Nre: Authorised Dealers may allow their branches/

Authorised Dealers may allow their branches/ correspondents outside India to grant loans to or in favour of non-resident depositor or to third parties at the request of depositor for bona fide purpose against the security of funds held in the NRE/ FCNR (B) accounts in India, subject to usual margin requirements. What is NRE? Non-Recurring Engineering is the cost of creating a new product and is usually fully paid before any product gets manufactured. This is in contrast with production cost, which is an ongoing cost and is generally based on the quantities produced. The full form of NRE is Non-Resident External. This means that this account is specifically for Non-Resident Indians (NRIs), who live abroad and earn there. An NRE account is a bank account where you can deposit your foreign earnings (such as salary, business profits) in a foreign currency (such as US Dollar, Euro), and the money is converted into Indian Rupees. You can open an NRE account with almost all banks in India – such as SBI, HDFC, ICICI, Axis, and Kotak Mahindra. This account can ... NRE and NRO accounts are two types of bank accounts available to Non-Resident Indians (NRIs). An NRE account is used to manage foreign earnings in India with full tax exemption, while an NRO account manages income earned in India and is taxable.