NRE accounts are opened and maintained in terms of Non-Resident (External) Accounts Rules, 1970. Government Notification No.1/9/EC/69 dated 10th February 1970 contains the Rules (see Appendix II in Volume II). These accounts are permitted to be opened in the names of non-resident individuals of Indian nationality or origin (NRIs), overseas companies, firms, societies and other corporate bodies which are owned directly or indirectly to the extent of at least 60% by NRIs and overseas trusts in which at least 60% of the beneficial interest is irrevocably held by such persons (OCBs).