Citibank Rupee Checking Account

All you need to know about the Citibank Rupee Checking Account.

 

 

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What is an NRE/NRO Account?

The Non Resident External (NRE) Account is a current/savings account held in India, in Indian rupees. The Principal and the interest in an NRE account are fully repatriable. Interest income is exempt from Indian Income Taxes. The NRE savings account earns an interest of 4% per annum* while the current account is a non-interest bearing account.

 

* Rate subject to change without prior notice.

All about Mandatee

Yes, the Mandatee has to be a resident of India.

Charges, balances and fees?

The minimum amount that is required to open the Rupee Checking Account is USD 5,000 or its equivalent unless specified otherwise.

Tax implications

The interest earned in NRE type of account is exempt from Income Tax in India. However, in an NRO type of account, interest earned is subject to Income Tax in India. A withholding tax of 30% 'plus surcharge' would be deducted at source on all interest earned. You can claim credit for this amount towards income tax payable by you in India. If you have no income tax liability in India, you can obtain a refund of the same from the Indian Income Tax Department.

Funding of Rupee Checking Account

Click here to view the various methods you can use to fund your account.

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