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NRE Fixed Deposit

Non Resident External Fixed Deposit Account allows you to deposit and park your foreign currency in India and get attractive tax exempt interest rates on it. Your NRE Fixed deposit account can be funded through: Foreign currency remittance from overseas and/or funds from any other FCNR/NRE in any bank in India

Multiply your earnings with tax exempt interest of upto 7.25% on IDFC FIRST Bank NRE Fixed Deposit

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NRE Fixed Deposit

Eligibility

Any existing IDFC FIRST Bank NRI customer can open an NRE Fixed deposit with us. All it takes is a couple of clicks on our mobile app!

NRE Fixed Deposit

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NRE Fixed Deposit

FREQUENTLY ASKED QUESTIONS

What are tenure options available for NRE Fixed Deposit?

At IDFC FIRST Bank, we offer the following tenure options with NRE deposits:

  • For NRE FD, Tenures available range from 1 year to 10 years
  • For NRO FD, Tenures available range from 7 days to 10 years
  • For FCNR FD, Tenures available range from 1 year to 5 years

How are NRE FD rates compounded and paid for NRE Fixed Deposit account?

FCNR FD rates:

  • FCNR rates are computed using a fixed rate
  • The interest on FCNR deposits is compounded at intervals of 180 days each and thereafter for the remaining actual number of days
  • The principal is increased to include the interest earned during the previous 180 days

NRO/NRE FD rates

  • NRE FD rates are computed using a fixed rate
  • You can choose between Simple or Compound Interest
  • For simple interest FD, you can get monthly or quarterly payout
  • In case of Compound Interest, interest on NRE deposits is compounded every 90 days and paid on maturity

Are proceeds from NRE Fixed deposits taxable?


FCNR Fixed Deposit/NRE Deposit Tax:

  • The interest earned on this account is exempt from tax in India. However, the interest earned may be subject to tax in your country of residence.

NRO FD Tax:

  • The interest earned on this account is subject to TDS at the rate of 30% + Surcharge and cess when the interest accrues on your deposit
  • In addition to the interest taxed in India, the interest earned may also be subject to tax in your country of residence

Can I open NRE deposits along with a joint holder?

You can add Non-Resident Indians /PIOs / OCIs as Joint Account Holders. Resident Indian close relatives may be added a second holder in the account on “Former or Survivor” basis. This would allow the second holder access to account only post the demise of the NRI first holder.

How can I fund NRE account Fixed Deposit?

FCNR /NRE Fixed Deposit: The FCNR deposit account can be funded through:

  • Foreign Currency Remittances from overseas
  • Funds from any other FCNR account or NRE FD account in any bank in India

NRO FD: The account can be funded through:

  • Any legitimate income from India
  • Funds from any other NRO or NRE account in any bank in India
  • Foreign currency remittances from overseas

Is money from NRE deposits repatriable?

FCNR/NRE Deposit: Money from FCNR deposits or NRE deposits is freely repatriable i.e. both the Principal amount and interest earned are freely and completely transferable. We only require written instructions with the wire details for executing this Repatriation.

NRO FD: Funds from the NRO Deposits can be repatriated post payment of applicable taxes with a limit of USD 1 million in a financial year. We need documents as per the guidelines issued by the Reserve Bank of India depending on the source of the funds in the account.

How can I open NRE deposits account online?

You can book NRO deposits by reaching out to any IDFC FIRST Bank representative or reaching out to your RM.

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