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NRE/NRO Bank Accounts

For the Global Indian, UGB has introduced a Non Resident External (NRE) and a Non Resident Ordinary (NRO) saving accounts.

To Open NRE Account

Essential Documents:

  • Copy of Passport
  • Visa /Residence permit
  • 2 Photographs
  • Initial Money Remittance
Signature may be verified by anyone of the following -
  • Indian Embassy/ consulate / Any Person known to the Bank / Notary Public

A/c can be opened

  • NRE Saving Bank Account
  • NRE Current Account
  • NRO Accounts (Rupee Accounts for Crediting Income in India )
  • Specially Designed A/C opening form
  • A Resident can be authorized to operate his /her account through a power of Attorney or Letter of Authority.
  • Nomination facility Available.

Types of Deposit Account

  • NRE Rupee Account
  • Savings Bank
  • Current Accounts
  • Term Deposits (Interest Paid out Quarterly)
  • Special Term Deposits (Interest Compounded Quarterly).
  • Non-Resident (Ordinary) Account.
  • NRO Accounts Rupee Accounts for Crediting Income in India

    NRE Saving Bank A/C

    • Can be opened only by non resident Indians (NRIs)
    • Can be opened Jointly only with another NRI (In case the account is to be opened jointly with spouse's whe should also be an NRI )
    • Minimum balance Rs 1000/- is to be maintained by any mode through permissible credits detailed below.

    Permissible Credits

    • Remittances from Abroad (Swift, Telegraphic, Transfers)
    • Personal Cheque drowns on account(s) abroad.
    • Proceeds of foreign currency Notes/ Travelers Cheques tendered in person during visits to India .
    • Amounts in exceed of 00 (or Equivalent) in currency or 000/- (or equivalent )in travelers cheque should be accompanied by a currency Declaration form .
    • Drafts issued by Bank /Exchange Cos. Abroad
    • Transfer from another NRE accounts

    NRE Term Deposits

    • Minimum Period 1 Year
    • Maximum Period 5 Year


    • Can be joint with other non residents /or residents.
    • Can be Saving Bank,Current Accounts, Fixed Deposits, Recurring Deposits .
    • Accounts can be withdrawn for making local payments in rupees.
    • Balances can be repatriated for any bonafied purpose, subject to payment of taxes,duly certified by a charted accountant up to a maximum of US$ one million per calendar year
    • Income Tax at a flat rate of 30% will be deducted at source on interest earned in the NRO accounts irrespective of the amount of interest .
    • Advance against NRO term deposits is permissible.
    • Income in India can be credit to NRO accounts.