North Malabar Gramin Bank has been given authorization to deal with NRE/NRO accounts, by Reserve Bank of India. The funds held in these accounts are eligible for certain concessions and benefits. These accounts are coming under the purview of Foreign Exchange Management (Deposits) Regulations 2000.
The following are eligible to open NRE accounts.
(b) Crew members of Indian Nationality or Indian origin employed by foreign Airlines/ Shipping Companies, if they are based at foreign parts and reside abroad in connection with their employment.
(c) Crew members of Indian Airlines/shipping companies who are shore staff of the companies and are posted abroad for duty on short term or long term basis.
(a) persons of Indian Nationality / origin resident in Nepal would be eligible to maintain NRE accounts in India only if the remittance for opening and funding the accounts are remitted in any of the permitted currencies and not in Indian , Nepalese/Bhutanese Currencies.
(b) Overseas institutions, organizations, firms/companies are not eligible to open NRE accounts.
(c) Students who have gone abroad for higher studies and continuing to stay abroad on termination of their studies are eligible to open NRE A/C's
(d) Indians employed in the vessels/carriers owned by Indian or foreign shipping / airline companies but are based in India are not eligible to open NRE accounts.
(e) Indians who have gone abroad on business trips, medical treatment, higher studies, training, for an uncertain period are not eligible to open NRE accounts.