Did you or someone in your family just start a new job in a foreign country? You could be plagued with countless questions about sending money home or managing an Indian account. Here are 10 Frequently Asked Questions about opening an NRE savings account, so geographical boundaries don’t restrict your financial planning.
Q: What is an NRE account?
A: NRE stands for Non-Resident External and it’s a type of account that lets an NRI deposit their foreign currency earnings in an Indian bank and withdraw it in INR.
Q: Is the interest earned in NRE account taxable in India?
A: Interest earned from NRE account is not subject to tax deduction at source.
Q: Can an NRE account be jointly held?
A: Yes, NRE account can be opened jointly with a resident individual with mode of operation “Former or survivor” .. You can open an NRE account online today.
Q: What are the documents required for an NRE savings account?
A: Here are all the documents you will need:
● Application form filled out and signed
● Copy of current passport
● PAN card or Form 60
● 2 passport size photographs
● Proof of overseas and Indian address
Q: Can the funds in NRE account be moved back to the sender’s foreign account?
A: Yes, both the principal amount and the interest in NRE account are repatriable, which means they can be transferred back to the overseas account.
Q: Can I deposit any currency in my NRE account?
A: Yes, you can deposit in any currency, which will then get converted to INR after being deposited at the exchange rate of the day.
Q: Will I get an ATM/Debit card with an NRE account?
A: A global ATM cum debit card will be provided after the opening of an NRE savings account.
Q: Can I get a loan on my NRE account?
A: Yes, you can get in touch with South Indian Bank today to discuss the loans for NRIs in India.
Q: Can money be withdrawn anywhere in the world?
A: Yes, with the global ATM card, you can withdraw money anywhere in the world.
Q: Can I access my NRE account while residing abroad?
A: Yes, you can easily manage your SIB NRE account through internet banking and mobile banking through our app SIB Mirror+.
We hope these answer your questions and help you make an informed decision about opening an NRE savings account. In case of additional queries, please get in touch with us at South Indian Bank.
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Disclaimer: The article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of The South Indian Bank Ltd. or its employees. The South Indian Bank Ltd and/or the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial/non-financial decisions based on the contents and information’s in the blog article. Please consult your financial advisor or the respective field expert before making any decisions.