NRE Noor

NRI banking in India refers to banking services for a Non-Resident Indian or NRI by financial institutions authorized by Reserve Bank of India to provide banking services. Many NRIs are often faced with the challenge of maintaining a Rupee account in India. However, NRIs have the option of opening a Non-Resident (NRE) account and/or a Non-Resident Ordinary Rupee (NRO) account. An NRO account can also be opened by a Person of India Origin (PIO) and a foreign citizen of India.

The major benefit of an NRE account deposits is that you can repatriate your principal and interest amount fully. Other benefits include the option to remit funds easily through online transfers, telegraphic transfer, cheque/draft, deposit your overseas earning in non-interest-bearing rupee account, etc. Another major benefit of NRE current account deposits in India is that you can enjoy tax benefits under the Income Tax Act.

An NRE current account is a non-interest-bearing account. NRE current account can be opened with minimum documents as prescribed by the bank. It is also possible to open the account online by visiting the bank's website. The minimum monthly balance required is also kept low to attract people settled in foreign countries to open NRE current account. There are no other charges associated with opening an NRE current account. Interest rates for NRE accounts vary from bank to bank but NRE interest rates are generally higher than interest rates for normal citizens since it comes under the purview of NRI Banking.