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from Dubai UAE
At a Glance
A city of the new world, Dubai, in the United Arab Emirates, shares proximity to India and is a gateway for exciting employment opportunities. These characteristics have made Dubai an attractive option for Indian immigrants. Non-Resident Indians in Dubai can open NRE Savings Accounts to deposit their AED earnings in India and enjoy 100% repatriation benefits.
NRE Savings Account from Dubai UAE
The United Arab Emirates and India have long shared trade relations, beginning with the Arabian Peninsula corridor, which served as a trade route to the gulf countries. Today, Indians migrate to the UAE for employment opportunities in hospitality, healthcare, finance, oil rigs, and other sectors. For NRIs in the UAE, a Non-Resident External (NRE) Savings Account comes in handy for parking AED earnings in Indian Rupees. With DBS Treasures NRE Account, you can avail of emergency medical assistance for your loved ones in India, along with 40+ exclusive lifestyle privileges. Also, enjoy 100% tax-free and fully repatriable interest on your NRE Savings Account.
NRE Savings Account – Features and Benefits
- Earn attractive interest rates on your NRE Savings Accounts.
- Repatriate the amounts deposited and interest earnings on NRE Account back to UAE anytime.
- Utilise DBS’ mobile banking application and internet banking portals to access your account anytime.
- Initiate quick, convenient, and speedy fund transfers to bank accounts across the globe.
- Get preferential currency conversion rates and zero handling charges on fund transfers to any DBS account.
- Open NRE Savings Account individually or jointly with another NRI or a Person of Indian Origin (PIO) on a former or survivor basis.
- Assign a Power of Attorney in India with limited powers of NRE account management.
- Get 100% tax exemption on NRE Account interest income.
- Open NRE Fixed Deposits from Dubai or invest in the Indian securities market and Mutual Fund schemes using funds in the NRE Savings Account.
Fees and Charges
Get the detailed schedule of NRE Savings Account fees and charges here.
Eligibility Criteria for NRE Savings Account
The following individuals can open NRE Savings Account from Dubai UAE:
- Non-resident Indians (NRI)
- Indians nationals residing in the UAE for employment, business or higher education.
- Indian nationals employed as mariners or seafarers with UAE-based oil rigs or UAE airlines.
- Indian nationals deployed in UAE by the Government of India for diplomatic missions.
- Persons of Indian Origin (PIO) or Overseas Citizens of India (OCI)
- Individuals who have previously held an Indian passport at any given time
- Individuals whose spouse, parents, grandparents, or great grandparents are/were Indian citizens.
Documents Required for NRE Savings Account
To open NRE account for Indians staying in Dubai UAE, the documents required are:
For Non-Resident Indians
- Copy of valid passport (pages including your full name, address, date of birth, date and place of issue, expiry date, photograph, signature, and observation page, if any)
- PAN Card copy or Form 60
- Proof of NRI status: UAE employment permit/residence permit/work visa/residence visa
- Proof of residence in UAE and India
- Recent passport size photographs
Additional documents for seafarers
- Work contract with the UAE-based shipping company
- Copy of Continuous Discharge Certificate (CDC) with disembarkation stamp on the last page
- FEMA Declaration
For Persons of Indian Origin
- Copy of valid passport (pages including your name, address, date of birth, date and place of issue, expiry date, photograph, signature, and observation page, if any)
- PAN Card copy or Form 60
- Proof of PIO status: Copy of Valid PIO or OCI card or other relevant PIO status proof
- Proof of residence in UAE and India
- Recent passport size photographs
- Signed and filled-in PIO declaration form
How To Open NRE Savings Account From Dubai UAE
Open NRE Savings Account online from Dubai, UAE by filling a form on the DBS Treasures website.
A DBS Treasures Relationship Manager will contact you shortly.
Frequently Asked Questions
The DBS Non-Resident Ordinary account enables you to manage your income, payments, and investments in India. However, the funds in these accounts, barring the interest earnings, are not repatriable in Dubai. Also, you have to pay the applicable taxes on your Indian income sources, including interest earned on NRO Account Deposits. Thus, if you wish to repatriate your funds abroad with no tax implications, you need to open an NRE Savings Account from Dubai, UAE.
Yes. You can make your wife and children your nominees on your NRE Savings Account. You may even hand over Power of Attorney rights to your wife, which will enable her to manage certain limited transactions and payments on your NRE Account.
You can access your NRE Account any time, from anywhere. You need to sign up for internet banking services and download the DBS Treasures mobile banking to access your account. You can also consult your designated Relationship Manager.
Yes, you can. Any foreign currencies deposited in an NRE Account ultimately gets converted into Indian Rupees.
