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How to Open an NRI Fixed Deposit
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This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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Want to make the most of the funds lying in your NRI account? A Fixed Deposit is a simple way to put that money to work and earn assured returns without any stress. The benefits are many, including a safe avenue to park your funds and earn steady returns. Add tax benefits to that list. Another highlight about NRI Fixed Deposit is how effortless it is to open and manage, even when you’re miles away from home.
If you're wondering how to get started, this guide takes you through the steps to open an NRI Fixed Deposit through the medium of your choice.
Here’s what we will cover in this article:
Know the Different Types of NRI Fixed Deposit Accounts
Before you sign up for an NRI fixed deposit, here’s a breakdown of the most common types of FDs you will find in India:
Non-Resident External (NRE)
Want to save your foreign earnings in Indian rupees? An NRE Fixed Deposit is a great option. The interest you earn is tax-free in India, and both the principal and interest are fully repatriable. Just keep in mind that NRE deposits can only be booked for a tenure of one year or more.
Foreign Currency Non-Resident (FCNR)
If you prefer to hold your earnings in a foreign currency, go for a Foreign Currency Non-Resident (FCNR) fixed deposit. You can choose the currency at the time of booking—USD, GBP, EUR, AUD, or SGD—and your deposit will be maintained in that currency throughout the tenure. FCNR deposits can only be funded through a wire transfer from overseas or using funds available in your NRE savings account.
Non-Resident Ordinary (NRO)
Need an account to manage the extra income that comes from India? An NRO fixed deposit is a suitable choice. While the principal amount is repatriable under the prescribed limits the interest is taxable as per the Indian tax laws.
How to Open an NRI Fixed Deposit Account Online: Step-by-Step Guide
Digital Booking
You can book an NRE or NRO Fixed Deposit online through Kotak Net Banking or Mobile Banking. Simply log in, select the deposit type, choose the amount and tenure, and confirm your booking.
You can book FCNR fixed deposits through the following ways:
You will need to send the Secure Mail request or email in a pre-determined format.
Physical Booking
You can also book an NRE, NRO, or FCNR Fixed Deposit by visiting the nearest Kotak Mahindra Bank branch in India.
For NRE/NRO deposits, carry valid identification and account details to complete the booking.
For FCNR deposits, if you're funding it through a wire transfer, make sure the amount is first transferred to Kotak’s NOSTRO account. Once the funds are received, visit the branch with the relevant transaction details and fill out the FCNR deposit form to complete your request.
Summing Up
Booking an NRI Fixed Deposit helps you keep your money safe, earn steady returns, and even enjoy tax benefits, depending on the deposit type you choose.
With Kotak Mahindra Bank, you can make the most of your funds through attractive interest rates and a wide range of NRI Fixed Deposit options designed to suit your financial goals.
FAQs
1.Can I have a joint account holder in my NRE account?
Absolutely! You can have a joint account holder in your NRE account, provided they are an NRI or a person of Indian origin.
2. What happens if I forget to give any special instructions to the bank at the end of my FD tenure?
If you do not give any specific instructions at the end of your FD tenure, it will be auto-renewed.
3. What is the minimum amount needed to open an NRI account with Kotak?
When opening an NRE or NRO account, you should fund the account with a minimum of ₹5000.
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