Non Resident (External) [ NR(E) ] are governed by the provisions of Foreign Exchange Management (Deposit) Regulations, 2000.A Non Resident External account can be opened and maintained by a citizen of India or a person of Indian origin residing outside India as also Overseas Corporate Bodies (OCBs). The accounts are convertible / repatriable and are maintained in Indian rupees in the form of savings, current and recurring or fixed deposit accounts.
The Non-resident Indians (NRIs)are permitted to open and maintain these accounts with authorised dealers, and with banks (including cooperative banks) authorised by the Reserve Bank to maintain such accounts.The account should be opened by the non-resident account holder himself and not by the holder of the power of attorney in India.
Note: Opening of NRE accounts in the names of individuals/entities of Bangladesh/Pakistan nationality/ownership requires approval of Reserve Bank.
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