NON-RESIDENT (EXTERNAL) ACCOUNT – NRE ACCOUNT

Eligibility
Non Resident Indians (NRIs) and Persons of Indian Origin (PIOs)
can open and maintain NRE accounts with authorized dealers and
with banks (including co-operative banks) authorized by the Reserve
Bank of India (RBI) to maintain such accounts.
The account has to be opened by the Non Resident account holder
himself and not by the holder of the power of attorney in India.

Opening NRE accounts in the names of individuals/entities of
Bangladesh/Pakistan nationality/ownership requires approval of
RBI

Types of Accounts – Savings, Current, Recurring
or Fixed Deposit accounts.

Debits & Credits:
Payments for local expenses and investments are allowed freely.
Credits to an account, of funds emanating from a local source
would be permissible only if the funds are of a repatriable nature.

Permitted Credits