Very small account opening amountYou can open a NRE Current account with J&K Bank with a very small deposit of Rs 5000/-only.

Very low Average Quarterly balance required You can operate a J&K Bank NRE Current account by maintaining a minimum Quarterly balance of Rs 5,000 only.

• Proceeds of remittances received from abroad in freely convertible currency through normal banking channels may be credited freely.
• Proceeds of personal cheques drawn by you on your foreign currency account and of travelers cheques, bank drafts payable in any permitted currency including instruments expressed in Indian rupees for which reimbursement will be received in foreign currency, deposited by you in person during your temporary visit to India, provided the bank is satisfied that you are still resident outside India, the travelers' cheques/drafts are standing/endorsed in your name and in the case of travelers' cheques, they were issued outside India. NRIs bringing Foreign Currency Notes & Travelers Cheques will have to submit a Currency Declaration Form (CDF) to the customs authorities on arrival in India if the foreign currency notes exceed USD 5,000/- or combined value of Travelers Cheques and notes exceed USD 10,000/-. He may produce the CDF for endorsement by the bank when he submits the money for opening/credit to an account.
• Transfers from other NRE/FCNR accounts.
• Interest on Government securities and dividend on units of mutual funds, provided the securities/units were purchased by debit to your NRE/FCNR account or out of inward remittance through normal banking channels.
  • Maturity proceeds of Government securities including National Plan/Savings Certificates as well as proceeds of Government securities and units of mutual funds sold on a recognized stock exchange in India and sale proceeds of units received from mutual funds, provided the securities/units were originally purchased by debit to your NRE/FCNR account or out of remittances received from outside India in free foreign exchange.
  • Refund of share/debenture subscriptions to new issues of Indian companies or portion thereof, if the amount of subscription was paid from your same account or from your other NRE/FCNR account or by remittance from outside India through normal banking channels.
  • Current income like rent, dividend, pension, interest, etc. of NRIs may be credited to their Non-Resident (External) Rupee Accounts provided the Bank is satisfied that the credit represents your current income and income tax thereon has been deducted/paid/provided for, as the case may be.
  • Credits to an account, through funds from a local source would be permissible only if the funds are repatriable.
  • Any other credit if covered under general or special permission granted by Reserve Bank.
• Permissible Debits
  • Debits are allowed freely, however debits for investments in Shares/securities/commercial paper of Indian companies or for purchase or immovable property in India should be covered by general/specific permission of RBI. Any other transaction if covered under general or special permission granted by the Reserve Bank

   

You can open NRE current account with J&K Bank if you are an NRIs/PIOs and OCBs. The account should be opened by the non-resident account holder himself and not by the holder of the power of attorney in India.
Individuals/Entities of Bangladesh, Pakistan nationalities/ownership require prior approval of RBI.
         Joint account in the names of two or more non-resident individuals may be opened provided all the account holders are persons of Indian nationality or origin. Opening of the account by a non-resident jointly with a resident is not permissible.

NRIs /PIO are eligible to open this account, either singly or jointly with an Indian Resident or with a NRI. Opening of account by individuals / entities of Bangladesh / Pakistan nationality / ownership require prior approval of Reserve Bank.