Secure Your Global Assets

Choosing the best for the open and NRI account depends on the individual's choice. However, we at Savetaxs ensure that your NRI accounts are only opened in credible, reliable, and top banks in India. We specialize in providing the best financial and banking services for NRIs. We keep everything transparent with you so you know which bank your account is with. In a nutshell, with Savetaxs, you get the best NRE account services and more.

As defined by the Foreign Exchange Management (FEMA), non-resident Indians are eligible for NRI accounts. This includes Indian citizens residing outside India for various purposes, such as business, education, employment, or other reasons. Person of Indian Origin (PIOs) and Overseas Citizens of India (OCIs) can also apply for an NRI account. However, individuals must be at least 18 years old to open an NRI account in their name. 

Depending on the account type of the NRI account, whether it is an NRO or NRE account, the account holder can withdraw money from their NRI account.  Non-Resident Indians (NRIs) can utilize several methods, such as online transfers via internet banking or a mobile app, brand withdrawals using a cheque from the branch, or an international debit card. 

There are several benefits of the NRI account, like:

Easy money transfer to India: As an NRI, whether you have opened an NRE meaning Non-Resident External account, or an NRO account, you can deposit income earned in a foreign country in such accounts. You can now access these funds through any bank branch in India as well. In other words, having an NRI bank account is a simpler way to remit money to India from a foreign country. 

Repatriation of funds: As per current regulations, you can easily do the repatriation of funds available in your NRE savings accounts, which applies to both the principal and interest income. To put it simply, you can conveniently transfer funds from your NRE (Non-Resident External) account back to a foreign account without any restrictions.

Taxation benefits: There is no tax on the interest earned in your NRE fixed deposits as well as the NRE savings accounts in India. NRO accounts, as well as NRO fixed deposits, are subject to tax deducted at source to comply with the Income Tax Department's set regulations. However, you have the option of transferring funds from your NRO account to your NRE account once you have paid the applicable taxes.

Minimal balance: The Indian banking system allows you to maintain a minimal balance in your NRI bank accounts; you do not need to maintain a high balance. Nowadays, in most banks, the minimum balance required in your NRE or NRO account is 10,000 Rs.

Invest in the Indian Market: Once you have opened your NRI account in India, you can easily invest the deposited funds in different financial assets of India. You can use the fund to invest in mutual funds, real estate, or even fixed deposits. 

For parking overseas income in your NRE account you need to follow a comprehensive online process to open an NRE account from the UK right from the beginning, including finding the right bank, gathering all the documents and verifying them, filling the application form, and submitting the whole document without any errors because if the errors come you the whole application gets rejected. 

However, you did not need to take on such a significant stress ball over your head because we at Savetaxs have decades of experience in financial and banking services for NRIs, including opening online NRE account services, and our experts will handle the entire process. They will open your account, keeping you informed, and ensure that there are no errors. 

Opening an NRE meaning Non-Resident External account, from the USA involves a comprehensive online process, including finding the right bank, gathering all the necessary documents, verifying them, filing the application form, and submitting all the forms without errors. If any errors persist, the entire process can be rejected.

However, you didn't need to take such a significant stress ball over your head because we at Savetaxs have decades of experience in financial and banking services for NRIs, including opening online NRE account services, and our experts will handle the entire process. They will open your account, keeping you informed and ensuring there are no errors. In a nutshell, Savetaxs provides you with the best NRE Accounts Services.

No, NRE savings accounts are exempt from taxes in India.