Who is eligible to open an NRE account?

NRIs as defined under FEMA (Foreign Exchange Management Act) and PIOs are eligible to open an NRE account.

In which currency is an NRE account maintained?

NRE accounts are maintained in Indian Rupees (INR).

Can I hold an NRE account jointly?

Yes, NRE accounts can be held jointly with other NRIs or resident Indians who are close relatives.

Is interest earned in NRE account taxable in India?

No, the interest earned on NRE accounts is exempt from income tax in India.

Can I repatriate funds from my NRE account?

Yes, funds held in an NRE account are fully and freely repatriable to your country of residence without any restrictions.

What are the different types of NRE accounts offered by Central Bank of India?

Central Bank of India offers NRE Savings Accounts and NRE Term Deposits (Fixed Deposits).

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Central Bank of India NRE Account

The Central Bank of India's Non-Resident External (NRE) Account is a savings or term deposit account designed for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) to manage their earnings earned outside India. It offers a convenient and secure way to repatriate funds to India while earning attractive interest rates.

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Key Features and Benefits of Central Bank of India NRE Account

Repatriation: Funds held in an NRE account are fully and freely repatriable to the account holder's country of residence without any restrictions. This means you can transfer your money back whenever you need it without needing prior approval from the Reserve Bank of India (RBI).
Currency: The account is maintained in Indian Rupees (INR), but funds can be remitted in any freely convertible foreign currency. The bank handles the conversion to INR.
Tax Benefits: Interest earned on NRE accounts is exempt from income tax in India. This makes it a tax-efficient investment option for NRIs.
Joint Holding: NRE accounts can be held jointly with other NRIs or resident Indians who are close relatives.
Nomination Facility: Account holders can nominate a beneficiary to receive the funds in case of their demise.
Loan Facility: In some cases, loans can be availed in India against the security of funds held in the NRE account.
Types of Accounts: Central Bank of India offers both NRE Savings Accounts and NRE Term Deposits (Fixed Deposits).
- NRE Savings Account: Offers easy access to funds through various channels like ATMs, internet banking, and mobile banking.
- NRE Term Deposits: Offer higher interest rates compared to savings accounts, with flexible tenures to suit individual investment goals.
Interest Rates: Interest rates on NRE accounts are determined by the bank and are subject to change based on market conditions and RBI guidelines. It's advisable to check the latest rates with the bank.
Eligibility:
- Non-Resident Indians (NRIs) as defined under FEMA.
- Persons of Indian Origin (PIOs).

Opening an NRE Account with Central Bank of India

To open an NRE account, you will typically need the following documents:

Valid passport with visa/overseas employment permit.
Proof of NRI status (e.g., work permit, residence visa).
Proof of Indian origin (for PIOs).
Address proof (overseas and Indian, if available).
PAN card or Form 60 (if PAN is not available).
Photographs.

It is recommended to contact the nearest branch of Central Bank of India or visit their official website for the most up-to-date information on documentation and account opening procedures.

In Conclusion

Central Bank of India's NRE account provides a valuable tool for NRIs and PIOs to manage their foreign earnings, repatriate funds easily, and earn tax-free interest. With its various features and benefits, it offers a secure and convenient way to stay connected to India financially

FAQs

What is an NRE account?

An NRE (Non-Resident External) account is a bank account in India designed for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) to manage their income earned outside India.
Who is eligible to open an NRE account?

NRIs as defined under FEMA (Foreign Exchange Management Act) and PIOs are eligible to open an NRE account.
In which currency is an NRE account maintained?

NRE accounts are maintained in Indian Rupees (INR).
Can I hold an NRE account jointly?

Yes, NRE accounts can be held jointly with other NRIs or resident Indians who are close relatives.
Is interest earned in NRE account taxable in India?

No, the interest earned on NRE accounts is exempt from income tax in India.
Can I repatriate funds from my NRE account?

Yes, funds held in an NRE account are fully and freely repatriable to your country of residence without any restrictions.
What are the different types of NRE accounts offered by Central Bank of India?

Central Bank of India offers NRE Savings Accounts and NRE Term Deposits (Fixed Deposits).

*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