A NRO/NRE can open and maintain accounts denominated in Indian Rupee only with us i.e.NRE in Indian Rupees (as a running account or a fixed deposit). We do not offer accounts in Foreign Currency However, a NRO/NRE cannot open a fresh standalone NRO account. (As per extant instructions, UCB cannot open fresh NRO accounts. However, existing savings account of the holder on change of status from RI to NRO/NRE may be redesignated as NRO.
Inward remittances from outside India.
Legitimate dues in India and transfers from other NRO accounts are permissible credits to NRO account.
Rupee gift/ loan made by a resident to a NRI/ PIO relative within the limits prescribed under the Liberalised Remittance Scheme may be credited to the latter’s NRO account.
Interest, dividend and maturity proceeds of investments made in India etc on non-repatriable basis
Inward remittance from outside India in permitted foreign currency.
Transfer from another NRE / FCNR (B) account
Any foreign currency which is freely convertible tendered by the account holder during his temporary visit to India. Foreign Currency exceeding USD 5000/- or its equivalent in the form of cash should be supported by Currency Declaration Form. Rupee Funds should be supported by Encashment Certificate , if they represent funds brought from outside India.
Interest, dividend and maturity proceeds of investments made in India etc on repatriable basis
Current income like rent, dividend, pension, interest etc. will be construed as a permissible credit to the NRE account.
Personal cheques drawn in foreign currency and/or bank drafts drawn in foreign currency or Indian rupees drawn abroad.
Request for Nomination in the account (Form DA -1).
Cancellation of existing Nomination in the account (Form DA -2)
Change in existing Nomination in the account (Form DA -3)
On maturity, NRE / NRO / deposit will be automatically renewed for the same period, if no instructions are given otherwise by the account holder.