Mansi Sood asked on 23/03/2020

What are the charges of opening an NRE/NRO Account in India?

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SBNRI Team
answered on 23/03/2020

Charges of opening an NRE/NRO Account in India

There are no charges of opening an NRE/NRO Account in India. Although you need to maintain an average monthly or quarterly balance of Rs.10,000/-.

charges of opening an NRE/NRO Account in India

Failure to maintain average balance

If you fail to maintain the average monthly or quarterly balance, you will have to pay a penalty which is different for different banks.

Charges of opening an NRE/NRO Account in India (Monthly Balance Requirements)

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/-:

 

Bank

NRE/NRO

IndusInd (AQB)

Rs.10,000/-

Federal (AMB)

Rs.5,000/-

Kotak (AQB)

Rs.10,000/-
RBL (AMB)

Rs.10,000/-

ICICI (AMB)

Rs.10,000/-

HDFC (AMB)

Rs.10,000/- (Metro/ Urban branches)

Rs.5,000/-(Semi-Urban/Rural Branches)

SBI (AMB)

Rs.3,000/- (Metro/ Urban branches)

Rs.2,000/-(Semi-Urban)

Rs.1,000/- (Rural Branches)

DCB (AMB)

Rs.10,000/-

AXIS (AMB)

Rs.10,000/-
SBM

0 Balance

IDFC (AMB)

Rs.25,000/-

Permissible Credits in NRE Account

Credits refer to the money that can be deposited in a bank account. The permitted credits in an NRE Account are:

  • Inward remittance from outside India 
  • Interest earned on the money deposited in the NRE account
  • Interest on investments made through the NRE Account
  • Transfer from other NRE/ FCNR(B) accounts 
  • Maturity gains from investments (if such investments were made from this account or through inward remittance)

You can get in touch with experts at SBNRI to get specialized advisory on NRI Account Opening in India. Click on the button below to contact us. NRI Bank Accounts provide an opportunity to park your funds both generated abroad and in India and save taxes wherever applicable. You can also get in touch with us to sort your taxation in India.

 

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