Prime Edge NRE Savings Account
Managing your overseas earnings back home just got easier.
Prime Edge NRE Savings Account
Earn up to
Key Benefits
- INR denominated account.
- Interest on income earned is tax free in India.
- Account can be funded via inward remittances at best exchange rates.
- Funds are fully and freely repatriable to overseas.
- Account can be held jointly with NRI.
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Non Resident Indians
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OCI (Overseas Citizen of India) Card Holder
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PIO (Person of Indian Origin)
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Seafarers working on International Vessels and Oil Rig employees working overseas
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Students studying abroad
Key Features
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Attractive Interest Rates
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Mandate Holder Facility
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Internet Banking and Mobile Banking to enjoy the banking services on the go
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International debit card with enhanced limits**
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Free bill payments services to manage your utility expenses
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Payable-at-par chequebook to access your account in India
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No charges^ on foreign cheques and demand draft collections
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No charges^ on inward and outward remittances
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Exhaustive range of sevices with our SMS banking
**as per the card type
^GST will be applicable, does not include charges/fee levied by the correspondent banks
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Account Opening Form: Download the account opening form
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Valid Identity Proof: Valid Indian Passport OR Valid Foreign Passport
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NRI Status Proof: Valid Visa/Resident Card or PIO/OCI card (in case of Foreign passport)
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Address Proof: One of these documents to be submitted as current/mailing address proof, Click here to check list of documents(One of the addresses mentioned on the account opening form should be overseas address)
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Others
- One Passport size photograph
- Permanent Account Number (PAN ) or Form 60 for every subsequent account opening
- FATCA related Tax information on the application form
Non face-to-face Account Opening
- Open your account without visiting India with our non face-to-face account opening process
- Step 1: Download the account opening form
- Step 2: Attest all documents with your signatures, also get the KYC documents attested from
- Authorized officials of overseas branches of Scheduled Commercial Banks registered in India
- Branches of overseas banks with whom Indian banks have relationships
- Notary Public abroad
- Court Magistrate
- Judge
- Indian Embassy/Consulate General in the country where the non-resident customer resides
- Step 3:
Send an email to nribanking@rblbank.com with scanned copies of filled account opening form along with self-attested KYC documents and attested from the above listed authorities. OR Click on Apply Now for any assistance. - Bank's representative will reach out you for account opening.
- Once your account is opened, let us know so that we can arrange a free DHL courier pickup of your original set of KYC documents (self-attested and authorized) and account opening form, the scanned copies of which were shared at the time of account opening.
- On submission of original documents post account opening successfully, request you to please transfer funds from your own account held overseas or in India to RBL Bank account. The account will be activated once the credit is received.
Both NRE and NRO account is opened in INR currency only.
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NRE Account - INR cash deposit is not allowed.
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NRO Account - Only account holder is allowed to deposit INR cash in NRO account with declaration of the source of funds.
Yes. You can hold your NRE & NRO account jointly with other Non-Resident Indian(s).
Permissible Credits and Debits
CREDITS NRE:
Foreign Inward remittances by following ways:
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SWIFT/WIRE
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FOREIGN DEMAND DRAFT
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FOREIGN CURRENCY CHEQUE
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TRAVELLERS CHEQUE
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FOREIGN CURRENCY*
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TRANSFER FROM EXISTING NRE & FCNR(B) accounts
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Maturity proceeds of govt. securities, refund of shares/debuntures provided the investments were originally made from NRE/FCNR(B) Funds Dividends/interest in respect of shares/debuntures taken on repatriation basis investments were made as per RBI approval Refund of shares and debuntures,if the subscription was paid from NRE or FCNR(B) accounts or remittance from abroad Refunds where original payment was made from NRE money/FCNR(B) account or from inward remittances
*Currency Declaration form (CDF) to be submitted if foreign currency cash is equal to more than USD 10,000 per customer, with relevant documents.
DEBITS NRE:
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TRANSFER to NRO, FCNR(B), to another NRE accounts & to other resident accounts
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Debits for all local payments
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Debit for acquisition of immovable property for bona fide residential purposes
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Debits for outward remittances and for repatriation of funds outside India
CREDITS NRO:
Transfer of funds from domestic Savings Bank Accounts.
Foreign Inward Remittances by way of:
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SWIFT/WIRE
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Foreign Demand Draft
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Foreign Currency Cheque
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Travellers Cheque
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Foreign Currency*
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Transfer of funds from existing NRE or FCNR(B) Accounts
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Other legitimate dues in India of the account holder
DEBITS NRO:
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Transfer to other NRO or resident accounts
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Debits for all local payments
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Acquisition of immovable property for bona fide residential purposes
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Repatriation of funds outside India**
**Currency Declaration form (CDF) to be submitted if foreign currency cash is equal to more than USD 10,000 per customer with relevant documents.
Click here to calculate interest.
Yes you can now open your NRE/NRO savings account without visiting India with our hassle free non face-to-face NRI account opening process.
