NRI Deposits - Rupee Term Deposits NRE Term Deposit
NRE Term Deposit

Key Features

  • Convenience Banking including Net Banking, Phone Banking and Global Debit Card
  • Easy nomination facilities
  • Easy movement of funds (and interest earned)
  • Principal amount & interest earned are tax free

Our NRE Rupee Term Deposits combine attractive returns with maximum liquidity. Zero tax liabilities, complete repatriability and a host of value added services; it provides you with an excellent investment avenue for your funds.

Features & Benefits

Convenience Banking: Banking is extremely easy and comfortable with our Convenience Banking services. You have access to:

  • Net Banking: Take your bank to your living room, to your office or just about any place you choose. Net Banking allows you easy access to your account any time, from any place. Know more about Net Banking.
  • Phone Banking: Our Phone Banking officers are on call 24 hours a day, 7 days a week for you. You can call our toll free number 1800 116022 (North India) OR 1800 226022 (Rest of India) from anywhere in India without spending a single rupee. International Callers can call on 0091 22 66006022 - ISD rates apply. Know more about Phone Banking.

Attractive interest rates: With us you get more value for your money. See our Interest Rates.

Auto renewal of Term Deposits: Enjoy the benefits even if you forget to renew the deposits upon maturity.

Loan against Rupee Deposit: Avail maximum liquidity for the funds in your NRE deposits.

Account operation: Account can be held jointly with Non-Resident Indians only. A minimum Balance of INR 50,000/- must be maintained in the account. Nomination facilities are provided with each account.

Source of funds:

  • You can freely deposit funds received from abroad, Traveler‚s Cheques or foreign currency you bring in any convertible currency through normal banking channels into your account.
  • You can also deposit Interest / Maturity Proceeds of Government securities including National Savings Certificates, dividends of Unit Trust of India, provided these securities were purchased out of funds from NRE / FCNR Accounts.
  • Funds from a local source are permissible only if the funds are repatriable.
  • Rupee funds needs to be converted to FCY before booking as an FCNR deposit.

Freedom of use and movement:

  • You can freely move funds held in your NRE Account, along with interest earned, anywhere outside India without the prior approval of the Reserve Bank of India, subject to guidelines.
  • You can use your funds for any transaction within India. However investments in Shares / securities / commercial paper of Indian companies or for purchase of immovable property in India should be covered by general / specific permission of the RBI.

Taxation: The principal amount and the interest earned on an NRE Account are exempt from Income Tax in India. The balance in this account does not attract any Wealth Tax either.