Is nomination allowed in NRO/NRE accounts?
Yes. Nomination is allowed in NRE/NRO Accounts. The following people can be a nominee in an NRE/NRO Bank Account:
- Any Resident of India
- Any Non-Resident Indian
- A minor (a person below 18 years of age); in this case a guardian needs to be appointed on the minor’s behalf
Refer to the following table to understand the process to update a nominee in the top banks in India if you haven’t added one yet:
All Major Banks
Benefits: Nomination allowed in NRE/NRO Accounts
Nomination has some essential benefits for any savings or Fixed Deposit account. The benefits are:
- Ease of transfer of account ownership to nominee after the death of current owner
- Settlement of other claims after death of the account owner can be done by nominee
- No Dues certificates for loans can be handed over to the nominee
Also Watch: Latest Definition of NRI (2020)
Minimum Balance to open an NRI Account
Most of the Top Banks opt for an Average Quarterly Balance (AQB) or Average Monthly Balance (AMB) to open an NRE/NRO Regular Savings Accounts. The average AQB/AMB of most of the top banks for opening a NRE/NRO Account is Rs.10,000/-:
Rs.10,000/- (Metro/ Urban branches)
|Rs.3,000/- (Metro/ Urban branches)|
Rs.1,000/- (Rural Branches)
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