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Accounts for Returning Indians
Savings - NRE
Main purpose for which normally accounts are opened

When customer is interested in Repatriation   and also wants to avail tax benefits NRE accounts are suitable as the amounts in the account are tax free.

Currency in which account is maintained

Indian Rupees

Type of Deposits

Current, Savings, Recurring and Term Deposits.

Joint Accounts

NRIs can NRE/FCNR (B) account along with their close relatives on “Former or Survivor” basis
i.e. During the life time of the NRI the resident can not operate the account.
The definition of close relative is as defined in Section 6 of the company’s Act 1956. However, the resident close relative shall be eligible to operate the account as a power of Attorney holder in accordance with extant instructions during the life time of the NRI/PIO account holder.

Operation of Accounts

Mandate or Power of Attorney holder can be appointed. Power of Attorney holders powers are restricted to Local payments or eligible investments or remittance to the account holder himself.

Interest rates

4.00 % p.a. w.e.f., 03.05.2011.

Term Deposits: For the Latest interest rates  click here

Permitted Credits and Debits

Remittances from abroad/Transfer from other NRE/FCNR a/cs, Interest and Proceeds of Investments made from NRE account or other NRE accounts which are of repatriable nature.

Local Disbursments, Remittances outside India, and payment for Eligible Investments, and also any other transaction if permitted by RBI

Tax benefits

Tax free


Allowed. Nominee can be  Resident or Non-resident/PIO


Repatriable. Inclusive of interest earned can be repatriated outside India without reference to Reserve Bank of India. The depositor has to bear Exchange Risk.

  Documents required/introduction
  1. Opening the Account In person:

    1. Customer may submit the application in person along with the enclosures as given below in point 4 if he is opening the account when he visited India.

    2. Customer may also submit the application at any of our Representative Offices in Dubai and USA.

  2. Opening the Account from Abroad:

    1. Customer may submit the application after down loading the same from web site along with all Enclosures mentioned in Serial no 4
    2. Customer may also the scan the application along with the documents called for after duly 

    3. attesting the one additional document called for.

  3. In case the customer scans the application and send the same the procedure is as follows:

    1. The soft copy of the scanned application along with enclosures is to be send  to the Branch E-mail address and request to open the account.
    2. The scanned application and enclosures will be downloaded by the Branch and open the account if the documents are in order.
    3. Branch will inform the Account number to the customer by e-mail address given in the Application
    4. Customer after receipt of the mail is requested to send initial payment through proper Banking channels i.e., a) By a cheque issued on his foreign Bank account or by b) AB SPEEDWAY (incase of US Customer) c)Speed Remittance/NEFT (incase  customers from Middle East Countrest) d)SWIFT remittance (in case of Applicants other than US & Middle East Countries) and other modes of remittance through proper Banking channels.
    5. Branch will send the Kit containing Cheque Book, Non-Personalised Debit Card and InternetBankingPass words(if Internet Banking is opted for in the Application) to the mailing address given in the Application after receipt of initial remittance.
    6. Customer is advised to Visit the Branch on his next visit to India.
    7. The Application is to be filled up without leaving any gaps

  4. Enclose the documents as given below:

    1. Copies of pass port with valid Resident Visa and Indian address page,
    2. Mailing Address Proof  (Whether Indian or Foreign)
    3. The list of documents that will be accepted as mailing address proof are

      (Any one of the following)

      If Mailing Address is an Overseas address:

    4. Photocopy of valid passport mentioning the overseas address
    5. Photocopy of utility bill not more than 3 months old
    6. Photocopy of overseas bank statement not more than 3 months old
    7. Photocopy of valid driving license
    8. Photocopy of Government issued ID Card
    9. Photocopy of credit card bill not more than 3 months old
    10. Photocopy of lease agreement / rent receipt (not more than 3 months old)
    11. Photocopy of appointment letter
    12. Photocopy of company ID card with address
    13. Original letter issued by the company for the purpose of account opening on its letterhead
    14. Photocopy of bank statement or passbook of a NRI account with another bank
    15. Proof of address of the sponsor along with proof of relationship of the primary applicant with the sponsor
    16. Photocopy of Overseas Citizen of India (OCI) card mentioning the overseas address.
    If  Mailing Address is an Indian address:

  5. Photocopy of Valid Passport
  6. Photocopy of Valid Permanent Driving license
  7. Photocopy of telephone bill of private & public operators (e.g. MTNL, BSNL, Reliance, Airtel & Tata Indicom) – not exceeding 2 months prior to date of account opening
  8. Photocopy of electricity bill – not exceeding 2 months prior to date of account opening
  9. Photocopy of Bank Pass Book or Bank account statement – not exceeding 3 months prior to date of account opening
  10. Photocopy of Ration card
  11. Photocopy of Election card / Voters ID (if it has address)

  • Photo copy of employment contract and latest pay slip (in case of employees).
  • Letter from Institution in which student is pursuing studies or Photo copy of the Identity card  (incase of NRI Students)
  • A declaration from the customer that the all the copies are true copies of Originals.
  • Enclose any one additional document out of the following -Attested by Self:

    1. A cheque drawn on a bank account abroad
    2. Any cancelled paid cheque in original drawn on a bank abroad showing the signature, bank name, account number etc.
    3. Photo copy of overseas/Indian bank Statement not more than 3 months old
    4. Photocopy of utility bill not more than 3 months old
    5. Photocopy of ID card, like driving  license, employee ID, Labour Card
    6. Photo copy of Local government ID Card
    7. Original Letter from employer issued for the purpose of opening of this account
    8. Copy of Credit card statement not more than 3 months old
    9. Copy of lease/rental agreement/rent receipt (not more than 3 months old)
    Click here to Download Application

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    News & Events



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    Complain to Local Police/Cyber Crime Authorities against Fictitious Offers of Money from Abroad

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    Do Not fall Prey to Fictitious Offers of Funds Transfer

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