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  1. Accounts can be opened by remittances from abroad deposit of foreign exchange brought into India, transfer from existing self NRE/FCNR accounts.

  2. Accounts can be opened jointly with any other Non-Resident Indian.

  3. Non-Resident Indians can appoint Residents to operate their NRE accounts for local payments through a power of attorney/letter of authority.

  4. Withdrawals for local payments or payments abroad in any convertible currency are allowed without Reserve Bank of India’s approval.

  5. Standing instructions can be undertaken for periodic payments of insurance premia, school fees, etc.

  6. Interest is compounded every quarter for term deposit accounts.

  7. The maturity proceeds of deposits as well as interest are freely repatriable at the prevailing rate of exchange.

  8. Loan is available against the deposit as per extant RBI guidelines from time to time. Currently loans are available to the extent of Balance available subject to margin requirements . The facility of premature withdrawal shall not be available where loan against such deposits are to be availed of.

  9. Nomination facility is available.
  Tax Benefits
  1. Interest on the deposit is free of Indian Income Tax.

  2. Balances held in the account as well as interest accrued on the deposit are exempt from Wealth Tax in India.

Use of NRE/FCNR accounts is obligatory for channelising funds for all repatriable investments in India (including investments in shares and securities).

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