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.
Can I deposit foreign currency in Axis Bank?
Axis Bank is offering the Foreign Currency Non-Resident deposit. With the FCNR you get assured returns on deposits booked for any of 6 currencies of your choice for a tenure ranging from 1 year to 5 years. Apply for the FCNR today to avail all the benefits of FCNR deposit.
Is an NRI account that can be opened by depositing foreign currency in the account?
An NRO account is a savings or current account held by NRIs in India to manage their income earned in India. Account-holders can deposit and manage their accumulated rupee funds without any hassle. The account allows you to receive funds in Indian or Foreign currency.
Can a foreigner deposit in India?
Answer: An NRO (current/ savings) account can be opened by a foreign national of non-Indian origin visiting India, with funds remitted from outside India through banking channel or by sale of foreign exchange brought by him to India.
Can you transfer money from NRE to savings account?
There are no restrictions for transferring the money from the NRE account back to your foreign account. It allows you to transfer funds from your existing NRE Savings Accounts to open NRO/FCNR accounts. You can hold your NRE savings account jointly with another NRI or Resident Indian.
What is the meaning of EEFC account?
Exchange Earners’ Foreign Currency Account
Exchange Earners’ Foreign Currency Account (EEFC) is an account maintained in foreign currency with an Authorised Dealer Category – I bank i.e. a bank authorized to deal in foreign exchange.
What is foreign currency non resident account?
FCNR (Foreign Currency Non Resident Account) This is a kind of fixed deposit account opened for depositing income earned overseas. The account is held in foreign currency.
Can a NRI have a resident bank account?
A non-resident Indian can open three types of accounts in India as authorised by the Reserve Bank of India (RBI). A resident is a citizen who stays in India for at least 182 days in a financial year. NRIs can maintain bank accounts in India in the form of rupee or foreign currency accounts.
Can you deposit money into NRE account in India?
You can deposit money into your NRE account during your personal visit to India. At that time, you can tender foreign currency cash and/or Traveller’s cheques.
Which is the minimum balance for Axis Bank NRI account?
The NRI Account Minimum Balance in Axis Bank is Rs.10,000/- for all branches. Axis Bank NRE Account interest rate is 5.50%*. To know about Axis Bank NRI Account Review, Axis Bank NRI Account Documents Required, and Axis Bank NRI Account Opening Form and Process, follow the link: Axis Bank NRI Bank Account Opening Process
Which is the best bank to open NRI account?
You can choose the best bank to open your NRE Account according to your needs. Browse through the account opening process for the top banks in India to choose the best bank and NRE Account. Zero Balance NRI Account? SBM offers a zero balance NRI Account.
How does NRE account help NRIs in foreign remittance?
The account assists NRIs in getting transactions done in a smooth, seamless and hassle-free manner By foreign inward remittance by way of TT, DD, cheque, Travellers cheque, foreign currency, etc., or transfer from existing NRE accounts or FCNR accounts.
