Moving to a foreign country entails not only a change in your residential status but also your financial life! After all, once you become an NRI, you can no longer operate regular savings account back in India. So, technically, if you have any earnings in India, they must be routed to a different bank account. Or at least that was the case until the NRE savings account came around.
With many banks – such as IndusInd Bank – now offering this convenient NRI banking option, you can now effortlessly manage your Indian earnings from abroad. Whether you want to earn more interest on your savings, invest in Indian securities, or send funds to your family in India, an NRE regular savings account with IndusInd Bank is a reliable solution.
Read on to find out the features, eligibility criteria, and paperwork requirements to open an NRE account.
NRE Regular Savings Account by IndusInd Bank
Exclusively designed to offer financial convenience to NRIs, the NRE regular savings account lets you park your foreign currency earnings in India. Since it is a rupee-dominated account, all the funds deposited in this account get converted into INR. You can even choose to open your NRE savings account jointly with another NRI.
With an NRE account, you can enjoy tax-free savings and also invest in various Indian securities. What’s more, IndusInd Bank offers attractive NRE savings account interest rates on your savings along with a host of exclusive benefits. Let’s explore the many exciting features NRE accounts from IndusInd Bank offer.
Features of NRE Regular Savings Account
Digital Banking Services
When you open NRE savings account with IndusInd Bank, you open up your world to convenient banking. With access to top-notch internet banking services, you can easily manage your money, conveniently move your money around, and even invest in securities online. Moreover, you can even connect with the bank representatives via a video branch facility and easily manage your account.
Tax Exemption
Apart from earning consistent returns via competitive NRE savings account interest rates, you also get the benefit of tax-free interest earnings with an NRE account in India. Additionally, it allows smooth transfer of funds as you can repatriate both the principal and the interest amount to your resident country any time you want.
Access to Funds
As an NRI, whenever you wish to transfer funds to your family in India, you can easily do so with IndusInd Bank. They offer you several online and telegraphic options for the smooth transfer of funds. Moreover, with an international debit card, you can access the funds in your bank account anytime and anywhere – whether in India or abroad. Not only that, but you also get a free payable at par cheque book for your funds in India.
Like what you read? Well, here’s the eligibility and documentation requirement for IndusInd Bank’s NRE savings accounts.
NRE Regular Savings Account- Eligibility Criteria
Following individuals are eligible to open an NRE savings account with IndusInd Bank
- Non-Resident Indians (NRIs) and Person of Indian Origin (PIOs)
- Mariners or seafarers of Indian origin/ nationality employed by foreign shipping companies
- Students pursuing education in countries abroad
Documents Required
- Latest passport photograph
- A copy of PAN card or Form 60 (in the absence of PAN)
- A copy of the pages of the valid passport containing passport and personal details
- Proof of overseas or Indian address
- Photocopy of valid proof of NRI status, work permit/ resident permit/ employment visa/others
- A copy CDC and employment contract for seafarers
How to Open NRE Savings Account
You can earn attractive NRE savings account interest rates by opening your NRE account in a few simple steps-
- Download and complete the application form with the necessary details
- Attach your photograph
- Enclose the self-attested copies of the requested documents mentioned above
Apply at your nearest IndusInd Bank branch in India for a quick account opening.
In Conclusion
Enjoy the benefits of convenient banking both in India and abroad with IndusInd Bank’s NRE regular savings account. With excellent banking services to rely on, you can effectively manage your foreign earnings and transfer funds to your family in India hassle-free! Visit their website to apply for an account today!
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