Internet Banking and Mobile Banking
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Click here for Net Banking demo
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Click here for MoBank demo
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Customer Support: You can reach us at: nribanking@rblbank.com
Yes. Customer can appoint Individual Resident Indian as a mandate holder for NRE/NRO savings account.
You wish to add a mandate holder in your NRE/NRO account, please visit any RBL Bank branch and submit mandate addition form duly signed by you (all account holders in-case of joint account) along with Mandate holders Photograph, Valid Photo ID Proof and Address Proof self-attested by mandate holder.
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All local payments in Rupees including payments for eligible investments subject to compliance with relevant regulations made by RBI
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Remittance outside India to the NRI account holder himself
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Book FD/RD by debit to the customer’s account in customer’s name but cannot avail an OD against the same
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Cannot give premature closure request for FD/RD
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Can request for Cheque book and re-issuance of mandate holder’s card and PIN
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Cannot credit FCY cash /TCs in the NRE or NRO account of the customer
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Cannot nominate on behalf of the customer for new FDs booked
Yes, NR customer can invest in mutual funds through our online platform INVEST FIRST. Customer can open Investment Account online within 5 minutes and start investing instantly. NRE account holder can open NRE investment a/c and NRO account holder can open NRO investment a/c.
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Step 1: Please Login to RBL bank Net Banking
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Step 2: Click on Mutual Funds tab
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Step 3: Open Online Investment account
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Step 4: Once done, start investing online
In-case of Joint savings account, holders are allowed to open single investment account. For opening of joint investment account, all applicants need to visit nearest RBL Bank branch and submit physical form.
As per regulatory guidelines NRIs cannot apply for Forex card.
Interest Payable
<= INR 50 Lakh: - 31.20%
INR 50 Lakh <= INR 1 crore: - 34.32%
INR 1 crore: - 35.88%
Please note: Tax rate will be applicable basis total interest earned on NRO savings and term deposits at Customer ID level of primary applicant. Tax rates are subject to change as per CBDT notifications.
You can also avail lower rate of Tax under DTAA.
DTAA stands for Double Taxation Avoidance Agreement. It is an agreement between two countries with an objective to avoid taxation of the same income in both countries.
NRIs can avail benefits under the DTAA by timely submission of documents listed below:
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DTAA declaration (Mandatory)
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Self-attested copy of PAN card (Non mandatory)
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Tax residency Certificate (TRC) (Mandatory) from the Government of the country where the NRI/PIO is resident. The TRC should contain the details of – In absence of copy of PAN card branch to mention details like Name of the depositor, E-mail id of the depositor, Contact Number of the depositor and Address of the depositor in DTAA declaration
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Name of the assessee (customer name)
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Status of the assessee
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Nationality
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Tax identification number in the country or specified territory of residence or in case no such number, then, a unique number on the basis of which the person is identified by the Government of the country or the specified territory;
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Residential status for the purposes of tax
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Period for which the certificate is applicable
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Address of the applicant for the period for which the certificate is applicable
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Form 10F (Mandatory)
DTAA benefit is extended on an annual basis. Therefore, NRIs are required to provide all the requisite documents every financial year to continue availing the benefit under DTAA.
***Savings Account Interest Rates
Daily balance | Rate of Interest (p.a.) Effective from October 01, 2024 |
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Upto INR 1 lakh | 3.50% |
Above INR 1 lakh upto INR 10 lakh* | 5.50% |
Above INR 10 lakh upto INR 25 lakh* | 6.00% |
Above INR 25 lakh and upto INR 2 Crore* | 7.50% |
Above INR 2 Crore and upto INR 3 Crore* | 7.50% |
Above INR 3 Crore upto INR 7.5 Crore* | 6.50% |
Above INR 7.5 Crore upto INR 25 Crore* | 6.25% |
Above INR 25 Crore upto INR 50 Crore* | 6.25% |
Above INR 50 Crore upto INR 75 Crore* | 5.25% |
Above INR 75 Crore upto INR 100 Crore* | 7.75% |
Above INR 100 Crore upto INR 125 Crore* | 7.75% |
Above INR 125 Crore upto INR 200 Crore* | 6.00% |
Above INR 200 Crore upto INR 400 Crore* | 4.00% |
Above INR 400 Crore* | 6.75% |
* On daily balances in excess of INR 1 Lakh
With effect from April 1, 2016, the periodicity of payment of interest on Savings Bank Account has been changed to quarterly. Accordingly savings Bank interest calculated on daily product basis will be paid at quarterly intervals on 30th June, 30th September, 31st December & 31st March each year.
To understand the interest calculation with an example click here.
Fees and Charges
- Average Monthly Balance Requirement of INR 10,000
- If balance maintained is > 50% of the required amount then 5% of the balance shortfall will be charged as non-maintenance charges/month
- If balance maintained is <=50% of the required amount then 10% of the balance shortfall be will be charged as non-maintenance charges/month
- Maximum amount of non-maintenance charges charged per month is INR 500
Attractive Forex Rate - Contact our branch for further information, or write to us at the below mentioned email ID.
For NRI Banking,
Call us at: +91 22 61156300
Email: nribanking@rblbank.com