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NRE account: what is it?
NRE stands for Non-Resident External Account where transactions take place in rupee only. The funds in this account are maintained in Indian rupees only. Any interest on this account is subjected to total tax-exemption. An NRE account can only be allowed to be functional provided the account is jointly opened with other NRIs.
Types of NRE accounts of State Bank of India:
Mainly the type of NRE accounts that are functional in the State Bank India is:
Savings Bank/ Current Account/Term Deposit/Special Term Deposit/Recurring Deposit.
This account is only designed for the use of nonresident Indians or (NRIs). The account can be operated by two people in a joint account mode. In case the joint account holder is your spouse, she or he should also be an NRI. The account must have a minimum balance of Rs 1000.
The first thing required to be done for opening an NRE account in the State Bank of India is to print and fill this account opening form. Then the form must be properly filled out and sent to any branch of SBI where a person would like to have an account of his own. The form must be attached to the following essential things:
Where can you go to open the account?
Well, the Good news for us is that there is a local branch in Fremont that can help with all your transactions.
39148 Paseo Padre Parkway Fremont, CA 94538-1612
Sanjiv Gupta CPA Firm is the top choice for Non-Resident Indians residing in the United States or abroad. You can come to meet with us personally in one of the three offices in the bay area or set up a phone/zoom consultation appointment anywhere in the world. Our office can help you set up a new business in the US and take care of all the tax, accounting, and payroll needs.