RBL Bank, one of the fastest-growing private sector banks in India, offers a wide range of banking products and services for NRI customers. Among these offerings is the RBL Bank NRE (Non-Resident External) Savings Account, designed specifically for non-resident Indians (NRIs) who wish to maintain their foreign earnings in Indian Rupees while residing abroad. This article delves into the different aspects of the RBL Bank NRE Savings Account.
SBNRI is a business partner of leading Indian banks. NRI from Germany can apply for an NRE/ NRO account by clicking the button below.
RBL Bank Features and Benefits
1. Tax Benefits: Interest earned on RBL Bank NRE Savings Account is exempt from income tax in India, allowing NRIs to benefit from tax-free returns.
2. Easy Repatriation: The account enables hassle-free repatriation of funds to the account holder’s foreign bank account.
3. Joint Accounts: NRIs can open joint NRE accounts with other NRIs.
4. Free International Debit Card: Account holders receive a complimentary international Debit Card with features like higher transaction limits.
5. Internet and Mobile Banking: RBL Bank offers easy access to account information, fund transfers, and other services through its internet and mobile banking platforms.
6. Nomination Facility: Account holders can nominate a resident Indian or an NRI to receive the account balance in the event of their demise.
RBL NRI Account Opening Process
- Visit RBL Bank’s website and navigate to the NRE Savings Account page.
- Complete the online application form with personal details, contact information, and other relevant data.
- Upload the required documents in the specified format.
- After submitting the application, an RBL Bank representative will contact the applicant to guide them through the remaining steps and provide assistance if needed.
- Once the account is opened, RBL Bank will send the account number, debit card, and other account-related information to the registered address.
NRE Savings Account Application through SBNRI
Non-Resident Indians can apply for an NRE account online by clicking the ‘Apply for NRI Account’ button in this blog or using SBNRI App.
- Click the ‘Apply for NRI Account’ button on this page.
- Fill in the form and submit it.
- One of the bank representatives will call you to help complete the application.
Or
- Download the SBNRI App and sign in using your credentials.
- Click on ‘Open NRI Account’ button and select the bank where you want to open an NRI account.
- Use the in-app scanning feature to scan and upload KYC documents.
- Click on ‘Apply’ and that’s it.
Documents Required
- Passport: A copy of the applicant’s valid passport.
- Visa/OCI/PIO Card: A copy of the applicant’s valid Visa or OCI/PIO card, as applicable.
- Address Proof: A copy of the applicant’s overseas address proof (utility bill, bank statement, rental agreement, etc.)
- Passport-sized Photographs: Two recent passport-sized photographs.
- PAN Card: A copy of the applicant’s PAN card or Form 60 if PAN is not available.
- Additional documents may be required depending on the applicant’s country of residence or other factors.
RBL Bank NRE Savings Account Types
RBL Bank offers two types of NRE savings account accounts:
- ACE NRE Savings Account
- Prime Edge NRE Savings Account
RBL Bank NRE Account Interest Rate 2023
RBL Bank NRE account interest rates vary depending on the daily balance in your NRE savings account as under:
| Daily Balance | Rate of Interest (p.a.) w.e.f. 5 April 2023 |
|---|---|
| Up to Rs. 1 lakh | 4.25% |
| Above Rs. 1 lakh up to Rs. 10 lakh | 5.50% |
| Above Rs. 10 lakh up to Rs. 25 lakh | 6.00% |
| Above Rs. 25 lakh and up to Rs. 7.5 Cr | 7.00% |
| Above Rs. 7.5 Cr and up to Rs. 25 Cr | 6.25% |
| Above Rs. 25 Cr up to Rs. 50 Cr | 6.25% |
| Above Rs. 50 Cr up to Rs. 100 Cr | 5.25% |
| Above Rs. 100 cr up to Rs. 200 Cr | 6.00% |
| Above Rs. 200 Cr up to Rs. 400 Cr | 4.00% |
| Above Rs. 400 Cr | 5.25% |
RBL Bank NRI Account Minimum Balance Requirement
RBL Bank NRE Account minimum balance requirement varies based on the NRE account type as under:
| Account Type | NRE Account Average Monthly Balance |
|---|---|
| ACE NRE Savings Account | Rs. 50,000 |
| Prime Edge NRE Savings Account | Rs. 10,000 |
Non-maintenance of this minimum balance may lead to service charges as per the bank’s prevailing schedule of charges.
Conclusion
The RBL Bank NRE Savings Account is an attractive banking solution for NRIs who wish to manage their Indian Rupee funds while residing abroad. With tax-free interest, easy repatriation, and convenient online access, this account offers a comprehensive range of features to cater to the financial needs of non-resident Indians. The account opening process is relatively simple, and the required documentation is standard for NRE accounts. By maintaining the required minimum balance, account holders can take full advantage of the benefits offered by RBL Bank’s NRE Savings Account.
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 online NRI account opening 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.
