Q. What is an NRE Account?
The Non Resident External (NRE) Account is a savings account held in India, in Indian rupees. The Principal and the interest in an NRE account is fully repatriable. Interest income is exempt from Indian Income Taxes.
Q. What are the Benefits offered by the NRE Account?
The NRE Account offers the dual benefit of maintaining an account in Indian Rupees and then converting the funds into a foreign currency at the time of repatriation.
Q. Are my NRE funds repatriable?
Yes. Both the principal and interest are repatriable.
Q. Is the NRE Account operable by a mandate?
Yes, operation of account through a Power of Attorney (POA) holder is allowed. A POA holder can only issue INR cheques from NRE / NRO accounts for legitimate local payments. A POA holder cannot
- Open / close accounts
- Gift funds from the account
- Give instructions regarding fixed deposits
- Give a request for change of address
- Repatriate any funds overseas
Q. Can the NRE Account be jointly held?
Yes an NRE Account can be jointly held. The joint account holder can only be another NRI.
Q. Will I get an ATM-cum-Debit Card when I open an NRE Account?
Yes, you will get a Globally** valid Visa Platinum Debit card that offers higher limits for ATM withdrawals & purchases as also Zero Fuel Surcharge across Petrol Pumps in India.
Q. Can I provide for recurring payments through standing instructions?
Yes, our robust systems facilitate recurring payments on behalf of the accountholder through standing instructions
Q. What currency is the NRE Term deposit maintained?
Your NRE Term deposit account is maintained in Indian Rupees.
Q. Are my NRE funds repatriable?
Yes, both the principal and interest are freely repatriable.
Q. Are the funds in the NRE Term Deposit account taxable?
Interest earned on the account is not subject to tax deduction at source Interest earned on the account is not subject to tax deduction at source.
Q. What is the tenure of NRE Term Deposit?
The tenure of the Term deposit ranges from - 1 to 5 years.
Q. What is an NRO Account?
The Non Resident Ordinary (NRO) Account is a savings account held in India, in Indian rupees. The NRO account can be funded through NRI income in India. Only the interest in an NRO account is repatriable. Interest income on this account is liable for Indian Income Taxes.
Q. Are my NRO funds repatriable?
Dividend, interest, pension, rent and other current income credited to this account are repatriable. Interest earnings can be repatriated. Remittance/s up to USD 1 million per calendar year from balances in NRO accounts subject to payment of applicable taxes is allowed for any purpose up to an aggregate value of USD 1 million.
Q. Can the NRO Account be jointly held?
Yes, the NRO account can be jointly held, even with a resident Indian.
Q. Can a mandate operate my NRO Account?
Yes, operation of account through a Power of Attorney (POA) holder is allowed. A POA holder can only issue INR cheques from NRE / NRO accounts for legitimate local payments.
- A POA holder cannot
- Open / close accounts
- Gift funds from the account
- Give instructions regarding fixed deposits
- Give a request for change of address
- Repatriate any funds overseas
Q. Can I provide for recurring payments through standing instructions?
Yes, our robust systems facilitate recurring payments on behalf of the accountholder through standing instructions.
Q. How do I access this account from abroad?
You have 24 x 7 access to your account through our Secure Internet Banking* and Phone Banking facilities and the ATM card provided.
Q. Are the funds in the NRO account taxable?
Yes, the interest on NRO Savings Account is subject to tax deduction at source as per the applicable tax rates.
*Standard Chartered Online Banking is not available for access from Saudi Arabia. This is due to a regulation by the Saudi Arabian Monetary Authority.
Q. What currency is the NRO Term deposit maintained?
Your NRO Term deposit is maintained in Indian Rupees.
Q. Are my NRO Term Deposit funds repatriable?
Interest earnings can be repatriated. In addition to this, remittance/s up to USD 1 million per calendar year from balances in NRO accounts subject to payment of applicable taxes is allowed for any purpose up to an aggregate value of USD 1 million: For more details on repatriation of funds, please get in touch with our NRI centres.
Q. Are the funds in the NRO Term Deposit account taxable?
Yes, the interest on NRO Term Deposit is subject to tax deduction at source.
Q. Are the funds in the NRO account taxable?
Yes, the interest on NRO Savings Account is subject to tax deduction at source as per the applicable tax rates.
Q. What currency is the NRO Term deposit maintained?
Your NRO Term deposit is maintained in Indian Rupees.
Q. Are my NRO Term Deposit funds repatriable?
Interest earnings can be repatriated. In addition to this, remittance/s up to USD 1 million per calendar year from balances in NRO accounts subject to payment of applicable taxes is allowed for any purpose up to an aggregate value of USD 1 million.
Q. Are the funds in the NRO Term Deposit account taxable?
Yes, the interest on NRO Term Deposit is subject to tax deduction at source.
