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NRE account

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Non-Resident External (NRE)

This is for foreign and repatriable funds. Foreign currency here has to be converted into rupees. State Bank of India (SBI) is now paying nine per cent on a one-year deposit, against 2.5 per cent in August 2011. Others like ICICI Bank, HDFC Bank and Bank of Baroda have hiked rates by 500 to 600 basis points. You can take a loan up to ~100 lakh against funds in this account. Joint accounts can be held only by NRIs.

The balance here is freely repatriable. Account holders use NRE accounts to play in currency. Opt for NRE deposits if you anticipate correction in rupee (appreciation). Say an NRI invested $100 when the rupee was at 50, or ~5,000 (100x50). Assuming he expects the rupee to appreciate to 45, he will make $111, plus interest on maturity (5,000/45). But if the rupee depreciates at the time of maturity and repatriation, he will lose.

The interest earned on this account is tax-free in India but can be taxed in countries where global income is taxed.

NRIs who do not earn enough interest in their resident countries can put money in NRE accounts for lucrative rates.

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