The Non-Resident External Account (NRE Account) is a Savings/Current/fixed deposit account held in India, in Indian Rupees. The foreign currency earnings can be deposited into the NRE savings account by transfers from your country of residence or transfers from other NRE accounts in India. To deposit money into an NRE account, you need to convert foreign currency into Indian Rupees (USD to INR, GBP to INR, CAD to INR, AUD to INR, etc) by transferring money to your NRE account in India. You can open either NRE Savings or NRE current or NRE fixed deposit in India. To open NRE fixed deposit, you need to first transfer money to your NRE savings account and then give a request to your bank in India to open an NRE fixed deposit. You can always convert the money lying in your NRE account (NRE savings account or NRE fixed deposit) back to foreign currency and repatriate the sum out of India, since both principal and interest earned in this NRE account (NRE savings account or NRE fixed deposit) are freely repatriable.
Compare at NriDealExpert.com to find out the best NRE saving accounts in India.
Compare at nriDealExpert.com to find out the best NRE Saving Accounts in India. Click on the link to visit the bank's website. Complete an application form online or by downloading it. Then, send a printed, signed copy of the form with attested required documents to an address provided by the bank on their website. Alternatively, you can visit the bank's overseas branch or a branch in India on your next visit. When in doubt, contact us at contactus@nridealexpert.com
No, you can transfer funds from your existing NRE savings accounts, NRE fixed deposits, FCNR deposit, but not from your other NRO savings accounts and NRO fixed deposits.
NRE account (NRE savings account or NRE fixed deposit) balances are freely repatriable. There is no limit specified for outward remittances from such accounts.
In order to do an outward remittance from your NRE bank account (NRE savings account or NRE fixed deposit), you have to walk into any of the branches of the bank in India where you are maintaining NRE account (NRE savings account or NRE fixed deposit) and initiate the outward remittance by completing a simple request letter. Some of the banks offer this facility through their online banking also.