Open an NRE Savings Account

 

At a Glance

The Commonwealth of Australia is home to a significant immigrant population, including NRIs. The Indian community in Australia primarily comprises skilled individuals and students. As an NRI in Australia, you can invest your Australian earnings by creating an NRE Fixed Deposit from the funds parked in your DBS Treasures NRE Account.

Open NRE Account From Australia

A megadiverse continent, Australia boasts enthralling geographical features. From lively coasts to national parks and serene snowcapped mountain ranges, the country has it all. This largest country in Oceania possesses higher biocapacity, which has primarily contributed to the wealth of Australia. Perhaps this wealth draws immigrants to the country in search of better career prospects and a higher standard of life.

Commonalities between Australia and India in terms of democracy, the judicial system, sports etc., has allowed Indian nationals to adapt in Australia. Professionals in the field of education, accounting, medicine, and information technology, as well as students, have migrated to Australia, resulting in a fast-growing Indian community. As an NRI in Australia, you can invest your Australian earnings by creating a DBS Treasures NRE Fixed Deposit that is 100% tax-free with fully repatriable returns.

Open an NRE Savings Account

 

Features and Benefits

  • Tax Benefit: The principal deposit amount and interest earned in an NRE Fixed Deposit Account are exempt from tax in India.
  • Full Repatriation: An NRE FD offers free and full repatriation of funds from your FD back to Australia.
  • Higher Interest Rates: DBS Treasures NRE Fixed Deposits offer competitive interest rates, subject to bank and RBI policies.
  • Joint FD Accounts: You can hold a joint NRE FD Account with another NRI and assign a nominee as well.
  • Flexible Tenure: You can choose your preferred investment tenure, ranging from one year to 10 years.

Open an NRE Savings Account

 

Interest Rates

Open NRE Fixed Deposit Account from Australia and enjoy attractive interest rates.

From

Less than INR 2 Crore

1 year to 375 days

3.15%

376 days to less than 2 years

3.15%

2 years & less than 2 years 6 months

3.35%

2 years & 6 months

3.35%

2 years 6 months 1 day & less than 3 years

3.35%

3 years & less than 4 years

4.35%

4 years & less than 5 years

4.35%

5 years & above

4.35%

*For NRI fixed deposits of INR 2 crore and above, please contact your designated Relationship Manager or the nearest DBS bank branch in India.

Open an NRE Savings Account

 

Eligibility Criteria

Non-resident Indians (NRI) and Persons of Indian Origin (PIO), including Overseas Citizen of India (OCI) cardholders residing in Australia, can open NRE Fixed Deposits from Australia.

 

Documents Required

To open NRE Fixed Deposit Account from Australia, you must hold a DBS Treasures NRE Savings Account. The standard documents required include your identity proof and foreign country residence proof documents.

Documents for NRIs in Australia

Non-Resident Indians in Australia need to provide their:

  • Indian Permanent Account Number (PAN) card
  • Form 60, if PAN card is not available
  • Valid passport copies
  • Latest passport size colour photographs
  • NRI status proof: Australian Work Visa/Residence Visa/Work Permit/Residence Permit
  • Address proof of residency in Australia as per Customer Identification Policy (CIP)
  • Address proof of residency in India as per CIP
  • Seafarers must provide a copy of their Continuous Discharge Certificate (CDC) with the disembarkation stamp, employment contract and FEMA declaration.

Documents for PIOs and OCIs

Persons of Indian Origin or Overseas Citizens of India cardholders must provide their:

  • Valid passport copies
  • Valid POI card/OCI card/relevant proof of PIO status per CIP
  • Address proof of residency in Australia as per CIP
  • Address proof of residency in India as per CIP
  • Duly signed PIO declaration form

After opening a DBS Treasures NRE Savings Account, you can submit an application to open NRE Fixed Deposit External Account from Australia via mobile or internet banking services. You may also submit an FD request form at your nearest DBS Treasures branch to create the NRE Fixed Deposit on your visit to India.

Open an NRE Savings Account

 

How to Apply

Non-Resident External (NRE) Account

Sign up for a Non-Resident External (NRE) Account

Open NRE Account

Non-Resident Ordinary (NRO) Account

Sign up for a Non-Resident Ordinary (NRO) Account

Open NRO Account

 

Frequently Asked Questions

There is no upper limit to the amount of funds you can invest in an FD. However, to open NRE FD from Australia for an amount exceeding INR 2 Crores, you should contact your designated DBS Treasures Relationship Manager for more information on interest rates.


An NRE FD is a high interest-bearing account that allows you to park your idle foreign income in Indian Rupees. Your interest earned and principal deposits are tax-free and fully repatriable in Australia.


Interest payment in your DBS Treasures NRE FD will vary based on the term deposit type. If you have opted for cumulative deposits, DBS will pay interest once at the time of maturity. However, for non-cumulative deposits, you will receive interest at regular intervals, i.e., every quarter.


Yes, DBS Treasures allows early redemption of sums from your Fixed Deposits. In the case of NRE FD, the minimum requirement for interest payments is that you maintain the FD for 12 consecutive months or, you may have to pay penalties for breaking the NRE FD before maturity. Charges for the same are available on the DBS Treasures website.


Yes, you can assign a nominee. You can also open NRE Fixed Deposit Account from Australia jointly with another NRI or Indian resident.


DBS Treasures will credit the entire amount along with interest to your savings account. You can continue to maintain the FD even after maturity.

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