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At a Glance
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.
Features and Benefits
- Both principal and the interest earned on NRE fixed deposits are tax-free in India
- You can freely and fully repatriate the principal amount and interest earned to your country of residence with your NRE FD account
- You get competitive interest rates on your NRE fixed deposits
- You can hold the NRE FD jointly with more than one non-resident Indian
- An NRE FD can be opened for flexible tenures lasting from one year to 10 years
- You can renew your NRE fixed deposit online in a hassle-free manner
- You can assign a nominee on your NRE FD
Eligibility Criteria
Only Non-Resident individuals of Indian nationality or of Indian origin can apply for NRE fixed deposits.
Documents Required
For NRI (Non-Resident Indian)
- Recent passport size colour photograph
- Your Indian PAN card or Form 60
- Copy of valid passport
- Proof of NRI status - Employment/Residence Visa copy or Work / Residence Permit
- Address proof (overseas and in India) as per Customer Identification Policy
- Additionally, for seafarers: Copy of CDC and last page with disembarkation stamp, current work contract and FEMA declaration
For PIO (Person of Indian Origin)
- Recent passport size colour photograph
- A valid passport
- Valid PIO/OCI card or other proof of PIO status as per Customer Identification Policy
- Address proof (overseas and in India) as per Customer Identification Policy
- Duly signed and filled-in PIO declaration
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.
Frequently Asked Questions
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.
Yes, you can open NRE fixed deposits jointly with another non-resident Indian. You can also assign a nominee for the FD account.
