What is a YES Bank NRE Account?
A YES Bank NRE (Non-Resident External) Account is a savings account designed for NRIs (Non-Resident Indians) to manage their income earned abroad in India. This account allows deposits in foreign currency, which are converted into Indian Rupees, offering full repatriation of both principal and interest.
The YES Bank NRE Account is tax-free in India, with no tax on interest earned. It supports services like international debit cards, net banking, and attractive interest rates. YES Bank also provides seamless fund transfers and enhanced banking features for global access.
Types of YES Bank NRE Accounts
Following is a concise overview of the types of YES Bank NRE accounts along with their key features and benefits.
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NRE Savings Account
A YES Bank NRE Savings Account allows NRIs to deposit their foreign income in Indian Rupees, offering easy repatriation and tax benefits.
Key Features and Benefits:
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Tax Exemption: Interest earned is not taxable in India.
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Repatriability: Both principal and interest can be freely transferred abroad.
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Online Access: Manage your account through internet and mobile banking.
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Family Access: Allows a resident Indian to operate the account on behalf of the NRI.
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Competitive Interest Rates: Ranges from 4% to 6.25% per annum, depending on the balance.
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Free Services: Includes cheque books, ATM cards, and RTGS/NEFT transactions.
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NRE Fixed Deposit Account
This account is designed for NRIs who wish to invest their foreign earnings in fixed deposits while enjoying tax benefits.
Key Features and Benefits:
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Attractive Interest Rates: Offers rates up to 7.75% per annum for tenures starting from one year.
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Tax-Free Interest: Interest earned is exempt from Indian taxes.
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Flexible Tenure Options: Choose from various tenures ranging from 1 year to 10 years.
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Repatriable Funds: Principal and interest can be repatriated without restrictions.
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Seafarer Savings Account
Specifically designed for mariners, this account provides a zero-balance option tailored for those working at sea.
Key Features and Benefits:
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Zero Balance Requirement: No minimum balance needed, making it convenient for seafarers.
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Easy Fund Management: Similar features as other NRE accounts, including online banking.
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Repatriability: Funds can be transferred home without hassle.
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NRE Recurring Deposit Account
This account allows NRIs to save a fixed amount regularly in Indian Rupees, ideal for systematic savings.
Key Features and Benefits:
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Regular Savings Plan: Deposit a fixed amount monthly for a predetermined period.
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Interest Rates: Competitive rates similar to NRE savings accounts.
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Tax Benefits: Interest earned remains tax-free in India.
YES Bank NRE Savings Account Interest Rates
YES Bank offers the following interest rates for NRE (Non-Resident External) Savings Accounts:
| Daily Balance in Account |
Interest Rate (per annum) |
| Less than ₹1 lakh |
4.00% |
| ₹1 lakh to less than ₹5 lakh |
4.25% |
| ₹5 lakh to less than ₹10 lakh |
5.00% |
| ₹10 lakh to less than ₹1 crore |
6.00% |
| ₹1 crore to less than ₹10 crore |
6.25% |
| ₹10 crore to ₹25 crore |
6.00% |
*Interest rates are updated as of December 2024.
YES Bank NRE Term Deposit Account Interest Rates
YES Bank offers the following interest rates for NRE Term Deposit Accounts of deposits below ₹2 crore:
| Tenure |
Interest Rate (p.a.) |
| 1 year to < 15 months |
7.25% |
| 15 months to < 35 months |
7.50% |
| 35 months 1 day to < 36 months |
7.50% |
| 36 months to ≤ 120 months |
7.00% |
Eligibility Criteria to Apply for YES Bank NRE Account
The following category of individuals are eligible to apply for YES Bank NRE Account:
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Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) as defined by FEMA.
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Indian seafarers.
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Employees of the Indian government holding diplomat passports.
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Students studying abroad.
Documents Required to Open a YES Bank NRE Account
The documents required to open a YES Bank NRE Account are as follows:
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For NRIs:
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Passport copy (with personal details).
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Valid visa or residency permit.
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PAN card or Form 60 (if PAN is unavailable).
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Proof of overseas or Indian address.
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Passport-sized photograph.
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For PIOs:
Benefits of Opening a YES Bank NRE Account
Following are the key benefits of opening a YES Bank NRE Account in India:
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Tax-Free Interest: Interest earned on the NRE account is exempt from Indian income tax.
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Easy Fund Transfers: Convenient transfer of funds from abroad to India in multiple currencies.
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Repatriability: Full repatriation of both principal and interest to the foreign country.
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Currency Exchange Benefits: You can hold the account in foreign currencies, reducing conversion hassles.
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Access to Banking Services: Enjoy online banking, debit cards, and international services.
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Joint Account Facility: Option to open a joint account with a resident relative.
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ATM Access: Global ATM access for easy withdrawals.
Conclusion
A YES Bank NRE account is a great option for Non-Resident Indians (NRIs) to manage their income earned outside India. It offers benefits like tax exemptions, easy repatriation of funds, and secure online banking services. With its competitive interest rates and convenient features, it ensures smooth financial management for NRIs.
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