What is NRE Account?
NRE stands for Non-Resident Rupee account which is an account loaded with security features as it has a denomination in Indian Rupee. The holdings in this account can exist in the form of fixed deposit, savings, recurring deposit or current. Only foreign currency can be deposited in the NRE account which at the time of deposit gets converted to INR. Repatriation is allowed all the time. Moreover, there is no tax on the interest earnings of this account.
NRE Savings Account lets you transfer your income to India with complete security and convenience. At any point of time, you can easily repatriate the funds held in the account along with the interest earned. Also, you don't even have to pay tax on the interest amount. With a secure internet banking as well as Mobile banking Application, the NRE account can be accessed by the NRIs through from anywhere in the world enabling seamless transactions. On your behalf or absence, NRE Savings Account allows the account holder to authorize a resident Indian to conduct banking transactions.
If you’re an NRE account holder, you can easily deposit your foreign earnings into this account from your country of residence. The amount that is deposited from the foreign currency is converted into Indian rupees as per the prevailing exchange rate. You can easily convert the earnings back to the original foreign currency, officially referred to as repatriating the funds.
With a savings or current account, you can utilize the account to pay bills or issue checks for payments in India- even if you are miles away. You can also appoint an Indian resident as a Power of Attorney (POA) for your account who can use the debit card and check book. With an NRE deposit, you can park your foreign earnings in a fixed term deposit of 1-3 years that is held in Indian rupees.
To transfer money to your NRE bank account, you can:
Transfer money from a foreign country (freely convertible foreign currency)
Present traveler’s cheque or foreign currency notes on your visit to India
Remit the amount directly from your overseas bank account
Transfer money from an existing NRE account held in other banks in India
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Earn higher interest rate of 6% p.a. with your YES BANK Savings Account^
NRE Savings Accounts are exempt from tax in India
Earn higher interest rate of 6% p.a. with your YES BANK Savings Account^
Earn higher interest rate of 6% p.a. with your YES BANK Savings Account^
Benefit from attractive interest rates on Term Deposits
Debit Card with Lost Card Liability Protection & Purchase Protection, and exciting offers and discounts
Quarterly payout of Savings interest
Disclaimer: ^With effect from September 1, 2017 interest rate of 5% p.a. for balances upto INR 1 lakh, 6% p.a. for balances of INR 1 lakh upto INR 1 Crore, , 6.25% p.a. is applicable for balances of INR 1 Crore upto INR 100 Cr. For amounts greater than INR 100 Crore, please contact the branch or your designated Relationship Manager. Rates are subject to change at the sole discretion of YES BANK. Conditions apply.
NRE Savings Accounts are exempt from tax in India
NRE Savings Accounts are exempt from tax in India
Free RTGS/NEFT payment facility through NetBanking
Free Demand Draft issuance up to defined limits through Branch and NetBanking
Free utility bill payment facility through Net Banking for registered billers
Free set-up of Standing Instruction facility
Rupee denominated Savings Account
Rupee denominated Savings Account
NRO and NRE Savings account balances are grouped** allowing you the flexibility to maintain combined balances in either of accounts
Funds held in this account and interest earned are fully repatriable
Unlimited access to ATMs of any bank across India
True Anywhere Banking facility for access to any YES BANK branch across India
One View of your Savings Account, Fixed Deposits, and Mutual Funds with YES BANK NetBanking
Convenience of Single Personal Identification Number for all electronic channels including Internet, Mobile, Phone and ATM Banking.
**Grouping facility is solely for the purpose of calculation of Average Monthly Balance; all other product features remain the same as per product variant
International Debit Card
International Debit card with access to over 80,000 ATMs across India
*(Subject to Required Balance Maintenance)
Flexibility Of Combined Balances
NRO and NRE Savings account balances are grouped** allowing you the flexibility to maintain combined balances in either of accounts
NRO and NRE Savings account balances are grouped** allowing you the flexibility to maintain combined balances in either of accounts
**Grouping facility is solely for the purpose of calculation of Average Monthly Balance; all other product features remain the same as per product variant
Digital Wallet with free Virtual card and UPI which can be used to send/receive money, mobile/DTH recharge, pay bills and much more
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