature withdrawals permitted (conditional):
• On pre-mature withdrawal of the Deposit (after completion of 1 year), interest will be calculated at applicable rate for the period the Deposit has actually remained with the Bank less applicable penalty as under:-



NRE term deposits opened	Penalty
Before 1st January, 2012	1%
From   1st January, 2012	0.50%*


* The interest paid shall be 0.50% below the rate applicable for the period deposit has    remained with the Bank or 0.50% below the contracted rate, whichever is lower.


• No interest is payable if the deposit is withdrawn before one year.

Recurring Deposits

• Flexibility in period of deposit with maturity ranging from 12 months to 120 months
• Attractive interest rates.
• Interest income is tax free in India
• You can avail a loan/overdraft against your deposit
• Premature withdrawal allowed
• Minimum monthly instalment of Rs.1000/-

Special Term Deposits

• Deposit your money for a period between 1 year to 10 years.
• Get a two-fold income, with interest both on your deposit and on the interest accrued on it.
• Invest in an affordable/very low Minimum Deposit Amount of Rs. 1000/- only.
• Enjoy higher returns with compounded interest every quarter.
• Open a Special Term Deposit at any branch of ours.
• Access your accounts 24X7 from anywhere in the world, with our Internet Banking facility.
• Avail nomination facility for your deposits.

Tax Implications

Automatic Renewals

• No need to track maturity of your deposits.
• Automatic renewal on maturity, if there are no instructions for renewal.
• Earn interest for same period as that of your matured deposit, at the interest rate prevailing on the date of maturity.

Flexibility

• Convert your Term Deposit to a Special Term Deposit, and enjoy compounded rate of interest to multiply your money faster.
• Convert your Special Term Deposit to a Term Deposit to receive monthly / quarterly interest payments to handle your financial requirements.

To open an NRE account with a branch in India:

1. Click here to download the account opening form.
2. Fill up the account opening form and send it to the branch of your choice with the following documents:
   • Two passport size photographs attested by you.
   • Passport & Residence Visa / ID Card Copies duly attested by Banker / Notary Public / Indian Embassy / A person known to the Bank.
   • Initial remittance.
   • Signature in the account opening form verified by any one of the following :
     • Indian Embassy / Consulate / High Commissione.
     • Your bank abroad.
     • A person known to the Bank.
     • Notary Public.
3. Enclosures (any two of the following):
   • Cheque drawn on bank account abroad.
   • Latest Overseas Bank statement in original.
   • Copy of Telephone / Electricity Bill.
   • Cancelled paid cheque of your Overseas Bank A/c.
   • Copy of Proof of Drawing Income / Employee ID / Labour Card.

Interest Rates:

Other Facilities:

• International Debit Card.
• Internet banking.
• Add-on SBI ATM Card.