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NRE account can be opened by PIOs (Persons of Indian Origin), OCIs (Overseas Citizens of India), and NRIs (Non-Resident Indians).
No, NRE Fixed Deposits (FDs) are not taxable in India, and they are completely tax exempt. This tax exemption applies only as long as the account holder maintains their NRI status.
You can withdraw money from an NRE account through online transfers, ATM withdrawals with an international debit card, or by visiting a bank branch.
Interest earned on an NRE account is completely tax-free in India. It includes the interest received from both NRE savings and fixed deposit accounts. This applies until the holder maintains their NRI status.
Yes, you can have multiple NRE accounts in India, either in different banks or the same bank. The Indian banks and the RBI (Reserve Bank of India) do not impose any restriction on the number of NRE accounts an individual can hold.
Currently, small finance banks and private banks such as IndusInd Bank, DCB Bank, and Federal Bank often provide the most competitive rates, sometimes exceeding 7.75% to over 8,00% p.a.
By Pankaj Shaw |Last Updated: January 9, 2026
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