NRE stands for non-resident external account. This account is a savings or a current account used by Indians who are staying abroad, allowing an efficient conversion as well as transfer of Indian and foreign currency, both in and out of India.
NRI’s may transfer money to their family living in India, through their NRE account. The income that is generated in the country as rent, dividend or pension is also deposited in their NRE account for later use.
Some of the features of the NRE account which you can use to your advantage are given below:
• The most attractive feature of the NRE account is the fact that it is free from wealth tax.
• Not only is the tax exempted but one can also earn interest.
• The minimum balance that has to be maintained in the account is comparatively low as low that is 10,000 rupees only.
• When it comes to NRE accounts, the account holder can nominate an Indian resident to be responsible for the savings in the account in case of death of the account holder.
• One can conveniently access money using an ATM cum debit card, anytime and anywhere. There are numerous ATM branches throughout the country.
• Simple and easy money transfers can be made at a very low cost both online as well as offline. The exchange rates generally vary and one can compare and select what suits them the best. Many banks also provide a very simple and safe process of money transfer from abroad to India.
• Banks also provide the facility and the option of auto renewal of deposits.
• A person can also open a joint account with another NRI.
• NRI accounts also allow easy transfer of funds from out of India into the coutnry.
• Another advantage of having an NRI account is that it comes with a variety of added benefits which caters to an individual’s needs in India as well as in foreign lands.
• If an individual earns rent or revenue etc. from Immovable property abroad, that amount can be deposited into the RFC account once the individual returns to India.
• The banks also offer several other facilities like International Credit/Debit cards, On-line / Internet banking etc. making the process of depositing and withdrawing money less tedious for customers.
All the above mention features are extremely pragmatic and beneficial for the bank customer and also the depositor's near and dear ones residing in India. Therefore, it is practical and wise to opt for an NRE account for safe and easy money transfers and deposits.
NRI’s may transfer money to their family living in India, through their NRE account. The income that is generated in the country as rent, dividend or pension is also deposited in their NRE account for later use.
Some of the features of the NRE account which you can use to your advantage are given below:
• The most attractive feature of the NRE account is the fact that it is free from wealth tax.
• Not only is the tax exempted but one can also earn interest.
• The minimum balance that has to be maintained in the account is comparatively low as low that is 10,000 rupees only.
• When it comes to NRE accounts, the account holder can nominate an Indian resident to be responsible for the savings in the account in case of death of the account holder.
• One can conveniently access money using an ATM cum debit card, anytime and anywhere. There are numerous ATM branches throughout the country.
• Simple and easy money transfers can be made at a very low cost both online as well as offline. The exchange rates generally vary and one can compare and select what suits them the best. Many banks also provide a very simple and safe process of money transfer from abroad to India.
• Banks also provide the facility and the option of auto renewal of deposits.
• A person can also open a joint account with another NRI.
• NRI accounts also allow easy transfer of funds from out of India into the coutnry.
• Another advantage of having an NRI account is that it comes with a variety of added benefits which caters to an individual’s needs in India as well as in foreign lands.
• If an individual earns rent or revenue etc. from Immovable property abroad, that amount can be deposited into the RFC account once the individual returns to India.
• The banks also offer several other facilities like International Credit/Debit cards, On-line / Internet banking etc. making the process of depositing and withdrawing money less tedious for customers.
All the above mention features are extremely pragmatic and beneficial for the bank customer and also the depositor's near and dear ones residing in India. Therefore, it is practical and wise to opt for an NRE account for safe and easy money transfers and deposits.
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