Can I have multiple NRE accounts with Indian Bank?

Yes, you can have multiple NRE accounts with Indian Bank.

Can I avail loans against my NRE account?

Yes, you can avail of loans against your NRE deposits, subject to eligibility criteria and terms and conditions.

Can I operate my NRE account from abroad?

Yes, you can operate your NRE account from abroad through internet banking and mobile banking services.

What is the minimum balance requirement for an NRE account?

The minimum balance requirement may vary. It's best to check with your nearest Indian Bank branch or visit their official website for the latest information.

Can I close my NRE account and repatriate the funds?

Yes, you can close your NRE account and repatriate the funds to your home country.

What happens to my NRE account if I become a resident of India?

Once you become a resident of India, your NRE account can be converted into a Resident Account.

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Indian Bank NRE Account

The Indian Bank NRE Account is a banking solution for Non-Resident Indians (NRIs) to manage their foreign earnings in Indian Rupees. Offering tax-free interest, full repatriability, and convenient access, this account ensures secure and efficient handling of your international finances.

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What is an Indian Bank NRE Account?

An Indian Bank Non-Resident External (NRE) account is a type of bank account specifically designed for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs). It allows you to hold foreign currency in India. The primary advantage of the Indian Bank NRE account is that both the principal amount and the interest earned on it are fully repatriable. This means you can transfer the funds back to your home country without any restrictions.

NRE Account Interest Rates with effect from 12.06.2024

Period / Tenor of Deposit	Less than Rs.3 crore Revised Rate(% per annum )
7 days to 14 days	2.80
15 days to 29 days	2.80
30 days to 45 days	3.00
46 days to 90 days	3.25
91 days to 120 days	3.50
121 days to 180 days	3.85
181 days to less than 9 months	4.50
9 months to less than 1 year other than 300 Days.	4.75
300 days (Ind Supreme Product) *Valid up to 31.03.2025	7.05*
1 year	6.10
400 days (Ind Super Product) *W.e.f 03.10.2024 and valid up to 31.03.2025	7.30*
Above 1 year to less than 2 years other than 400 days	7.10
2 years to less than 3 years	6.70
3 years to less than 5 years	6.25
5 year	6.25
Above 5 years	6.10

Why Choose an Indian Bank NRE Account?

Below are the reasons why you should choose Indian Bank NRE account:

Repatriation Benefits: As mentioned earlier, the principal amount and interest earned on your NRE account can be fully repatriated.
Tax Benefits: Interest earned on NRE accounts is exempt from Indian income tax.
Easy Remittances: You can easily remit funds to your NRE account from your foreign bank accounts.
Wide Range of Banking Services: Indian Bank offers a wide range of banking services, including internet banking, mobile banking, and debit cards, making it convenient to manage your finances.
Global Reach: Indian Bank has a global presence, allowing you to access your funds from anywhere in the world.

Key Features of an Indian Bank NRE Account

Foreign Currency Deposits: You can deposit foreign currencies like US Dollars, British Pounds, Euros, and more.
Interest-Bearing Accounts: Your deposits earn attractive interest rates.
Debit Cards: You can use a debit card linked to your NRE account for domestic and international transactions.
Internet Banking: Access your account online and manage your finances conveniently.
Mobile Banking: Stay connected to your account on the go with mobile banking.
Loan Facilities: You can avail of loans against your NRE deposits.
Safe Deposit Lockers: Securely store your valuables.

Eligibility to Open an Indian Bank NRE Account

Opening an Indian Bank NRE Account is simple and designed to meet the financial needs of Non-Resident Indians (NRIs). Here are the key eligibility criteria:

Modes of Account Opening

By remittances from abroad using legitimate banking channels.
Through the deposit of foreign exchange brought into India.
By transferring funds from an existing NRE or FCNR account held in the applicant’s name.

Joint Account Facility

NRE accounts can be opened jointly with:
- Another Non-Resident Indian (NRI).
- Resident close relatives, as defined under Section 6 of the Companies Act, 1956.
For joint accounts with resident relatives, the account must follow a "Former (NRI) or Survivor (resident)" basis.

Power of Attorney for Local Operations

NRIs can appoint a resident relative to operate the NRE account for local payments by granting a Power of Attorney. This ensures convenient management of finances in India.

Conclusion

An Indian Bank NRE account is a valuable financial tool for NRIs and PIOs. It offers a secure and convenient way to manage your foreign currency savings and investments. By understanding the benefits and features of this account, you can make informed decisions about your financial future.

FAQs

Can I have multiple NRE accounts with Indian Bank?

Yes, you can have multiple NRE accounts with Indian Bank.
Can I avail loans against my NRE account?

Yes, you can avail of loans against your NRE deposits, subject to eligibility criteria and terms and conditions.
Can I operate my NRE account from abroad?

Yes, you can operate your NRE account from abroad through internet banking and mobile banking services.
What is the minimum balance requirement for an NRE account?

The minimum balance requirement may vary. It's best to check with your nearest Indian Bank branch or visit their official website for the latest information.
Can I close my NRE account and repatriate the funds?

Yes, you can close your NRE account and repatriate the funds to your home country.
What happens to my NRE account if I become a resident of India?

Once you become a resident of India, your NRE account can be converted into a Resident Account.

*Past 10 Year annualised returns as on 01-07-2025
*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