NRE fixed deposits allow you to grow foreign currency savings in India and earn tax-free interest at competitive interest rates.
DBS Treasures NRE fixed deposits are fully repatriable, though the investment you make is converted to Indian rupees. On repatriation, this amount can be converted into the currency of your choosing. The principal amount and interest earned on NRE fixed deposits are 100% tax-free.
For NRI (Non-Resident Indian)
For PIO (Person of Indian Origin)
Once your DBS Treasures NRE savings account is opened basis the documents listed above, NRE fixed deposits can be booked online through the DBS Treasures internet or mobile banking platforms. You may also choose to submit an FD request form at the nearest DBS Treasures branch in India.
NRE fixed deposits enable you to earn tax-free interest on your foreign currency earnings at competitive interest rates. Both the principal and interest in NRE fixed deposits are freely and fully repatriable as well.
You can maintain your NRE fixed deposit account in Indian rupees only.
The payment of interest on NRE fixed deposits is dependent on the type of term deposit booked. For cumulative deposits, interest is paid out at the time of maturity. For quarterly pay-out NRE fixed deposits, the interest is paid out in every quarter.
Yes, it is possible to break NRE fixed deposits before the maturity date. However, NRE fixed deposits need to be maintained for a minimum of 12 consecutive months to be eligible for interest payments. Pre-closure charges may also be applicable on NRE fixed deposits. You can learn more about the charges here.
As per current RBI guidelines, funds placed in NRE fixed deposits are entirely exempt from taxes in India.
If you do not withdraw the amount in your NRE fixed deposits upon maturity, it will be automatically renewed for the same tenure if you have provided auto-renewal instructions. Else, the amount will be credited into your NRE savings account. In the case of auto-renewal, the interest rate prevailing on the maturity date will be applicable.