Union Bank of India (2024)

Union Bank of India (1) You are here : Union Bank of India (2) ProductsUnion Bank of India (3)InternationalUnion Bank of India (4)Non Resident External Account (NRE A/c)

Union Bank of India (5)NON RESIDENT EXTERNAL ACCOUNT (NRE)

  • NRIs/ PIOs/OCIs can open NRE account with an authorized bank
  • NRIs can open an NRE Savings A/c, NRE Term Deposit A/c, NRE Recurring Deposit A/c and an NRE Current account.
  • The NRE account can be credited with remittances from abroad, transfers from existing NRE/ FCNR accounts or by deposit of foreign exchange brought into India during a visit by way of foreign currency/ travelers cheques.
  • NRE Account may be held jointly. If held jointly with Resident Indian, the joint account holder should be a close relative of the primary account holder (NRI) as per RBI guidelines and the operation in such joint account shall be ‘Former or Survivor’ only.
  • If held jointly with another NRI/PIO/OCI, the joint account holder may or may not be a close relative of the primary account holder (NRI) and the operation in such joint account shall be as per choice of the account holders.
  • Zero Balance A/c can also be opened and can be funded later.
  • Credits / Debits are governed by Exchange Control Regulations.
  • The minimum period for a Term Deposit is 12 months and the maximum period is 10 years.
  • The interest rate on this deposit is as decided by the Bank from time to time.
  • Interest earned under this scheme is exempted from Indian income tax.

See Also
Can I Withdraw Money From a Joint Account During Divorce? — Emily Rubenstein Law
See Also
What Documents Required for Joint Account in SBIHolding NRI joint accounts: All you need to knowWhat Is a Joint Account? - Steps To Apply | HDFC BankWho Pays Tax On Joint Bank Accounts? - Complete Info
Union Bank of India (2024)
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