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NRE Fixed Deposits for NRIs

IDFC FIRST Bank's NRE Fixed Deposits offer a safe and rewarding way for Non-Resident Indians (NRIs) to invest their foreign earnings in India. Held in the Indian Rupee, NRE Fixed Deposits offer multiple benefits including tax-exempt interest at attractive rates and full repatriability, ensuring your wealth grows steadily and is easily accessible when you need it. Read More

NRE Fixed Deposits from IDFC FIRST Bank offer a seamless blend of convenience and high returns, making them an attractive investment option for Non-Resident Indians (NRIs). The NRE Fixed Deposit account provides competitive interest rates that ensure your savings grow steadily over time. Plus, with the full repatriability of principal and interest, you have the option of accessing your funds from anywhere in the world. The interest earned on the account is also tax-exempt in India, which further enhances your returns. You can open and manage the account online for added convenience. As well as protecting your hard-earned money, our NRE Fixed Deposit account gives you peace of mind and helps you achieve your financial goals.

  

Benefits of IDFC FIRST Bank NRE Fixed Deposit accounts

Attractive interest rates Attractive interest rates

Attractive interest rates

Enjoy competitive interest rates on IDFC FIRST Bank NRE Fixed Deposit accounts for substantial returns on your foreign earnings.

Low minimum deposit amount Low minimum deposit amount

Low minimum deposit amount

Open an IDFC FIRST Bank NRE Fixed Deposit account with just ₹1,000.

Favourable exchange rates Favourable exchange rates

Favourable exchange rates

Convert your foreign currency into Indian rupees at favourable rates and get the most out of your investment.

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Flexible tenures ranging from 1 year to 10 years Flexible tenures ranging from 1 year to 10 years

Flexible tenures ranging from 1 year to 10 years

Choose from a flexible range of investment tenures that align with your financial goals and liquidity needs.

Hassle-free renewal Hassle-free renewal

Hassle-free renewal

Renew your NRE Fixed Deposit seamlessly with IDFC FIRST Bank for an uninterrupted investment growth.

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Multiply your earnings with tax exempt interest of up to 7.90% on IDFC FIRST Bank NRE Fixed Deposit

View Interest Rates

NRE fixed deposit interest rate

Eligibility for an NRE FD

Individuals falling under any of the below categories with an active NRI account (NRE/NRO) with IDFC FIRST Bank can open an NRE Fixed Deposit.

  • Non-Resident Indians
  • Person of Indian Origin (PIO)
  • Overseas Citizen India (OCI)
  • Seafarers working on International Vessels
  • Oil Rig Employees working on International Offshore Projects
  • Rig Employees working on International Offshore Projects

Documents required to open an NRE FD account

To apply for an IDFC FIRST Bank NRE FD account, you will need to provide the following documents:

  • Identity proof: Passport

  • Non-resident status proof (any one):

    1. Visa
    2. PIO card
    3. Foreign passport with PIO declaration
    4. Continuous Discharge Certificate with valid contract letter for seafarers
    5. Resident permit/ Resident card
  • Overseas address proof (Any one with your overseas address):

    1. Passport
    2. driving license
    3. National ID /Government issued IDs
    4. Latest utility bill (mobile/gas/electricity/telephone)
    5. Latest savings bank statement from a transactional account
    6. Council tax bill, resident permit, or voter ID/Electoral card.
  • Tax related: 

    1. PAN card or Form 60
    2. FATCA-related fields on the application form
  • Other documents: 

    1. Recent colour photograph
    2. An image of your signature (only for online applications).
  • Document certification: When not met by an IDFC FIRST Bank employee, please ensure your passport and address proof copies are certified by any one of the following entities from your overseas country of residence:

    1. Overseas bank partnered with an Indian Bank
    2. Overseas branch of Indian Bank
    3. Notary
    4. Court Magistrate or Judge
    5. Indian Embassy

Documents For NRE Account

Compare NRE FD Interest Rates

Explore our range of NRI Fixed deposit products to make an informed choice

Click here to Compare Deposits

Compare NRI deposits

FREQUENTLY ASKED QUESTIONS

How can I book NRE Fixed Deposit?

NRE Fixed Deposits can be opened online using net banking, mobile banking application or by sending an email from the registered email ID to your Relationship Manager.

On your visit to India, you may also visit the nearest branch for booking an NRE Fixed Deposit.

In which currency is my NRE Fixed Deposit maintained?

Your NRE Fixed Deposit will be maintained in Indian Rupees.

What should be the minimum tenure to earn interest on NRE Fixed Deposit?

To earn interest on your NRE Fixed Deposit, it should be held for a minimum of 1 year.

What is the maximum tenure of NRE Fixed deposits?

The NRE deposit can be held for a maximum of 10 years.

What is the interest rate for which I can open a NRE Fixed Deposit?

We offer the most attractive interest rates on our deposits. Click here to know more.

Will I get a chequebook and a global debit card when I open NRE Fixed Deposit?

There is no chequebook or debit card issued with our NRE Fixed Deposits. However, we share an FD advice on your registered email ID, and the detailed Deposit advice can be viewed on your net banking and mobile banking app. 

Can I repatriate the funds in my NRE Fixed Deposit?

Yes, the funds held in your NRE Fixed Deposit are fully and freely repatriable (both principal and interest).

What is the minimum amount required to open a NRE Fixed Deposit?

The minimum amount required for opening NRE Fixed Deposit is ₹1,000.

Are these deposits taxable in India?

As per current guidelines, the principal amount as well as the interest earned on an NRE Fixed Deposit is tax-exempt in India.

How can I fund NRE Fixed Deposit Account?

The NRE 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

Can I have a joint account holder in my NRE Fixed Deposit?

You can add Non-Resident Indians /PIOs / OCIs as Joint Account Holders. Resident Indian who are 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.

Is premature withdrawal facility available in my NRE Fixed Deposit? If yes, what would be the foreclosure charges applicable?

Yes, premature withdrawal of Retail Fixed Deposit is permissible. However, the interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit remained with the bank or at the contracted rate, whichever is lower. Further, the Bank will levy a penal charge from time to time for such premature withdrawals. For details of the foreclosure, charges please click here.

Can my NRE Fixed deposit with the bank automatically get renewed on maturity?

Your NRE Fixed Deposit with the bank will not get renewed automatically on maturity if specific instructions for the same have been provided during FD booking. However, in absence of any specific instruction, deposits will be renewed for the same period at the rates prevailing at the time of maturity.

How can I access my NRE Fixed Deposit when I am overseas?

You can access your NRE Fixed Deposit through Net Banking and Mobile Banking. Click here to login your Net banking.

 

Can I have nomination facility in my NRE Fixed Deposit?

Yes, you can avail nomination facilities in your NRE Fixed Deposit. A nominee can be either resident or non-resident as desired by the account holder.

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

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 quarter and paid on maturity.

What is the frequency of interest payment on my NRE fixed deposit account in IDFC FIRST Bank?

The interest on your NRE fixed deposit account is credited on a quarterly basis, ensuring you receive regular returns on your investment throughout the tenure.

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