Can NRE accounts be held jointly?

Yes, they can be opened jointly by two or more NRIs/PIOs or with a resident relative (latter only as Power of Attorney, and on a 'former or survivor' basis).

Is the interest earned on NRE accounts taxable?

No, the interest is exempt from Indian income tax.

How can the funds in the NRE account be accessed?

Funds are fully repatriable and can be accessed or managed through Bank of Maharashtra’s digital platforms or physically at branches and ATMs globally.

What is the minimum period for a term deposit in NRE accounts?

The standard minimum deposit period is typically 1 year for term deposits. No interest is paid on deposits withdrawn before completion of this period.

What should I do if I return to India and cease to be an NRI?

Inform the bank and convert your NRE account into a resident account or Resident Foreign Currency (RFC) account, as applicable.

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Bank of Maharashtra NRE Account

The Bank of Maharashtra offers a Non-Resident External (NRE) Account, specifically designed for Non-Resident Indians (NRIs) to effortlessly manage their foreign earnings in India. The account provides a secure, tax-efficient way for NRIs to deposit and access their funds, and is available in various formats to meet diverse financial requirements.

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Features and Benefits of Bank of Maharashtra NRE Account

Below are the features and benefits of the Bank of Maharashtra NRE account:

Account Types: Available as Savings, Current, Recurring, and Term Deposit accounts.
Currency: The account is maintained in Indian Rupees (INR), with foreign currency deposits automatically converted into INR.
Tax-Free Interest: Interest earned on NRE accounts is exempt from Indian income tax and balances are also free from wealth tax.
Repatriation: Both the principal and the interest amount are fully repatriable, meaning funds can be freely transferred abroad without restrictions.
Nomination and Power of Attorney: Nomination facilities and Power of Attorney access for a local resident are available for convenient account operation.
Digital Banking: NRIs can efficiently operate and monitor their accounts using Bank of Maharashtra’s robust digital platforms.

Eligibility and Documentation for Bank of Maharashtra NRE Account

Who Can Open an NRE Account?

Must be a Non-Resident Indian (NRI) or Person of Indian Origin (PIO).
The account must be opened by the NRI/PIO himself. A Power of Attorney holder in India cannot open the account, though they may operate it later as per regulations.

Required Documentation

Proof of identity (such as valid passport)
Proof of NRI/PIO status (valid visa/work/residence permit)
Proof of overseas address
Passport-sized photographs
Account opening form, available from Bank of Maharashtra branches or online portals

How to Open a Bank of Maharashtra NRE Account

Collect and complete the account opening application and attach required documents.
Submit the application form and documents at a designated Bank of Maharashtra branch or online, as per bank processes.
Once documents are verified, the account is activated and can be funded by foreign remittance, travelers' cheques, or transfer from existing NRE/FCNR accounts.

Key Advantages of Bank of Maharashtra NRE Account

Below are the advantages of Bank of Maharashtra NRE Account:

Global Access: Operate and monitor funds from anywhere in the world.
Flexible Operation: Joint accounts possible with other NRIs/PIOs, or with a resident relative (as Power of Attorney for local operations).
Safe and Secure: Wealth and income remain protected within the Indian financial system, and banking is tailored to NRIs’ unique requirements.
Convenience: Extensive branch and ATM network, plus digital services for easy account management.

Conclusion

Bank of Maharashtra’s NRE Account stands out as a practical solution for NRIs seeking seamless, tax-free, and globally accessible management of their foreign income in India. The blend of security, ease of operation, and comprehensive digital and offline support makes it an excellent choice for NRIs balancing lives and assets across borders.

FAQs

Can NRE accounts be held jointly?

Yes, they can be opened jointly by two or more NRIs/PIOs or with a resident relative (latter only as Power of Attorney, and on a 'former or survivor' basis).
Is the interest earned on NRE accounts taxable?

No, the interest is exempt from Indian income tax.
How can the funds in the NRE account be accessed?

Funds are fully repatriable and can be accessed or managed through Bank of Maharashtra’s digital platforms or physically at branches and ATMs globally.
What is the minimum period for a term deposit in NRE accounts?

The standard minimum deposit period is typically 1 year for term deposits. No interest is paid on deposits withdrawn before completion of this period.
What should I do if I return to India and cease to be an NRI?

Inform the bank and convert your NRE account into a resident account or Resident Foreign Currency (RFC) account, as applicable.

*Past 10 Year annualised returns as on 01-08-2025
*All savings plans are provided by the insurer as per the IRDAI approved insurance plan. Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
**Returns are based on past 10 years' fund performance data (Fund Data Source: Value Research).
^Returns as on 10th Jan'25. 18% returns for Tata AIA Life Top 200 for the last 10 years.The past performance is not necessarily indicative of future performance. Source: Morningstar