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PERMISSIBLE CREDITS AND DEBITS, JOINT HOLDING AND POWER OF ATTORNEY, PROCEDURE FOR OPENING NON-RESIDENT ACCOUNTS, CHANGE IN RESIDENTIAL STATUS, LOANS AGAINST THESE DEPOSITS, GUARANTEES BY NON-RESIDENTS
What types of credits are permissible in a Non-Resident External (NRE) account?
Permissible credits include inward remittances from abroad, proceeds of foreign currency/travellers' cheques brought by the account holder, transfers from other NRE/FCNR(B) accounts, and interest earned on the NRE account itself.
Can proceeds from foreign currency earned abroad be credited to an NRE account?
Yes, foreign currency earnings abroad are freely creditable to NRE accounts.
What are the permissible debits from an NRE account?
Permissible debits include local disbursements, remittances abroad, transfer to other NRE/FCNR(B) accounts, and investments in India on a non-repatriable or repatriable basis as permitted under FEMA.
What is the currency denomination of an NRE savings account?
NRE accounts are denominated and maintained in Indian Rupees.
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