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Home > Accounts / Deposits > NRE

NRE [ Non-Resident External ]

Accounts & Deposits
FCNB Premium Account

Overview of NRE Accounts:

  • Account Type: Savings Bank / Current Account / Term Deposit / Special Term Deposit / Recurring Deposit.
  • Credits will be the form of:
    • Remittances from abroad.
    • Transfer from other NRE / FCNR accounts.
    • Foreign exchange brought to India.
  • Account can be opened jointly with other NRIs.
  • Bank deposits are free from wealth tax in India.
  • Interest earned on NRE accounts is exempt from Indian income tax.

More information on NRE accounts:

NRE Savings Bank A/C
NRE Term Deposits
Recurring Deposits
Special Term Deposits
How to Open an NRE account

NRE Savings Bank A/C

  • Only for non-resident Indians (NRIs).
  • Can be a joint account with another NRI (In case the joint account holder is your spouse, she / he should also be an NRI).
  • Minimum balance Rs.1000/- (Rs. 5000/- in case of Personal Banking Branches)

Permissible Credits

  • Remittances from abroad through banking channel.
  • Personal cheques drawn on foreign account(s).
  • Proceeds of Foreign Currency Notes / Travelers cheques tendered by NRI, while visiting India.
  • Drafts issued by bank / exchange companies abroad.
  • Transfer from another NRE account.
  • Interest / dividend / maturity proceeds of investments made in India on repatriable basis.

Note: Amounts in excess of $ 5000 (or equivalent) in currency or $ 10,000/- (or equivalent) in Travelers cheques should be accompanied by a Currency Declaration Form.

Multi-City Cheque (MCC) facility for NRIs:

  • A Multi-City Cheque (MCC) is one that can be written by the customer in favour of his client and is payable at par at all branches in India of the Bank. MCC can be issued in cheque operated accounts (SB and Current), in addition to normal cheque books. The MCC facility is to be used only for genuine transactions / bonafide remittances. No cash payments will be made to third parties at other branches.
  • The upper limit for issue of MCCs is Rs.2 lacs. The issue charges for MCC are Rs. 3 per cheque leaf and will be debited from the account at the time of issue of the cheque book. There are no transaction charges.

NRE Term Deposits

  • Rupee deposits of fixed tenure.
  • Minimum period of 1 year.
  • Maximum period of 5 years.
  • Interest paid quarterly on Term Deposit Receipts (TDRs).
  • Principal & interest amount are fully repatriable.
  • Premature withdrawals permitted based on the following conditions:
    • Interest payable will be the applicable rate less 1%, for the period for which the deposit has been with the bank.
    • No interest is payable for deposits less than 12 months.

Recurring Deposits

Invest a fixed sum monthly and on maturity, draw the total amount with interest.

Special Term Deposits

  • Deposit your money for a period between 1 year to 5 years.
  • Get a two-fold income, with interest both on your deposit and on the interest accrued on it.
  • Invest in an affordable/very low Minimum Deposit Amount of Rs. 1000/- only.
  • Enjoy higher returns with compounded interest every quarter.
  • Open a Special Term Deposit at any branch of ours.
  • Access your accounts 24X7 from anywhere in the world, with our Internet Banking facility.
  • Avail nomination facility for your deposits.


Safety :
We understand the value of your hard-earned money and continue to deliver on our promise of safety and security over 200 years.

Liquidity :
You can avail a loan / overdraft of up to 90% of your deposit amount, against your deposit. You can continue to earn interest on your deposit and still meet your urgent financial requirements.

Premature Withdrawal :
Get interest on premature withdrawal of special term deposits at 1.0% below the rate applicable for the period the deposit has remained with the bank.

Transferability :
Transfer your Special Term Deposits to any branch in our wide network without any extra charges.

Timely Payment of Interest :
Enjoy timely delivery of the proceeds of your deposit with interest, on maturity. Flexibility of payment on maturity through cash (subject to limit specified for cash repayments), banker's cheque, or credit to the bank account.

Tax Implications

As per the current regulations, interest income is exempt from income tax in India.

Automatic Renewals

  • No need to track maturity of your deposits.
  • Automatic renewal on maturity, if there are no instructions for renewal.
  • Earn interest for same period as that of your matured deposit, at the interest rate prevailing on the date of maturity.


  • Convert your Term Deposit to a Special Term Deposit, and enjoy compounded rate of interest to multiply your money faster.
  • Convert your Special Term Deposit to a Term Deposit to receive monthly / quarterly interest payments to handle your financial requirements.

To open an NRE account with a branch in India:

  1. Click here to download the account opening form.
  2. Fill up the account opening form and send it to the branch of your choice with the following documents:
    • Two passport size photographs attested by you.
    • Passport & Residence Visa / ID Card Copies duly attested by Banker / Notary Public / Indian Embassy / A person known to the Bank.
    • Initial remittance.
    • Signature in the account opening form verified by any one of the following :
      • Indian Embassy / Consulate / High Commissione.
      • Your bank abroad.
      • A person known to the Bank.
      • Notary Public.
  3. Enclosures (any two of the following):
    • Cheque drawn on bank account abroad.
    • Latest Overseas Bank statement in original.
    • Copy of Telephone / Electricity Bill.
    • Cancelled paid cheque of your Overseas Bank A/c.
    • Copy of Proof of Drawing Income / Employee ID / Labour Card.

Interest Rates:

Click here for Interest Rates.

Other Facilities:

  • International Debit Card.
  • Internet banking.
  • Add-on SBI ATM Card.
SBI NRI Services
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