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FAQs
On NRE Fixed Deposit |
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In what currency can my NRE Fixed Deposit be maintained?
Your NRE Fixed Deposit Account is maintained in Indian Rupees.
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What is the minimum amount with which I can open an NRE Fixed Deposit?
The minimum amount with which you can open an NRE Fixed Deposit Account is INR 25,000/-& the amount required for Add-on Fixed Deposits is INR 10,000/-.
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What is the frequency of interest payment on my NRE Fixed Deposit Account?
The frequency of interest payment on your NRE Fixed Deposit Account is Quarterly.
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Will I get a cheque book and an ATM / Debit Card when I open an NRE Fixed Deposit?
No. You will not get a cheque book or an ATM / Debit Card with your NRE Fixed Deposit Account
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Can I avail of loan against my NRE Deposits?
Yes. You can avail of loan against your NRE Deposits. The loan/overdraft can be used for personal purposes or for carrying on Business activities other than
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Relending
- Agricultural/Plantation activities
- Real Estate Business
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Can I break my deposit before the maturity period?
Yes. You can break your deposit before the maturity period. NRE Deposits booked on or after 1st May 2003 will qualify for interest only if they have run for a minimum period of 12 months.
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Can my NRE Deposits with the bank be automatically renewed on maturity?
If you provide specific auto renewal instructions, the deposit will be renewed on maturity in accordance with the instructions. In the absence of any instructions, deposit will be renewed for the same period at the rates prevailing on the date of maturity.
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What taxes am I liable to pay if I have an NRE Fixed Deposit?
As per current guidelines, funds in NRE Fixed Deposit Account are exempted from income tax in India.
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What is the tenure and interest rate for which I can open a NRE Fixed Deposit?
Please click here
to know more on tenure & interest rate.
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Can I have a nominee for my NRE Fixed Deposit?
Yes. You can have a nominee for the NRE Fixed Deposit Account.
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Can I have a joint applicant for the NRE
Fixed Deposit?
Yes. You can hold the NRE Fixed Deposit Account jointly with other Non-Resident Indian(s).
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Is there a penalty on premature withdrawal of my NRE Fixed Deposit?
No. There is no penalty on premature withdrawal of your NRE Fixed Deposit.
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