Who can open a NRE Bank Account ?

Let’s checkout Who can open a NRE Bank account in India. These guidelines are common to all the banks including Government Banks, Private Banks & others.

The following individuals can open a NRE/NRI Bank account without prior approval of RBI.

1. Non Resident Indian (i.e. An Indian Citizen, who have gone abroad for gainful employment or for carrying on a business or vocation or for any other purpose in circumstances indicating an intention to stay outside India for an uncertain duration)

2. A Person of Indian Origin (PIO)/ OCI (Overseas Citizens of India).

3. Crew members having Indian Nationality or of Indian origin employed by Shipping companies/Airlines, based at Foreign Ports and residing abroad.

4. Students who have gone abroad for higher studies and continue to stay abroad.

Indian nationals deputed/ posted abroad or working with foreign Governments/ Governments agencies, UNO and other international agencies.

Also Know – Is one required to surrender foreign coins also to an authorised dealer?