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NRO Fixed Deposit (FD)
At a Glance
Dubai is home to a significant global immigrant population. Indian immigrants especially prefer to settle in Dubai due to its proximity to India and the familiar cultures of the two countries. This UAE city offers employment opportunities in several domains. As an NRI in Dubai, you can earn attractive interest on your Indian income sources with DBS Treasures NRO Fixed Deposits.
Open NRO Account from Dubai, UAE
You have not experienced luxury in the true sense if you have not visited Dubai! This Middle Eastern city in the United Arab Emirates has achieved the distinction of being a world-class city. One of the most visited cities globally, Dubai is also a breeding ground for employment opportunities. It is little wonder that a vast NRI population chooses Dubai for a shot at a better life.
As an NRI living in Dubai, you can now park your Dubai income in India securely into DBS Treasures NRO Accounts while managing income from Indian sources in the same account. Your UAE Dirhams will automatically be converted to Indian Rupees on deposit. You can then invest your money in DBS Treasures NRO Fixed Deposit seamlessly. Grow your savings by earning competitive interest rates on your NRO Fixed Deposit Account.
Features and Benefits
- DBS Treasures Non- Residential Ordinary (NRO) Fixed Deposit is a hassle-free and secure investment method.
- Earn profitable interest gains by creating an NRO Fixed Deposit from your regular sources of income in India, deposited into your NRO Account.
- The interest gains from NRO Fixed Deposit are taxable per the Indian Income Tax Act of 1961.
- The principal sum invested in NRO FD is not fully repatriatable. However, you can fully repatriate the interest earned on NRO FD to Dubai at any point in time.
- Open NRO FD Account individually or jointly with another Non-Resident of India or a resident Indian citizen.
DBS Treasures offers the following interest rates on NRO Fixed Deposits
Less than INR 2 Crore
8 days & up to 14 days
15 days & up to 29 days
30 days & up to 45 days
46 days & up to 60 days
61 days & up to 90 days
91 days & up to 180 days
181 days & up to 269 days
270 days to less than 1 year
1 year to 375 days
376 days to less than 2 years
2 years & less than 2 years 6 months
2 years & 6 months
2 years 6 months 1 day & less than 3 years
3 years & less than 4 years
4 years & less than 5 years
5 years & above
*DBS pays simple interest on fixed deposits of duration up to 6 months. The bank compounds the interest rate quarterly for fixed deposits of durations exceeding 6 months.
Only a Non-Resident of India (NRI) and a Person of Indian Origin (PIO) can open NRO Fixed Deposit from Dubai.
Documents for NRIs in Dubai
- A copy of your Indian PAN Card or Form 16
- A copy of your valid Indian Passport
- Proof of NRI status - a copy of employment/ visa copy or work/ residence permit.
- Address proof of your Dubai and Indian residence as per Customer Identification policy.
- Recent passport-sized coloured photograph
In addition to these documents, Seafarers have to provide
- A duly filled FEMA declaration form
- Current work contract
- Copy of CDC
- Last page of the disembarkation stamp
Documents for PIO/OCI in Dubai
- A copy of valid Indian Passport
- A copy of a valid PIO/OCI card or any other proof of PIO as per Customer Identification policy.
- Address proof of your Dubai and Indian residence.
- Duly filled and signed PIO declaration.
- Recent passport-sized coloured photograph
How to Apply
Frequently Asked Questions
Yes, you can opt for a premature withdrawal of your NRO Fixed Deposit. However, the interest will be paid only for the period for which the deposit was held.
Yes, if you opt for premature withdrawal of your NRO Fixed Deposit, you will have to pay a fee. The charges are applicable on a case-to-case basis.
DBS Treasures NRO Fixed Deposit is an excellent investment if you wish to earn better interest on your idle savings parked in the NRO Account. You can create a lump sum amount from your NRO Savings Account deposits (rental income, for instance) and make the FD as a means to grow your savings. Plus, you may repatriate the interest income from the NRO FD back to Dubai.
Yes, once you open a DBS Treasures NRO Savings Account successfully by submitting all the necessary documents, you can also create an NRO Fixed Deposit. You can create the FD online directly through the DBS Treasures mobile banking app or internet banking platform.
Yes, you can open NRO Fixed Deposit Account jointly with another non-resident of India. In addition to this, you also have the option to add a nominee to your NRO Fixed Deposit.
Yes, you may assign a nominee to your NRO FD. You can appoint multiple nominees who can be NRIs, RIs, PIO or OCI holders.