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NRE Account

NRE stands for Non Resident External Account

Account Opening
  • NRE accounts may be opened/ maintained in the form of savings, current, recurring or fixed deposit accounts.
  • These accounts are opened for the purpose of depositing income earned overseas.
  • The funds held in these accounts can be remitted back overseas freely subject to terms and conditions of the resident country.

Income from interest on balances held in NRE accounts is exempt from Income Tax in India. Likewise balances held in such accounts are exempt from wealth tax.

  • These accounts are opened in Indian Rupees and all foreign exchange deposits received for credit of these accounts are first converted to Indian rupees at the bank's buying rates.
  • Permissible credits to NRE account are inward remittance to India in any permitted currency, proceeds of account payee cheques, demand drafts / bankers' cheques, issued against encashment of foreign currency, where the instruments issued to the NRE account holder are supported by encashment certificate issued by AD Category-I / Category-II, transfers from other NRE/ FCNR accounts, sale proceeds of FDI investments, interest accruing on the funds held in such accounts, interest on Government securities/dividends on units of mutual funds purchased by debit to the NRE/FCNR(B) account of the holder, certain types of refunds, etc.

Eligible debits are local disbursements, transfer to other NRE/ FCNR accounts of person eligible to open such accounts, remittance outside India, investments in shares/ securities/commercial paper of an Indian company, etc.These accounts can be opened jointly with other NRIs.

  • Opening of NRE accounts in the name of individuals/ entities of Bangladesh/ Pakistan nationality/ ownership requires prior approval of Reserve Bank of India.

Click at the links below to know about ICICI Bank NRE accounts :

Other Account
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  • Use Internet Banking
  • Transact regularly

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Safe Banking

Latest RBI Regulations

Master Circular on Non-Resident Ordinary Rupee (NRO) Account

Master Circular of instructions relating to deposits held in FCNR (B) Accounts

Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits

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Disclaimer :

The information on this webpage is not tax, legal or investment advice, and no member of ICICI Bank Group has given you any advice.
Nothing in this document is intended to constitute legal, tax, securities, or investment advice, or an opinion regarding the appropriateness of any investment, or a solicitation of any type.

Deposit Accounts

Fixed Deposit Rupee Accounts
Fixed Deposit Foreign Currency Accounts
Recurring Deposit Rupee Accounts

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