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
- 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.
- 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
NON RESIDENT (ORDINARY ACCOUNTS)
- 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- Accounts can be withdrawn for making local payments in rupees.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.