# Which NRE Account of India ?



## shekky_27 (May 6, 2013)

Dear Fellow Indians,

I am thinking to open a *NRE Account* in *India* before moving to Australia (Sydney) so that I transfer my savings/funds to Indian bank(s). I am thinking to send few hundreds of AUDs monthly for my family out here (once I am settled out there).

Please share your experience and suggestions. I have googled out this information and have zeroed in ICICI, HDFC and AXIS Bank.

Regards.


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## jre05 (Feb 16, 2013)

shekky_27 said:


> Dear Fellow Indians,
> 
> I am thinking to open a *NRE Account* in *India* before moving to Australia (Sydney) so that I transfer my savings/funds to Indian bank(s). I am thinking to send few hundreds of AUDs monthly for my family out here (once I am settled out there).
> 
> ...


Hello shekky_27,

Personally, one of the ICICI Bank manager has advised me of this NRI account and encouraged me to create one emphasizing its benefits.

What he told me is, the NRI account creation needs our Passport and Visa evidences and your national ID cards, process is simple, you can walk in to ICICI Bank and discuss it with the Manager, he ll help you through the process which will be quite comprehensive.

The benefits he told are, its tax free account, in which, the dollar amount you credit and the INR saved in your NRI account gets some interest earned for you, which is completely tax free. Also, whenever you want to close the account and if you want to go back to Australia and settle, it is easy (Some benefit he told me, I don't recall it properly). 

As well, ICICI has moneytoindia option (However it is suspended for Australia now). This is completely different entity though than the NRI account process. I have experienced Money2India, which was quite friendly. I also have other good experience with the ICICI banking except the credit card experience which wasn't quite satisfactory.

In my opinion, I would recommend ICICI NRI.

Best regards,
JR


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## shekky_27 (May 6, 2013)

Hi All,

Just FYI, my spouse and I have opened NRE/NRO accounts with ICICI, Citi and SBI. We will use whatever suits best to us. There is no harm in opening multiple accounts, only thing is that you need to maintain a certain balance.

ICICI - 25000 INR collectively in NRE/NRO
Citi - 40000 INR collectively in NRE/NRO
SBI - 1000 INR each in NRE and NRO

Hope this helps.

Regards.


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## sumdur (Jul 11, 2013)

To my understanding one cannot open NRI/NRO account till he have a australian address proof. That means one cannot open a account before making 1st entry. Please correct if my understanding is wrong


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## PrashantBhardwaj (May 29, 2013)

Can someone suggest if there are reasons to keep an account as a resident Indian account for the ones which are being used to :

1. Link to home load EMI
2. Link to GPF accounts


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## hdp9star (Jul 14, 2014)

sumdur said:


> To my understanding one cannot open NRI/NRO account till he have a australian address proof. That means one cannot open a account before making 1st entry. Please correct if my understanding is wrong


You can open NRI account with valid passport with visa. Do not need an address of abroad.

I opened an account with ICICI bank back in 2007 While went to USA on F-1 status. I think they have some option for accounts to choose from. We had joint account, me and my father, with two international debit card, in for me and one for my father in India. So, it was convenient for us. Money could deposited or withdrawn from both end.


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## xxxxxxxxxxxxxxxxxniveditanwr3 (Jun 18, 2013)

shekky_27 said:


> Dear Fellow Indians,
> 
> I am thinking to open a *NRE Account* in *India* before moving to Australia (Sydney) so that I transfer my savings/funds to Indian bank(s). I am thinking to send few hundreds of AUDs monthly for my family out here (once I am settled out there).
> 
> ...


Hi,

I am currently outside India and i prefer Yes bank nre account because it offers a flat 7 % interest rate on savings account. But as far as i know, an nre account needs you to have atleast a work ex of 6 months in your overseas job before you can apply for it. It is considered that you are not a permanent employee, until you complete a 6 months probation period. 

For NRE account opening the following documents are required:
passport / visa page copy
3/6 months salary slips
salary certificate

So, i dont think you can apply for an nre account before you are an NRI. You need to be a resident overseas. Hope this answers your query.

Best Wishes!


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## PrashantBhardwaj (May 29, 2013)

niveditanwr3 said:


> Hi, I am currently outside India and i prefer Yes bank nre account because it offers a flat 7 % interest rate on savings account. But as far as i know, an nre account needs you to have atleast a work ex of 6 months in your overseas job before you can apply for it. It is considered that you are not a permanent employee, until you complete a 6 months probation period. For NRE account opening the following documents are required: passport / visa page copy 3/6 months salary slips salary certificate So, i dont think you can apply for an nre account before you are an NRI. You need to be a resident overseas. Hope this answers your query. Best Wishes!


Most banks are happy converting your savings accounts to nro as far as I understood in my last few conversations with Kotak and Hdfc. Exploring more this week.


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## xxxxxxxxxxxxxxxxxniveditanwr3 (Jun 18, 2013)

PrashantBhardwaj said:


> Most banks are happy converting your savings accounts to nro as far as I understood in my last few conversations with Kotak and Hdfc. Exploring more this week.


Yes but NRO has a different purpose. If thats what he needs, then that should be possible.


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