What is an RBL Bank NRE Account?
An RBL Bank NRE Account is a savings account designed for Non-Resident Indians (NRIs) to manage income earned abroad in Indian Rupees. It allows seamless fund transfers, tax-free interest, and easy repatriation of funds. The RBL Bank offers attractive interest rates, 24/7 digital banking, and robust security for global transactions. It is an efficient way for NRIs to invest, save, and support their families in India while enjoying hassle-free access to their funds worldwide.
Types of RBL Bank NRE Accounts
An NRE account allows you to save income earned abroad in foreign currency while enjoying tax-free interest in India.
Let us learn the different RBL Bank NRE Accounts available for NRI in India:
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RBL Bank NRE Deposit Account
- Currency of Deposit: NRE deposits are in Indian Rupees (INR).
- Tenure Options: The deposit tenure ranges from 1 to 10 years.
- Tax Benefits: Interest earned on NRE deposits is tax-exempt in India.
- Funding the Account: You can fund the account via foreign remittance or transfers from another NRE/FCNR account.
- Interest Payout Choices: Interest can be paid monthly, quarterly, or at maturity.
- Premature Withdrawal Rules: Partial withdrawals are allowed. Early withdrawals face a 1% penalty, and no interest is paid if withdrawn before 1 year.
- Renewal and Joint Holding: Deposits can be automatically renewed and held jointly with non-residents. You can also book deposits online via Net Banking or Mobile Banking for up to 10 years.
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RBL Bank ACE NRE Savings Account
- Attractive Interest Rates: Earn competitive interest rates on your deposits, ensuring better returns.
- Mandate Holder Facility: Appoint a trusted mandate holder to manage your account in India.
- Convenient Digital Banking: Enjoy seamless banking with Internet Banking, Mobile Banking, and SMS Banking services.
- International Debit Card: Get an international debit card with enhanced daily limits: INR 1,00,000 for ATM withdrawals and INR 2,00,000 for POS transactions.
- Free Bill Payment Services: Manage and pay your utility bills without additional charges using online banking.
- Payable-at-Par Chequebook: Access your funds across India with a payable-at-par chequebook.
- No Transaction Charges: Enjoy no charges on foreign cheque and demand draft collections, as well as inward and outward remittances (GST and correspondent bank fees may apply).
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RBL Bank Prime Edge NRE Savings Account
- High Interest Rates: Get attractive interest rates to help your savings grow faster.
- Mandate Holder Option: Appoint a trusted person to manage your account easily in India.
- Easy Digital Banking: Use Internet Banking, Mobile Banking, and SMS Banking for quick and smooth account access.
- Debit Card with High Limits: Enjoy higher withdrawal and spending limits based on your card type.
- Simple Bill Payments: Pay all your utility bills conveniently with no extra charges.
- Chequebook Access Anywhere: Withdraw money anywhere in India with a payable-at-par chequebook.
- Free Transactions: No charges on collecting foreign cheques, demand drafts, or remittances (GST and correspondent bank charges apply).
Eligibility Criteria to Open an RBL Bank NRE Account
RBL Bank ensures with the below-mentioned eligibility criteria that individuals living abroad or with Indian origins can manage their finances effectively in India:
- Non-Resident Indians (NRIs): Indian citizens residing outside India.
- OCI Card Holders: Overseas Citizens of India are eligible to open NRE accounts.
- PIO: Persons of Indian Origin can open an NRE account with RBL Bank.
- Seafarers & Oil Rig Workers: Seafarers working on international vessels and employees on oil rigs abroad.
- Students Abroad: Indian students studying outside India can open NRE accounts.
Benefits of Opening RBL Bank NRE Account
The key benefits of having a NRE Account with RBL Bank are listed below:
- Tax-Free Income: The interest earned on your NRE account is completely tax-free in India, making it an attractive option for non-resident Indians.
- Easy Fund Transfer: You can easily transfer funds from abroad to India and repatriate them without any hassle.
- Multi-Currency Support: The account allows you to hold funds in various foreign currencies and transfer them in Indian Rupees as needed.
- Online Banking: RBL Bank offers convenient online banking services, so you can manage your NRE account from anywhere in the world.
- Attractive Interest Rates: The account offers competitive interest rates, helping your money grow faster.
- Free Remittance Services: RBL Bank provides free inward remittance services, saving you money on transfer fees.
Documents Required to Apply for an RBL Bank NRE Account
The following documents are necessary to open a RBL Bank NRE Account in India:
- Valid Identity Proof: Indian Passport or Foreign Passport.
- NRI Status Proof: Valid Visa/Resident Card or PIO/OCI Card (for Foreign Passport).
- Address Proof: Submit one document as current/mailing address proof (overseas address required on the form).
- Photograph: One passport-size photo.
- PAN/Form 60: Mandatory for every subsequent account opening.
- FATCA Information: Provide tax details in the application form.
Conclusion
The RBL Bank NRE Account is a good option for NRIs to manage their foreign income in India. It offers benefits like tax-free interest, easy fund transfers, and convenient banking services. However, it is important to check the account requirements and terms before opening it. Overall, it is a helpful choice for staying connected to your finances in India.
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