InvestorQ : I know the basic of an NRE account. Please tell me more about it.
divya Sing made post

I know the basic of an NRE account. Please tell me more about it.

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Manisha Mehta answered.
2 years ago
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An NRE account is a non-resident external rupee account which is an Indian-rupee denominated account that NRIs open. It is an account that NRIs use to transfer their foreign earnings to India and can be in the form of savings account, current account, recurring or fixed deposits.

Only foreign currency can be deposited int this account which will later be converted into Indian rupees when making the deposit.

Thus, NRIs can send their remittances from abroad to their native countries through this account.

Just like a bank pays interest on the amount deposited in the bank in a normal savings account, the bank pays a similar interest on an NRE account at its predetermined rates.

It is an account of an NRI to transfer foreign earnings to India.

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