NRE (Non-Resident External) Savings Bank Account is a type of bank account offered to Non-Resident Indians (NRIs) by Union Bank of India. It is denominated in Indian Rupees and allows NRIs to conveniently hold and manage their foreign income that is earned outside India. The key feature of an NRE Savings Bank Account is that the funds held in this account can be freely repatriated, meaning they can be transferred back to the foreign country in the original currency without any restrictions. NRE accounts offer various benefits such as tax exemption on the interest earned and the ability to maintain the account in joint names with other NRIs.