For the many that are asking for the NRE Savings account requirements, here is a guide that has all the information captured in it alongside other essential ones.
Among the many disheartening situations that you can be confronted with, not having money to attend to a need can be disturbing at times.
But with the introduction of bank accounts and other investment packages, this situation can be prevented.
The Non-Resident External (NRE) savings account has been designed to attend to your needs.
With just the minimum initial deposit as part of the Non-Resident Externalsavings account requirements, you can start to accumulate extra money on the account.
NRE Savings Account Requirements
The following are the requirements for an NRE Savings account:
- A photocopy of the applicant’s passport details and applicant’s details
- One passport size picture
- Provide a copy of your Permanent Account Number (PAN). If you don’t have PAN fill the Form 60.
- Submit a copy of a valid visa/work permit as proof of residence
- A document to verify your overseas or Indian address. This address must correspond to the one given in the application form.
- Fill out the account opening form.
- For the minimum balance required, applicants can issue a Cheque or Draft from their account, and the amount should match the minimum balance requirement.
What Is The Minimum Balance Requirement For NRE Savings Account
The minimum balance requirement for the NRE Bank savings accounts at HDFC stands at an average of Rs 10,000 and Rs 5,000 for Metro and Semi-Urban / Rural locations.
This minimum balance must be maintained in the account every month to avoid charges and qualify the account for interest.
Is Savings Account Tax-Free
The NRE savings account is among the few savings accounts at HDFC that do not attract tax. Who will never want something like this?
Account-holders are given tax exemptions on the interest calculated on the account. This implies that the account is tax-free.
For more information on the NRE savings account requirements, use this link https://www.hdfcbank.com/nri-banking/save/nri-accounts/savings-account/nre-savings-account/documentation.
This is all that we have for you on NRE savings account requirements.