All You Need To Know About The NRE Fixed Deposit Account

If you want to invest your foreign income in India, fixed deposits can be a good choice and the NRE FD Account helps you do just that. Let’s decode its aspects.

Depositing money

You can deposit foreign currency, which is converted to INR, through inward remittances or transfer from an existing NRE or FCNR deposit account. 

Tenure and interest rate

The deposit tenure usually ranges from 1 year to 10 years while the interest rate varies across banks and depends on the tenure chosen.

Repatriation

The interest earned and the deposited amount is freely repatriable. So, you can convert the deposit balance into foreign currency and remit abroad.

Eligibility

You can open an NRE fixed deposit account is you are a Non-Resident Indian (NRI), Seafarers, Person of Indian Origin (PIO) or Overseas Citizen of India (OCI).

Taxability

The interest earned on the deposit is completely tax-exempt in India. This makes the NRE FD account a tax-saving investment option among NRIs.

IDFC FIRST Bank’s NRE FD Account offers interest rates going up to 7.75%* p.a. with an auto-renewal facility. Apply now and start saving!