The customers can earn 4 per cent per annum interest on the savings account balance of 50 lakhs and above, 3. The NRE account can be accessed through a secure internet banking as well as the mobile application from anywhere in the world for easy transactions.
RBL or Ratnakar Bank as it was formally called offers an interest rate of as much as 6. This is one of the biggest reasons that we are recommending RBL. There are 3 types of NRE savings accounts offered to the NRIs and the interest is payable to their account at different intervals quarterly or half-yearly. Interest rates on fixed deposits are as high as 7. One can use its net banking facility to make credit card and utility bill payments.
Also, the account is allowed to be opened with any convertible currency and banks convert the currency into rupee.
It is to be however noted that the account remains maintained in Indian rupee. Interest is calculated on an annual basis and paid on an half yearly basis in June and December. The account fetches 3. The account can be opened either singly or jointly with other NRIs or residents on former or survivor basis.
Currency Exchange Rates Information
The account can be opened with a zero balance. For branches with personal banking facility, deposit of 1 lakh for metro and Rs. Further, the interest calculation shall be done on the basis of daily balance available in the account.
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The bank also provides free platinum debit card for its customers. Interest of 3. No tax incidence for interest income, however in your country of residence the same can attract tax implications. The Standard Chartered provides free access to funds in rupee value and users can convert the same into respective foreign currency during their stay abroad any time as per their convenience. It provides utmost flexibility to its NRE account users.
Interest earned on the NRE savings account is fully repatriable and you will be eligible for zero tax deduction on the interest income.
The bank will provide global valid Visa platinum debit card for the users. Get higher limits for ATM withdrawal and on purchases using the debit card. With the NRE savings account, you can conveniently transfer your earnings to India. The benefits and features are lucrative for the account holder.
Exchange Rate Today (Live Currency Rate)
Also, you can repatriate the funds held in the account as well as the interest earned at any time. Also, you are exempt from paying taxes on the amount of interest.
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Difference Between NRE & NRO Account - Which Account Best Suits Your Needs
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Pros and Cons of FCNR Account
Font Size Abc Small. Abc Medium. Abc Large. Kotak Mahindra Bank. Federal Bank. Punjab National Bank. HDFC Bank. Pawan Gupta days ago. This increase of interest rates is in NRE fixed term deposits from previous rate of around 3. This will go to So, wait for some time before making an FD. View Comments Add Comments.
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