Non-Resident Indians can open an NRE savings account with IndusInd Bank to move their foreign earned funds to India. IndusInd Bank NRE savings account comes with a host of exciting features, including low average monthly balance, attractive interest rates, joint account facility, etc.
SBNRI has partnership with top Indian banks to help NRIs open an NRI account online. You can apply for an NRE account right away by clicking the button below.
Features and Benefits of IndusInd Bank NRE Savings Account
- Attractive interest rates: NRIs can earn attractive interest up to 6% on their savings accounts with IndusInd Bank.
- Low average quarterly balance: You need to maintain a low average quarterly balance in an IndusInd Bank NRE account.
- International debit card: The international debit card issued by this account allows account holders to access the account anytime, anywhere from both India and abroad.
- Best in class digital banking: IndusInd bank provides one of the best digital banking services – netbanking, mobile banking and video branch.
- No tax on interest earned: Interest earned from NRE savings accounts is tax-free in India.
- Funds fully repatriable: The principal amount and interest earned can be transferred to an overseas bank account without any restrictions.
- Joint account: The account can be held jointly with an NRI/ OCI or resident Indian close relative on ‘former or survivor’ basis.
IndusInd Bank NRE Account Interest Rate
Interest rate on NRE savings account by IndusInd Bank are as follows:
| NRE Savings Account | Rate Per Annum |
|---|---|
| Daily balance up to Rs. 1 Lakh | 4.00% |
| Daily balance more than Rs. 1 Lakh to Rs. 10 Lakhs | 5.00% |
| Daily balance above Rs. 10 lakh to Rs. 1 cr | 6.00% |
| Daily balance above Rs. 1 cr to Rs. 100 cr | 6.00% |
How to Open IndusInd Bank NRI Account
You can apply for an NRE account both online and offline. There are two ways to open an NRE account online:
- IndusInd Bank’s website
- SBNRI website/ app
IndusInd Bank’s Website
- Click on ‘Apply Now’ button on the NRE Regular Savings Account page of IndusInd Bank.
- Fill up the NRI account application form to generate an OTP.
- A bank representative will call you from 022-69190300 / 61320700 / 69007700 numbers for further procedure.
SBNRI Website/ App
You can apply for an NRE account online by clicking on ‘Open NRE Account‘ button on this blog or by downloading the SBNRI App. Take the following steps to open an NRI account on the SBNRI app online:
- Download the SBNRI app from the Google Play Store or App Store.
- Sign in using your credentials.
- Click the ‘Open NRI account’ button and select the bank with which you wish to open an NRI bank account from the bank list.
- Scan and upload KYC documents using the in-app scanning feature.
- Click on ‘Apply’ and you are done.
Eligibility Criteria
The following individuals can open an NRE savings account with IndusInd Bank:
- Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs)
- Seafarers of Indian nationality/ origin employed by overseas shipping companies
- Indian students studying abroad
Documents Required to Open NRE Account
- Recent passport photographs
- Photocopy of pages of passport featuring important personal details
- PAN card or Form 60
- NRI status proof: Resident permit / Work permit/ Employment Visa/ others
- Address proof: Indian or overseas address proof
- For PIOs: Overseas address proof is mandatory
- For seafarers: It is mandatory to submit a copy of CDC and employment contract
IndusInd Bank NRE Account Minimum Balance
Account holders are required to maintain average quarterly balance (AQB) in their NRE savings account to avoid balance non-maintenance charges:
| Branches | Average Quarterly Balance/ Non-maintenance charge |
|---|---|
| A & B category branches | Rs. 10,000 |
| Rural and C category branches | Rs. 5,000 |
| Charges for balance non-maintenance of Average Quarterly Balance | 10% of the shortfall subject to maximum of Rs. 750 |
Due to lots of information and documentation required to apply for NRI accounts, NRI account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRI account with nominal documentation in just 10 minutes.
You can also click on the button below to apply for an NRI account. Visit our blog and YouTube Channel for more details.
FAQs
Here are the steps you need to follow to open an NRE account:
– Download the NRI application form
– Complete the application form
– Attach a photograph
– Enclose photocopies of the passport, visa / resident permit / work permit, address proof as mentioned on the application form
* All the documents should be self-attested. The account opening form along with documents can be couriered at a IndusInd Bank branch in India
Minimum balance requirement varies depending on the branch:
– Rs. 10,000 for category A & B branches
– Rs. 5,000 for rural and category C branches
No. There is no tax on interest earned on an NRE account.
IndusInd bank offers an NRE account for NRIs, OCI, seafarers of Indian nationality/ origin, and Indian students studying abroad.
