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NRE Savings Account: Know The Benefits & Required Document
Posted on Monday, August 23rd, 2021 | By IndusInd Bank
Just like NRIs don’t break emotional ties with their motherland, they no longer need to sever the financial one. India offers them a great deal of banking and investment opportunities that caters to a diverse set of financial goals.
Consider one such example of a Non-Resident External or NRE savings account. Through this account, you can deposit funds in any foreign currency, which are converted to INR and earn tax-free interest on them. Moreover, this account allows you to withdraw funds in India to help a family member in need or to invest in other instruments.
If you’re still wondering whether to open an NRE savings account or not, these 5 benefits will help you decide.
Earn a high rate of return
Does a high ROI on a savings account sound unusual? Well, it’s true! With IndusInd Bank, you can earn up to 5% returns on your NRE savings account. Whether you use this account for transiting funds into long-term financial instruments or for local expenses by family members, you won’t be losing any interest on it. In fact, you’d likely be earning more ROI than any of your savings accounts held in your country of residence.
Pay zero tax on returns
Here is a plum scenario. With an NRE savings account, you not only earn a significant ROI, but all of the interest accumulated is tax-free in India. This goes for the entire amount, not just the principal or the interest component.
Open remotely
At IndusInd Bank, you get a user-friendly online portal to open NRE savings accounts from any location. All you have to do is click here and start a new application by filling out a digital form. Through this portal, you can also track your application status online. Opening this account online speeds up the verification and approval process and saves you from submitting paperwork or visiting the bank branch.
Freely repatriate funds
An NRE savings account does not hold restrictions on where you can transfer funds from this account. You can fully and freely repatriate money from this account into any one of your international accounts. Further, if you want to invest in any financial instrument in India or in your country of residence, you can do so by pulling funds out of an NRE account. Both the interest and the principal components can be repatriated electronically.
Open jointly
If you don’t want to operate an NRE savings account in India alone, no problem! IndusInd Bank allows you to open one with any other family member, any other NRI or PIO, or a Resident Indian’s close relative with “Former or Survivor” mode of operation. Person of Indian Origin (PIO) cardholders are also eligible to hold this account jointly with NRIs who have an Indian passport.
Documentation required for opening an NRE savings account
Here is a short document checklist to open an NRE savings account with IndusInd Bank:
- Copy of passport pages that contain personal details.
- Document proving your NRI status. These can include copies of your residence permit, work visa or any other type of visa.
- A copy of your PAN card. If you don’t have a PAN card, submit Form 60.
- A copy of residence proof. Both Indian and International address proofs are acceptable.
To sum up
An NRE savings account is a great way to deposit and manage your international earnings in INR or Indian Rupee denomination.
If you are looking to open one quickly with the IndusInd Bank, click here. We offer a seamless online application process, substantial interest rates, and much more.
To know all details, reach out to us today!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
