An NRI is an Indian citizen who stays outside India:
(a) for purposes of carrying out employment or any business or vocation;
(b) under circumstances indicating an intention to stay outside India for an uncertain duration
(c) any Indian citizen deputed outside India for a temporary period in connection with employment

Who is a PIO?

A citizen of a foreign country (other than a citizen of Bangladesh or Pakistan) is a PIO If :- 
(a) he/ she at any time held an Indian passport; OR
(b) he/ she or either of his/ her parents or any of his/ her grandparents was a citizen of India or
(c) spouse (not being a citizen of Bangladesh or Pakistan) of an Indian citizen or (a) or (b) above

In India banking terminology, the term Non-Resident External or NRE Account refers to funds deposited with a financial institution that allows for the efficient conversion and transfer of Indian and foreign currency both within and outside of India


  • NRIs/ PIOs/OCIs can open NRE account with an authorized bank
  • NRIs can open an NRE Savings A/c, NRE Term Deposit A/c, NRE Recurring Deposit A/c and an NRE Current account.
  • The NRE account can be credited with remittances from abroad, transfers from existing NRE/ FCNR accounts or by deposit of foreign exchange brought into India during a visit by way of foreign currency/ trave lers cheques.
  • NRE Account may be held jointly. If held jointly with Resident Indian, the joint account holder should be a close relative of the primary account holder (NRI) as per RBI guidelines and the operation in such joint account shall be ‘Former or Survivor’ only.
  • If held jointly with another NRI/PIO/OCI, the joint account holder may or may not be a close relative of the primary account holder (NRI) and the operation in such joint account shall be as per choice of the account holders.
  • Zero Balance A/c can also be opened and can be funded later.
  • Credits / Debits are governed by Exchange Control Regulations.
  • The minimum period for a Term Deposit is 12 months and the maximum period is 10 years.
  • The interest rate on this deposit is as decided by the Bank from time to time.
  • Interest earned under this scheme is exempted from Indian income tax.


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