What Is NRE Deposits ?

NRE Bank Deposits give people the chance to deposit their money in Indian banks and earn interest over it. The attractive part of such deposits is that the interest earned is tax free. The funds can be deposited in foreign currency that is then converted into Indian currency depending upon the currency exchange rate on the day of deposit. Online money transfer facility makes sure that money is safely transferred from one bank account to another within minutes. This relieves account holders from the worry of lengthy procedures and the worry of funds getting misplaced. NRE accounts are available to NRIs only and are a highly beneficial service that NRI banking has made possible.