NRE account facilitates fund transfer from any foreign country to India and this transaction is highly secure and safe. In this case, the transferred amount can be held for a long period of time without any interruptions. Holders do not have to pay any additional fees for earned interest from this account. This is one of the best policies of securing income abroad. The money transfer can be easily and effectively done with the use of online or internet banking.
What are the major characteristics of NRE account?
What are the major characteristics of NRE account?
- In case of NRE account, funds are transferred internationally from abroad to India rather than any domestic transfer.
- Zero taxes need to be paid on earned interests that are being transferred from abroad. No deductions are being made from the saving amounts rather the amounts remain intact.
- International access oriented debit cards can be gained so that you can access the card both in India and outside countries without any inconveniences.
- You can also opt for the facility of appointing any mandate within India so that your NRE account can be effectively maintained and managed.
- Outside India transfer of funds can be allowed by the banks and that can be conveniently gained in case you need it. This online transfer can be made easily with help of effective internet banking system.
- The transactions made online are highly secure in fact utility bills especially phone and electricity bills can be paid with the use of phone banking. In this case, you need to undertake simple online registration.
- Customized cheque books and e-mail statements can be got absolutely free-of-cost.
- Safe-deposit lockers are also available in this case for you to deposit different kinds of useful items including jewelleries, documents and others. These lockers can be easily maintained by the bank and you just need to pay a nominal maintenance charge and if you wish that will be deducted annually from your NRE account.
- If you have mutual fund investments you can link up your account with any other investment account so that the investments can be made more secure and can be maintained efficiently without facing any hazards.
- The fund transfer can be easily conducted with free currency exchange. This is one of the greatest facilities of having this kind of savings account. The facility of direct amount remittance from your international account can be made easily with the use of internet banking without paying any additional charge or fees.