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State Bank of Mysore -
Interest Account
NRE {Non-resident (External) Rupee} Account
- Non-resident (External) Rupee
Account is opened in the form of Savings Bank / Current Account / Term Deposit /
Re-investment Deposit Account. Term Deposit / Reinvestment Deposits are allowed for
periods from 6 months to 10 years.
- The NRE Account is opened by
remittance from abroad or by transfer of funds from existing Non-resident (External) and
or from Foreign Currency (Non-resident) accounts upon maturity. The said account is also
opened by NRIs depositing their foreign currency notes / travelers cheques during their
visit to India.
- Non-resident accounts can be
opened jointly or severally if all enjoy non-resident status.
- Non-resident Indians can allow
their resident representative to operate their Bank account, for local payments only,
through a power of attorney / letter of authority.
- Non-resident (External) rupee
account proceeds are freely repatriable in convertible currencies, both principal and
interest.
- Purchase of Units from Unit
Trust of India, Central, State government securities and national savings certificate are
made from Non-resident (External) Rupee accounts. The maturity proceeds of the above
securities purchased out of Non-resident (External) Rupee account will be credited to
Non-resident (External) account with Repatriation Facility.
- Loans against Re-investment
deposits and Term Deposits are available up to 90% of the deposit amounts inclusive of
interest accrued thereon.
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