Features of South Indian Bank NRE Account
The features of South Indian Bank NRE Account are as follows:
- Various Types of Accounts: South Indian Bank NRE Account can be in the form of Savings, Current, or Term Deposit.
- Convert Foreign Currency into Indian Rupees: An NRE Account enables you to deposit money in any foreign currency and withdraw it in Indian rupees.
- Prone to Exchange Rate Fluctuations: NRE accounts carry the risk of an increase or decrease in the value of the initial deposit due to volatile exchange rate fluctuations.
- Tax Exemption: South Indian Bank NRE Accounts are exempt from tax deductions.
- Joint Account Facility: An NRI can open a South Indian Bank NRE Account jointly with another NRI.
You may also know about South Indian Bank FD Interest Rates
Types of South Indian Bank NRE Account
The South Indian Bank offers different NRE Accounts for Non-Resident Indians (NRIs). Let us learn about them below:
-
South Indian Bank Savings Account for NRE
South Indian Bank Savings Account for NRE offers various features, including:
- Multiple Ways to Open: Open account via foreign remittance or transfers.
- Foreign Currency Deposits: Deposit foreign currency notes or traveller’s cheques.
- Authorised Resident Operators: Residents can operate accounts for local payments.
- Attractive Interest Rates: Earn 4% interest per annum (subject to change).
- Value-Added Services: Access Global ATM card, internet, mobile banking.
-
South Indian Bank Current Account for NRE
The features offered by South Indian Bank NRE Current Account are:
- Flexible Account Opening Options: Open via remittance, transfers, or forex deposit.
- Resident Authorisation Allowed: Residents can operate accounts via Power of Attorney.
- Value-Added Banking Services: Access debit card, internet and mobile banking.
-
Term Deposit Account for NRE Account
South Indian Bank NRE Term Deposit Account offers many important features, some of which are:
- Multiple Deposit Options: Open via remittance, transfer, or forex deposit.
- Joint Account Facility: Term deposits can be held jointly by NRIs.
- Repatriation Facility: Full repatriation of principal and interest allowed, meaning both can be transferred back to your country of residence in a hassle-free manner.
- Loan Facility Available: Avail loans against your NRE term deposit.
NRE Account Term Deposits Interest Rate
| Tenor |
Single Deposit less than Rs. 3 crore (% p.a.) |
| 1 year |
6.60 |
| Above 1 year to 1 year 6 days |
6.10 |
| 1 year 7 days to 399 days |
6.20 |
| 400 days |
6.30 |
| 401 days to less than 5 years |
6.20 |
| 5 years to less than 66 months |
5.70 |
| 66 months (Green deposit) |
6.00 |
| Above 66 months to upto and including 10 years |
5.70 |
*Interest rates are applicable from August 2025. No interest will be paid if closed within one year.
Eligibility Criteria to Open South Indian Bank NRE Account
The following conditions must be fulfilled to open a South Indian Bank NRE Account in India:
- Account Holder: Only Non-Resident Indians (NRIs) or Persons of Indian Origin (PIOs) can open an NRE account.
- Age Requirement: The applicant must be at least 18 years old.
- Joint Accounts: NRE accounts can be opened jointly with a resident relative, provided they are closely related to the NRI/PIO.
How to Open a South Indian Bank NRE Account?
The following three easy steps are to be followed to open a South Indian Bank NRE Account online:
- Complete the online account opening form
- Email scanned copies of documents to nrionline@sib.co.in
- Bank will arrange collection of physical documents from you
To open an NRE account offline mode, the candidates may visit the nearest South Indian Bank branch, contact bank personnel for a complete process.
Documents Required to Open South Indian Bank NRE Account
The following documents are required to open a South Indian Bank NRE Account :
- Duly filled and signed application form
- Copy of valid and recent passport
- PAN card or Form 60
- Proof of overseas address like bank statement or employer certificate
- Two recent passport-size photographs
- Initial remittance through foreign DD or cheque
Benefits of Opening South Indian Bank NRE Account
The benefits offered by South Indian Bank NRE Account are:
- Attractive Interest Rates: South Indian Bank provides competitive NRE interest rates to help NRIs grow their savings efficiently.
- Seamless Fund Transfers: NRE accounts support hassle-free fund movement between India and abroad for easier financial management.
- Customisable Deposit Periods: Fixed deposit tenures can range from 1 to 10 years, based on individual financial plans.
- Loan Facility on Deposits: Customers can avail loans against fixed deposits without affecting interest earnings.
- Convenient Digital Banking: South Indian Bank offers advanced online services for fund transfers, bill payments, and account access worldwide.
Conclusion
The South Indian Bank NRE Account is a complete banking solution for NRIs to securely manage and grow their foreign income in Indian currency. With multiple account types, tax benefits, full repatriation, and flexible online opening options, it offers convenience and financial efficiency. Whether you choose a savings, current, or term deposit account, South Indian Bank gives you a smooth banking experience aimed for global investors.
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