NRE FDR

Particulars

Non-Resident (External) Rupee Account ( NRE)

Currency

Indian Rupees

Type of Accounts

Term Deposit

Tenure (For Term Deposits)

Minimum 1 year to Maximum 10 years (at the discretion of the Bank )

Sources of Funding the Account

1. Funds remitted from abroad in any permitted currency through banking channels.
2. Depositing cheque / draft drawn in foreign currency or INR.
3. Transfer from other NRE / FCNR accounts of the same account holder or another account holder with our Bank or other Banks accompanied by a certificate from paying bank.
4. Surrender of foreign currency / foreign currency travellers’ cheques to the Bank by the account holder in person.
5. Note : Third party TCs are not permitted.

Rate of Interest

As advised by the bank from time to time. See our latest interest rate chart on our website

Who can open

NRIs / PIOs/OCIs (other than person resident in Nepal and Bhutan) (Individuals from Pakistan require prior approval of RBI)

Joint Account

The accounts may be held jointly with residents and/or with non-residents. If the account is held jointly with non-residents, the operation mandate in the account may be as per the choice of the account holder. If the account is held jointly with resident Indians, the joint account holder should be a close relative of the NRI as per RBI guidelines. The operation mandate in this account shall only be FORMER OR SURVIVOR.

Nomination

Permitted

Tax on Interest Income

No TDS

Operations by Power of Attorney in favour of a resident indian

Operations in the account in terms of Power of Attorney is restricted to withdrawals for permissible local payments and for investment in the name of account holder.  Remittance to the account holder abroad is permitted, if the PA document provides for the same. 

Repatriation of fund

Principal & Interest amount are fully and freely repatriable