How much money can I deposit in my NRE account?
USD 1 million
Process of repatriation from NRE account
| Accounts | Limit |
|---|---|
| NRE | No Limit |
| NRO | USD 1 million |
| FCNR | No Limit |
Can I deposit Indian rupee in NRE account?
Funds originating from a foreign country (foreign currency) can be deposited in both NRE and NRO accounts. However, funds originating in India i.e. in Indian Rupees or INR can be deposited only in NRO Accounts and not an NRE Account.
Can someone else put money in my NRE account?
Short answer: No, If you are talking about depositing in someones (including family members) NRE account, you can’t. If you have NRE account yourself then you can transfer the same directly from your NRE a/c to his NRE account directly. The way to deposit is by depositing is in his NRO account with required docs.
Is money transfer from NRE account to savings account is taxable?
Exempt from Taxes: The interest earned on the principal amount in an NRE savings account is tax free. Free and easy transferability: If you wish, you can transfer both the principal amount and the interest from an NRE account to an account in a foreign bank without any restrictions.
Which bank is best for NRE?
10 Best NRE Savings Accounts for NRIs in 2020
| Bank Name | Interest rate (\%) p.a. |
|---|---|
| Axis Bank | 3\% |
| Kotak Mahindra Bank | 3.50\% |
| ICICI Bank | 3.50\% to 4.00\% |
| HDFC Bank | 3\% to 3.50\% |
Is income in NRE account taxable?
An NRE account is tax-free (no income tax, wealth tax, or gift tax) in India. On the other hand, the interest earned in NRO accounts and credit balances is subject to respective income tax bracket.
Can I deposit DD in NRE account?
Once you are a non-resident, you need to convert your bank accounts to non-resident (ordinary) or NRO accounts. However, you cannot deposit Indian earnings in the said account as this account can only receive funds from your overseas account or proceeds from investments made from NRE account.