Can We Deposit INR In NRE?

Which is better FCNR or NRE?

Mashruwala adds, “If you are certain that you will repatriate the maturity proceeds, then it is best to invest in the FCNR as you protect yourself against currency risk.

Conversely, if you are certain that your investment will remain in India, NRE would be a better choice.”.

Which NRE account is best?

List of Top 10 NRE Saving accounts for NRI’s, Interest Rates, Min. BalanceBank NameInterest rate (%) Per AnnumAxis Bank3% to Repo + (-0.65%)Kotak Mahindra Bank3.50%ICICI Bank3% to 3.50%SBI Bank2.70%5 more rows•Dec 13, 2020

Which bank is best for NRE fixed deposit?

Best NRE Fixed Deposit Interest RatesBank’s NameFD Interest Rate / TenureSBI5.10%5.40%HDFC Bank5.10%5.35%Yes Bank6.75%6.75%ICICI Bank5.15%5.50%17 more rows•Oct 16, 2020

Can I deposit dollars in NRE?

An NRE Account or Non-Resident External Account offers you this facility. Here, your money is converted into Indian Rupee or INR at the time of deposit. This means that you can deposit money in any foreign denomination, e.g. US Dollar and withdraw it in Indian Rupees.

Can I withdraw money from NRE account?

Non-Resident External (NRE) account is an account in the name of NRI opened in India to transfer foreign earnings to India. … Thus, from NRE account you can easily withdraw in Rupees. NRE accounts are exempt from the tax. So, neither the balance nor the interest earned on these accounts is taxable in India.

Which account is better NRE or NRO?

You should opt for NRE Accounts if you want to hold or maintain your overseas earnings in Indian currency. NRE Accounts are also suitable if you wish to keep your savings liquid. You should opt for NRO Accounts if you want to save your earnings from India in Indian currency itself.

Can I transfer money from NRE to savings account?

Yes, its easy to transfer from a NRE account to a Indian domestic savings account. Just add the payee as NEFT or RTGS payee and initiate the transfer.

Can I transfer from NRO to NRE?

Funds from NRO account cannot be transferred to an NRE / FCNR account since funds in an NRO account cannot be repatriated outside India.

How can I deposit money in my NRE account?

How to deposit money in NRO/ NRE accountDirect remit from your foreign bank account.Depositing physical foreign currency at your bank in India when or if you come to visit.Transferring funds from an existing NRE account in another bank in India.

Can my parents deposit money in NRE account?

However, your partner or parents can transfer money using the accounts. … Yes, there are restrictions on the number of accounts an NRI can open in India. Like mentioned above, the source of the funds should be abroad. Otherwise, you do not become eligible for depositing money in your NRE account.

Can I transfer funds from my NRE account to my friends NRE account?

Amount can be transferred from one Non resident external account to another Non resident external account without any limitations. However, amount cannot be transferred from the accounts of normal resident individual or NRO account of same party or another party to NRE account.

How long can you keep money in NRE?

If you are returning after being NRI for 5 continuous years or less, you become a resident (ROR) immediately (as per Income Tax Act). If you are returning to India after being NRI for 6 continuous years, you can become RNOR for one year. Subsequently, you become ROR.