NRE account is an account maintained in any AD Category - 1 Bank by a Non-Resident of India (NRI). An NRI can credit his NRE account in Indian Rupees through any of the Exchange Houses/ MTOs who manage inward remittance to India.
An NRI can make a FIR transaction to an Indian Beneficiary Account through any of the Exchange Houses/ MTOs who manage inward remittance to India. In domestic leg, funds can be credited to the Beneficiary Account using IMPS.
Yes, one can make remittance to a bank account even if beneficiary does not have any tie-up with a non-resident Exchange House. The Indian Banks with AD Category-1 license will act as Intermediary Bank to facilitate the transaction.
Charges for FIR transactions vary from bank to bank and also depends on exchange house that the customer is choosing.
The domestic leg of FIR, completed through IMPS, is real-time. However, the overall time depends on foreign exchange house.
Yes, as per the Reserve Bank of India, inward remittances are considered as permissible credits to NRE accounts. Hence, FIR transaction can be made to a NRE account.
No, one cannot make a FOR transaction using IMPS, one can only use IMPS to make FIR transaction in India.