Are there any restrictions on the repatriation of funds from the NRE SB account?

No, the principal amount and the interest earned can be fully and freely repatriated without any restrictions.

Is there a minimum balance requirement for the NRE SB account?

Yes, the minimum balance required is ₹1,000 for Metro and Urban areas and ₹500 for Semi-Urban and Rural areas.

Who is eligible to open an NRE Savings Bank Account?

Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) are eligible, excluding individuals from Nepal and Bhutan. Individuals from Pakistan and Bangladesh need prior RBI approval.

Can an NRE SB account be held jointly with a resident Indian?

Yes, it is possible to open a joint account with a resident Indian who is a close relative. The account can only be operated in the 'Former or Survivor' mode.

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Disclaimer: # The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. All plans listed here are of insurance companies’ funds.

Union Bank of India NRE Account

The Union Bank of India NRE Account is a specialised savings account designed for Non-Resident Indians (NRIs) to manage their foreign earnings conveniently. Denominated in Indian Rupees, it offers seamless repatriation, tax benefits, and a host of features tailored to meet the unique financial needs of NRIs.

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What is the Union Bank of India NRE Account?

The Union Bank of India NRE (Non-Resident External) Savings Account is a specialised banking solution designed for Non-Resident Indians (NRIs). A standout feature of this account is its repatriation benefit, allowing funds to be freely transferred to the foreign country without restrictions. It also offers tax exemptions on interest income and the flexibility to open the account jointly with other NRIs.

NRE Rupee Term Deposit Interest Rates Effective From 27.03.2018

Maturity Period	Amount < ₹1 Cr
1 year	6.75%
>1 yr to 3 yrs	6.50%
>3yrs to 5yrs	6.50%
>5yrs to 10 yrs	6.50%

Key Features of Union Bank of India NRE Account

Below are the key features of the Union Bank of India NRE Account

Account Type: Non-Resident (External) Savings Bank Account (NRE SB).
Currency: Indian Rupees (INR).
Eligibility: Available for NRIs, PIOs, and OCIs (excluding individuals from Nepal and Bhutan). Pakistan and Bangladesh residents require RBI approval.
Joint Account Options: Open with other NRIs or Resident Indians (close relatives as per RBI guidelines) in 'former or survivor' mode.
Minimum Balance:
- ₹1,000 for Metro & Urban areas.
- ₹500 for Semi-Urban & Rural areas.
Tax Benefits: Interest income is tax-free, with no TDS applicable.
Repatriation: Both principal and interest amounts are fully and freely repatriable.
ATM/Debit Card: Comes with a Rupay Platinum NRE Debit Card, offering:
- Free issuance.
- Airport lounge access at over 20 domestic and 100+ international airports.
- Daily cash withdrawal limit of ₹1,00,000 and POS limit of ₹2,00,000.
Nomination Facility: Permitted.
Power of Attorney: Restricted to permissible withdrawals and local investments.

Benefits of Union Bank of India NRE Account

Below are the benefits of the Union Bank of India NRE Account

Complete Repatriation: Enjoy seamless fund transfers abroad without limitations.
Tax-Free Interest: Save on taxes with exemptions on interest income.
Global Access: Use your NRE Debit Card for ATM withdrawals and transactions worldwide.
Convenient Joint Holding: Open the account with other NRIs or close relatives in India.
Low Maintenance: Affordable minimum balance requirements tailored for different locations.

Conclusion

The Union Bank of India NRE Account is an excellent banking solution for NRIs seeking a hassle-free and tax-efficient way to manage their foreign earnings. With features like full repatriation, global access, and multiple joint account options, this account ensures flexibility and convenience. Whether you need to save, spend, or transfer funds, the NRE account caters to all your financial needs seamlessly.

FAQs

Are there any restrictions on the repatriation of funds from the NRE SB account?

No, the principal amount and the interest earned can be fully and freely repatriated without any restrictions.
Is there a minimum balance requirement for the NRE SB account?

Yes, the minimum balance required is ₹1,000 for Metro and Urban areas and ₹500 for Semi-Urban and Rural areas.
Who is eligible to open an NRE Savings Bank Account?

Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) are eligible, excluding individuals from Nepal and Bhutan. Individuals from Pakistan and Bangladesh need prior RBI approval.
Can an NRE SB account be held jointly with a resident Indian?

Yes, it is possible to open a joint account with a resident Indian who is a close relative. The account can only be operated in the 'Former or Survivor' mode.

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*Past 10 Year annualised returns as on 01-02-2025
*All savings plans are provided by the insurer as per the IRDAI approved insurance plan. Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 2 Cr. is for a 30 year old healthy individual investing Rs 18,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: 1,06,79,507 @ CAGR 4%; 2,12,15,817 @ CAGR 8%. All plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
**Returns are based on past 10 years' fund performance data (Fund Data Source: Value Research).