Rupee Savings Account Features - NRE Saving Account

NRE Rupee Savings Account

Explore a simple and smart way to move your foreign earned funds to India without paying any tax on interest.

Low Average Quarterly Balance of Rs. 10,000/- only

Easy and Economical Remittances into India by Cheque or Wire Transfer or Click2Remit

Preferential Forex rate for transaction above USD 10,000/- or equivalent

Personalized investment advisory customized to risk return

Fully and freely repatriable deposit (both principal and Interest)
Interest is earned on daily closing balance on your savings account at 3.5% p.a. and is paid on quarterly basis
Global Debit Card allows access to your bank account anytime, anywhere on all VISA ATMs and at merchant locations both in India and abroad
At Par Cheque book along with 24/7 access through phone banking
Net Banking allows you to access account from across geography as per your time zone and convenience to carry out banking transaction from transfer of payment, book term deposit to payment of credit card and utility bills in India
Home Banking Services in India
2 Way Sweep provides a dual opportunity to earn higher interest and manage cash flow at the same time
The principal amount and the interest earned on an NRE Account are exempt from Income Tax in India
It can be jointly opened by NRIs/PIOs only. However, the same be opened jointly with Resident Indian on former or survivor basis

*Subject to nominal foreign currency conversion charges.

Average Monthly Balance is calculated by dividing the sum of all ‘End of Day’ balances in a month by the number of days in that month.

Average Monthly Balance is calculated by dividing the sume of all ‘End of Day’ balances in a month by the number of days in that month.

Please refer the following illustration for the calculation of AMB.

Sample Bank Statement:

Sr. no.	Date	Narration	Withdrawal	Deposit	Closing balance
1	January 1^st, 2012	Opening Balance			Rs. 10,000/-
2	January 10^th, 2012	ECS Credit-VD		Rs. 10,000/-	Rs. 20,000/-
3	January 16^th, 2012	Cash Withdrawal	Rs. 5,000/-		Rs. 15,000/-
4	January 25^th, 2012	Cheque Deposit- MICR Clearing		Rs. 20,000/-	Rs. 35,000/-
5	January 28^th, 2012	HPCL Petrol Pump POS 43860000000012	Rs. 1,000/-		Rs. 34,000/-
6	January 30^th, 2012	Cash Deposit Mumbai		Rs. 9,000/-	Rs. 43,000/-
7	January 31^st , 2012	Funds Transfer	Rs. 25,000/-		Rs. 18,000/-

AMB Calculation:

Sr. No.	Time Period	Calculation	Amount (Rs.)
1	EOD Balance from January 1^st, 2012 to January 9^th, 2012	Rs. 10,000/- x 9	Rs. 90,000/-
2	EOD Balance from January 10^th, 2012 to January 15^th, 2012	Rs. 20,000/- x 6	Rs. 1,20,000/-
3	EOD Balance from January 16^th, 2012 to January 24^th, 2012	Rs. 15,000/- x 9	Rs. 1,35,000/-
4	EOD Balance from January 25^th, 2012 to January 27^th, 2012	Rs. 35,000/- x 3	Rs. 1,05,000/-
5	EOD Balance from January 28^th, 2012 to January 29^th, 2012	Rs. 34,000/- x 2	Rs. 68,000/-
6	EOD Balance for January 30^th, 2012	Rs. 43,000/- x 1	Rs. 43,000/-
7	EOD Balance for January 31^st , 2012	Rs. 18,000/- x 1	Rs. 18,000/-
	Total EOD balances for the month January 2012		Rs. 5,79,000/-
	Divide by the no. of days in the month		31
	Average Monthly Balance (AMB)		Rs. 18677.42/-