Do you live and work abroad but have family in India to whom you wish to send money every month? If so, then IndusInd Bank has the perfect option for you. The NRE Regular Savings Account by IndusInd Bank has been designed for Non-Resident Indians (NRI) working overseas.
This unique savings account is a boon for those who need to deposit their overseas earnings in an Indian bank account. Read further to know about the special features and eligibility criteria for the NRE savings account.
What is an NRE Savings Account?
A Non-Resident External (NRE) account allows the account holder to deposit funds from foreign earnings safely to an Indian bank account. What makes an NRE account unique is that all funds transferred to this account, are converted to Indian National Rupee (INR). Thus, an NRE savings account allows a non-resident Indian to maintain foreign currency earnings in Rupees. So, if you earn in a foreign currency, you can easily transfer money to your family in Rupees for their convenience.
Eligibility Criteria for NRE Savings Account
Make sure to check your eligibility before applying for an NRE savings account.
The applicant must be a Non-Resident Indian (NRI) or a Person of Indian origin (PIO).
The applicant can be a student pursuing education in a foreign country.
The applicant can be a seafarer of Indian nationality employed by an overseas shipping company.
A few recent passport-size photographs.
Photocopies of the passport pages including the passport details and personal details of the applicant.
A photocopy of the Permanent Account Number (PAN) card or Form 60 (in absence of PAN).
A copy of any of these valid proofs of NRI status: Work permit/ Resident permit / Employment Visa or others.
An Address proof of either the overseas or the Indian address.
In case of seafarers- a copy of CDC and employment contract is mandatory.
To open NRE savings account, you just have to download the application form from the official website of IndusInd Bank. After filling the application form, attach the documents mentioned above and submit the application at your nearest IndusInd Bank.
Features of NRE Savings Account
Here are some unique features of an NRE savings account offered by IndusInd Bank:
The international debit card allows access to your bank account anytime and anywhere, both in India and overseas.
A free payable at par cheque book is assigned to the account holder for use in India.
The account holder can earn an attractive interest rate of up to 6% on their savings.
The funds are freely repatriable (both principal and Interest) which means they can be transferred fully from a foreign country to the investor’s country of origin.
The interest earned on the NRE savings account is exempt from all tax in India.
The fund deposited is maintained in Indian National Rupees (INR).
Access to the top-quality digital banking facilities including internet banking, mobile banking and a video branch.
The NRE savings account can also be opened as a joint account with an NRI and an Indian resident who is a close relative on a former or survivor mode of operation.
The account holder can also appoint a mandate holder who can operate the account in India.
The savings account can have a low average quarterly balance of Rs 10,000 (for A and B category branches) or Rs 5,000 (for C and Rural category branches).
Therefore, if you are an Indian working professional living abroad, the NRE savings account is an easy fix to help you transfer funds home. To open NRE savings account, get in touch with IndusInd Bank or visit the website at: nre-regular-savings-account.html