NRI has the option of opening a Non Resident Rupee (NRE) account and/or a Non Resident Ordinary Rupee (NRO) account.

Union Bank of India offers specially tailored deposit schemes for NRI customers who wish to deposit Rupee and Foreign Currency funds.

Union Bank of India NRI/NRE Interest Rates

Non Resident External Account [NRE A/c]:

• NRIs and PIOs can open NRE account with an authorized bank

• NRIs can opt for either a Savings NRE A/c, Term Deposit A/c, Recurring Deposit A/c, or a Current account

• The NRE account can be opened or credited with remittances from abroad transfers from existing NRE/ FCNR accounts, or by deposit of foreign exchange brought into India during a visit by way of currency/ travelers cheques

• Joint accounts only with another NRI & not with Residents

• Zero Balance A/c can also be opened and can be funded later

• Credits / Debits are governed by Exchange Control Regulations

• The minimum period for a Term Deposit is 12 months and the maximum period is 10 years

• The interest rate on this deposit is governed by RBI guidelines. At present Term Deposits attract interest rates equivalent to LIBOR rates plus 175 bps, normally modified every month

• Interest earned under this scheme is exempt from Indian income tax