NRE account is the short form for a Non-Resident External Account. It allows NRIs, PIOs, and
Individuals in specific roles to deposit money in foreign currency and withdraw it in Indian
currency. An ordinary bank account does not support this kind of transaction. Consequently, an
NRE account becomes a must. Some of its most significant benefits include full tax exemption
and free repatriation.
This blog addresses important topics surrounding NRE accounts, including:
- What is an NRI account
- Who can open an NRE account with TJSB
- Benefits of NRE for NRIs
- How to open an NRE account with TJSB Bank
What Is an NRE Account?
An NRE account allows individuals to deposit foreign currency and hold it in Indian rupees. The
balance in the account is fully repatriable. You can fully withdraw and transfer funds without
restrictions (subject to applicable laws). Furthermore, these balances are tax-free in India. As a
result, an NRE account helps you manage your overseas finances efficiently while earning fair
interest.
Who Can Open An NRE Account With Our Bank?
The following individuals can open an NRE account with our bank:
- Non-resident Indian
- Overseas Citizens of India, (Earlier PIO Merged)
- Crew members of Indian nationality or Indian origin employed by airlines,
shipping companies based in foreign ports.
- Students who are studying abroad
- Indian nationals who are deputed or posted abroad
- Indian nationals who are working with foreign governments and their agencies,
the United Nations, and other international organizations.
NRE Accounts at TJSB Bank
TJSB Bank offers two major kinds of NRE accounts. Besides these two, they can hold NRE
Current accounts and NRE Recurring deposits accounts.
| Account Type |
Currency |
Periodicity |
Repatriability & Tax
Liability
|
| NRE SB Account |
Indian Rupees |
Running account with
cheque book facility
|
Freely repatriable and
free from all taxes
|
| NRE Term Deposit |
Indian Rupees |
1 year to 10 years |
Freely repatriable and
free from all taxes
|
Apply for an NRE Bank Account in India With TJSB
Bank
- Visit the TJSB Bank website
- Go to the ‘Accounts’ section.
- A drop-down will appear.
- Hover over ‘NR Account.’
- Choose the type of NRE account you wish to apply for.
- The respective window will open.
- Below the description, you will find an application form.
- Download and fill out the NRE application form.
- Bring it along with you to the nearest branch for further processing.
Why Should You Open an NRE Bank Account in India
with TJSB Bank?
Convenient Account Opening Process
TJSB Bank makes it very easy to open an NRE account. You can enquire online on our website
or download the NRE form and submit it to your nearest branch. A bank staff member there will
guide you through the following steps.
Hassle-Free Deposit
You can avail of a savings account or a current account or place funds in recurring or fixed
deposits as you like.
Attractive Interest Rates on Deposits
To know more about our deposit rates and to learn more about our offerings, please visit our
website.
Tax-Free Interest
Any interest earned on the NRE account is 100% yours to keep. It is exempted from the Indian
tax system. Additionally, the balance in the account is exempted from wealth tax.
Online Banking
With TJSB’s 24×7 digital services, you can operate your account from anywhere and at any
time. It allows you to check your balance, transfer funds, pay bills, and even set up alerts.
Conclusion
TJSB Bank has gained solid ground in the competitive banking environment. We constantly
create new channels and drive innovations to provide quality bundled services.
An NRE bank account in India with TJSB Bank simplifies your financial management. It bridges
your overseas income with your financial goals in India, be it savings, investments, or family
support.
Explore all the information about NRE accounts on TJSB Bank's website or visit your nearest
branch.
