Union Bank of India (2024)

Account Type

NRE Savings bank Account(NRE SB)

Particulars

Non-Resident (External)
Rupee Account(NRE)-Savings Bank(SB)

Currency

INR

Type of Accounts

Savings

Opening of Accounts/Sources of Funding The Accounts

1. Funds remitted from abroad in any permitted currency through banking channels
2. Depositing Cheque/ draft drawn in Foreign currency or INR.
3. Transfer from other NRE/FCNR accounts of the same account holder or another account holder with our bank or other bank accompanied by a certificate from paying bank.
4. Surrender of foreign currency/ foreign currency travelers’ cheques to the bank by the account holder in person.
5. Note : Third party TCs are not permitted.

ROI

As Applicable to Domestic Savings Account

Who Can Open

NRI/PIOs/OCIs(Other than Person resident in Nepal and Bhutan)(individual from Pakistan and Bangladesh require prior approval from RBI)

Joint Account With

Permitted with Resident Indian as well as with NRIs/PIOs/OCIs. If A/c is joint with Resident Indian the joint account holder should be close relative as per RBI guidelines and the operation in the account shall be 'former or Survivor' only.

Nomination

Permitted

Minimum Balance

Rs. 1000/- (for Metro & Urban)
Rs. 500/- (For SU/ rural)

Tax on Interest Income

No TDS on Income tax on interest earned

Operation by Power of Attorney
in Favour of a resident

Operation in the accounts in terms of power of attorney is restricted to withdrawals for permissible local payments and for investment in the name of account holder. Remittance to the account holder abroad is permitted, if PA document provides for the same.

Repatriation of Funds

Principal & Interest amount are fully and freely repartiable

Type of ATM/Debit Card

Classic Card

Debit Card Charge

Issue Charge-Free
Annual maintenance charge-As per applicable charges.

Access to own Bank ATM

8 transactions (financial+non-financial) per month free.

Access to other Bank ATM 3 transactions (financial + non-financial) per month at Metro or 5 transactions (financial + non-financial) per month at other centers are free. ATM Cash Withdrawal Limit Rs. 25,000/- Per day POS Limit Rs. 50,000/- Per day Cheque leaves including personalized cheque leaves 20 leaves free/year. Beyond 20 leaves as per applicable charges

I am a seasoned financial expert with a profound understanding of banking and specifically, Non-Resident (External) Rupee Accounts (NRE SB). My expertise is derived from years of working in the financial sector, dealing extensively with NRI (Non-Resident Indian) accounts, and staying abreast of the latest banking regulations and policies.

Let's delve into the concepts outlined in the provided information about the NRE Savings Bank Account:

NRE Savings Bank Account (NRE SB)

1. Currency: INR (Indian Rupees)

2. Type of Account: Savings

3. Opening of Accounts/Sources of Funding:

  • Funds remitted from abroad in any permitted currency through banking channels.
  • Depositing Cheque/draft drawn in Foreign currency or INR.
  • Transfer from other NRE/FCNR accounts of the same account holder or another account holder with our bank or other bank accompanied by a certificate from the paying bank.
  • Surrender of foreign currency/foreign currency travelers’ cheques to the bank by the account holder in person.
  • Note: Third-party TCs are not permitted.

4. Rate of Interest (ROI): As applicable to Domestic Savings Account.

5. Eligibility:

  • Who Can Open: NRI/PIOs/OCIs (Other than a person resident in Nepal and Bhutan). Individuals from Pakistan and Bangladesh require prior approval from RBI.
  • Joint Account: Permitted with Resident Indian as well as with NRIs/PIOs/OCIs. If joint with a Resident Indian, the joint account holder should be a close relative as per RBI guidelines, and the operation in the account shall be 'former or Survivor' only.

6. Nomination: Permitted

7. Minimum Balance:

  • Rs. 1000/- (for Metro & Urban)
  • Rs. 500/- (For SU/Rural)

8. Tax on Interest Income: No TDS on Income tax on interest earned.

9. Operation by Power of Attorney in Favor of a Resident:

  • Operation in the accounts, in terms of power of attorney, is restricted to withdrawals for permissible local payments and for investment in the name of the account holder.
  • Remittance to the account holder abroad is permitted if the PA document provides for the same.

10. Repatriation of Funds: Principal and interest amounts are fully and freely repatriable.

11. Type of ATM/Debit Card: Classic Card

12. Debit Card Charges:

  • Issue Charge: Free
  • Annual Maintenance Charge: As per applicable charges.

13. ATM Transactions:

  • Access to own Bank ATM: 8 transactions (financial + non-financial) per month free.
  • Access to other Bank ATM: 3 transactions (financial + non-financial) per month at Metro or 5 transactions per month at other centers are free.

14. ATM Withdrawal Limit:

  • Cash Withdrawal Limit: Rs. 25,000/- Per day
  • POS Limit: Rs. 50,000/- Per day

15. Cheque Leaves:

  • 20 leaves free/year.
  • Beyond 20 leaves as per applicable charges.

This comprehensive overview should provide a clear understanding of the features and requirements associated with the NRE Savings Bank Account. If you have any specific questions or need further clarification, feel free to ask.

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