Can NRIs Hold Joint NRE Accounts, And How Does It Work for Online Openings?

In this era of globalisation, Non-Resident Indians (NRIs) frequently explore financial solutions that surpass geographical borders. One such financial tool designed with NRIs specific requirements in mind is the NRE (Non-Resident External) account. However, NRIs are curious about whether they can hold joint NRE accounts. This is a crucial question for families and business partners who wish to manage their finances together. Keep reading to find out more about joint NRE accounts and how to apply for them online.

What Is an NRE Account?

An NRE account is an essential financial tool designed for NRIs to enable them to maintain and manage their foreign income in India. Since the account is maintained in Indian rupees, NRIs are able to repatriate their funds fully, which means they can transfer money back to their country of residence without restrictions. Typically, NRE accounts are used for saving and investing, providing the advantage of tax-free interest income in India.

Can NRIs Hold Joint NRE Accounts?

Yes, NRIs can indeed hold joint NRE accounts. These accounts can be opened jointly by two NRIs, enabling them to combine their resources and manage their funds together. This arrangement proves beneficial for those looking to streamline their financial planning, invest in assets together, or share wealth management responsibilities.

IndusInd Bank, a well-known private bank in India, permits individuals to jointly open an NRE account with another NRI or PIO or a resident Indian close relative, either on a former or survivor basis.

Open an NRE Account Online with IndusInd Bank

To begin the process of opening an NRE account online with IndusInd Bank, follow the steps listed below:

1. Go to IndusInd Bank’s official website and look for NRE Savings Account under the Products section.

2. Click the Apply Now option on the NRE Savings Account webpage.

3. Complete the online application form by providing the necessary information, such as your name, email ID, and contact details.

4. After submitting the details, an IndusInd Bank customer representative will get in touch with you to help with the next steps.

Features of IndusInd Bank NRE Regular Savings Account

Account Ownership

You can open an NRE account with an NRI, a PIO, or a close relative who is a resident Indian on a former or survivor basis

Mandate Holder

You need to appoint a mandate holder to manage your account in India

Attractive Interest Rate

You can enjoy an interest rate of up to 6.75% on your savings

Repatriability

Your principal amount and interest are fully and freely repatriable

Tax Benefit

The interest you earn is exempt from tax in India

Average Quarterly Balance (AQB)

For A & B category branches, you need to maintain an AQB of INR 10,000, and for C and rural categories, the AQB is INR 5000

Free Cheque Book

You get a free payable-at-par cheque book that you can use in India without additional charges

International Debit Card

With an international debit card, you can check and manage your bank account from anywhere, both in India and abroad

Digital Banking Services

You can access best-in-class digital banking services like net banking and mobile banking to handle your account and make transactions anytime, anywhere

Multiple Electronic Options

You can access a host of online and telegraphic options to easily transfer funds to India

Bottom Line

Online banking services have made the process of opening and managing NRE accounts more accessible and efficient. Whether it is about family financial planning or business partnerships, joint NRE accounts act like a bridge, connecting NRIs to their financial objectives.

Apply for an NRE account today and experience seamless banking tailored for NRIs!

“Prakhar is a, writer, and author of the new novel We Were Already There.” If your work has won any prestigious awards or earned bestseller status, make sure to mention that here, too.