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in Dubai
At a Glance
Dubai is not only a favourite tourist destination for Indians; it is also home to over 3 million Indian expatriates, one of the reasons being a long history of trade and oil exports. As an NRI in UAE, you can save your AED earnings in India with an NRE Account and open NRE Fixed Deposits from Dubai UAE.
Open NRE Account From Dubai UAE
One of the most luxurious and futuristic Emirates of UAE, Dubai, continues to enchant individuals worldwide. Architectural structures, including the tallest building in the world, massive human-made islands, premium hotels, and the vast deserts of Dubai, are second to none.
The Economy of Dubai is driven majorly by tourism, transportation, and real estate. Dubai serves as a business hub in West Asia, attracting skilled individuals globally. Indian expatriates form a large percentage of immigrant communities. As an NRI, you can save your foreign earnings in a high interest-bearing deposit account in India. Open a DBS Treasures NRE Savings Account to park your UAE dirhams. Earn attractive interest rates by creating Rupee-denominated NRE Fixed Deposits and enjoy 100% tax-free and fully repatriable returns.
Features and Benefits
- The principal deposit amount and interest earned in an NRE Fixed Deposits in India are tax exempt.
- You can fully and freely repatriate the principal deposit and interest earned back to Dubai.
- Enjoy attractive interest rates of up to 4.35%* on your NRE FD Account.
- You can open an NRE FD jointly with multiple NRIs or Resident Indians.
- DBS offers flexible tenures on NRE Fixed Deposits ranging from a year to 10 years.
- Renewal of your NRE Fixed Deposit is a hassle-free process.
Eligibility Criteria
To open NRE FD Account from Dubai, UAE, you must be a Non-Resident Indian or a Person of Indian Origin. Mariners, seafarers, employees of foreign airlines who are Indian nationals and Overseas Citizens of India (OCI) cardholders also qualify to open NRE Fixed Deposit External Account.
Documents Required
Non-resident Indians require
- Valid copies of passport pages with name, address, date of issue, place of issue
- NRI Status Proof: Valid work permit/visa or residence permit/visa
- Dubai and India address proof: Indian Passport/Driving License/Lease Agreements or per Customer Identification Policy (CIP)
- Permanent Account Number (PAN) card or Form 60
- Latest passport size photos
Seafaring NRIs need to provide additional documents
- Foreign Exchange Management Act (FEMA) Declaration
- The employment contract of the Dubai shipping company
- Copy of Continuous Discharge Certificate (CDC) with the last page having the disembarkation stamp
Person of Indian Origins
- Latest passport size photos
- Valid copies of passport pages with name, address, date of issue, place of issue
- Dubai and India address proof: Indian Passport/Driving License/Lease Agreements or per Customer Identification Policy (CIP)
- NRI Status Proof: Valid work permit/visa or residence permit/visa or Overseas Citizen of India (OCI) card
How to Apply
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Frequently Asked Questions
A DBS Treasures NRE FD Account offers competitive interest rates than what you would earn with your regular NRE Savings Account. You can also avail of loans against FD, choose your preferred investment tenure, and opt for auto-renewal of FD.
Different types of term deposits come with varying interest payout options. A cumulative deposit account pays interest after maturity, while a non-cumulative one pays interest at regular intervals, mainly every quarter.
According to RBI regulations, DBS can grant you a loan against your NRE Deposit Account. You can obtain rupee or foreign currency loans from India as well as overseas. You can also obtain a joint loan with immediate relations.
Yes, you may name your father as the joint account holder. The bank encourages you to assign an immediate relative, whether an NRI or a Resident Indian as your joint account holder. The bank also allows you to assign any RI or NRI as the nominee, and so you may name your sister as one.
Unfortunately, you cannot use funds from your NRO Account for NRE deposits. You will need an NRE Account to create the NRE FD.
The bank credits interest to your NRE Savings or Current Account after maturity. You can also choose to renew your NRE FD by informing DBS or setting up standing instructions for automatic renewal. DBS will renew the FD in accordance with the provision of the relevant RBI schemes at the prevailing rate of interest.
Yes, you can redeem your NRE deposit before maturity. However, the bank may levy you a penalty of 1% for premature withdrawal. Also, the bank is not liable to pay any interest for fixed deposits withdrawn before the completion of 1 year.
