NRE FIXED DEPOSITS
NRE Fixed Deposits are maintained in Indian Rupees. Repatriate the principal and interest amount fully among the many other benefits.
Features & Benefits
Why choose this product:
- Earn interest at better rates than Libor
- Partially withdraw your deposits when needed
- Avail of the overdraft
facility for self and for others
- Earn interest at higher rates than the Libor is an interest rate at which banks can borrow funds, in marketable size, from other banks in the London interbank market rate
- Partial withdrawal of the deposits is allowed
- Avail of overdraft up to 90% of the deposit, or Rs. 1 Crore, whichever is lower, for self or others
- Repatriate your complete deposit (principal and interest) at any time
- Enjoy tax exemption from the entire deposit (principal and interest)
- Open the deposit jointly with any other NRI
- Avail of the nomination facility
- Cluster Deposit:
Encash part of the deposit amount while the balance continues to earn interest at the contract rate as the NRE Fixed Deposit is held in clusters of Re.1
- Initial Fixed Deposit: Rs. 25,000/-
- Add-on Fixed Deposits: Rs. 10,000/-
- Maintain the deposit for a tenure of minimum 1 year and a maximum of 5 years
- The deposit rates for NRE deposits will change from the first of every month. Since the cap on NRE rates has been enforced by the Reserve Bank of India, no request for offering differential rates would be entertained
- Interest rates are subject to change from time to time
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- Applicable interest rates will be given as on the date of receipt of the funds by the Bank
To Know More about current NRE Fixed Deposits Rates, click here
Depositing money to your account
To deposit money in your NRE Fixed Deposit, you can:
- Transfer funds from abroad in a freely convertible foreign currency
- Present foreign currency notes/travellers cheques brought in by you or another NRI during a visit to India
- Directly remit the amount to us
- Transfer funds from an existing NRE/FCNR Account held in other Banks
You are eligible if you are a non-resident individual of Indian nationality or of Indian origin.
In what currency can my NRE Fixed Deposit be maintained?
Your NRE Fixed Deposit Account is maintained in Indian Rupees.
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/- and the amount required for Add-on Fixed Deposits is INR 10,000/-.
What is the frequency of interest payment on my NRE Fixed Deposit Account?
Interest is credited in your NRE Savings Account every quarter of the year.
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
Can I avail of a loan against my NRE Deposits?
Yes. You can avail of a loan against your NRE Deposits. The loan/overdraft can be used for personal purposes or for carrying on business activities other than -
- Agricultural/plantation activities
- Real estate business
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.
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.
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.
What is the tenure and interest rate for which I can open a NRE Fixed Deposit?
Please click here to know more on tenure and interest rate.
Can I have a nominee for my NRE Fixed Deposit?
Yes. You can have a nominee for the NRE Fixed Deposit Account.
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).
Can I transfer funds from my existing NRO Accounts to open NRE / FCNR Deposit?
No. NRO funds cannot be used to create NRE/FCNR deposit.