• NRE Fixed deposit account is maintained in Indian Rupees
• Principal and interest are freely repatriable
• Interest earned on the account is not subject to tax deduction at source
• The tenure of the Fixed deposit ranges from 1 to 5 years.
• A minimum deposit amount of INR 10,000 is required to create an NRE Fixed Deposit
• Auto renewal facility
• Overdraft facility available against deposit
Click here to see Interest Rate
A. For fixed deposit with tenor below 1 quarter (3 months): Interest is calculated on the basis of actual number of days considering the year as 365 days.
For fixed deposit with a tenure greater than 1 quarter: a) Interest for the quarter is calculated considering each quarter as 90 days and year as 360 days (90 days x 4 quarters). b) Interest for the last quarter is calculated on the basis of actual number of days considering the year as 365 days.
Reinvestment Fixed Deposit: a) Interest for each completed quarter is calculated considering each quarter as 90 days and year as 360 days (90 days x 4 quarters). b) Interest for the last quarter is calculated on the basis of actual number of days considering the year as 365 days. c) Interest for each quarter is compounded.
This methodology (A) is applicable for all rupee denominated deposits (Resident / NRO / NRE) opened after
24 February 2009.
B. Interest on Fixed Deposit will be calculated on the basis of ‘Actual number of days considering the year as 365 days’. For Reinvestment Fixed Deposit, Interest is compounded on a quarterly basis.
This methodology (B) is applicable for all rupee denominated deposits (Resident / NRO / NRE) opened on and after 2nd January 2018.
• Currency options: USD, GBP & EUR, CAD & AUD.
• You can remit funds in any convertible currency; the funds will be converted to the above currencies based on your choice.
• Tenures ranging from 1 to 3 years depending on the currency of deposit.
• Principal & Interest earned is fully repatriable*
• The interest is calculated considering the number of days for the year as 360 days
• The interest is calculated at intervals of 180 days each and thereafter for the remaining actual number of days. However interest payout to customer takes place at the maturity of the deposit.
• Interest calculation on Reinvestment RFC Fixed Deposit will also follow the above methodology
RFC Interest Rates w.e.f. 1st Aug 2022
The interest rates on RFC fixed deposits are
• Tenor ranges from 7 days to 5 years
• Minimum amount to open an Online Fixed Deposit is ‘INR 10,000/- and the same can be made in multiples of ‘1/-
• Options of simple interest and compound interest
• Auto renewal facility
• Overdraft facility available against deposit
Click here to see Interest Rate
Rupee Time deposits held in Domestic, Non-Resident Ordinary (NRO) Accounts:
A. For fixed deposit with tenor below 1 quarter (3 months): Interest is calculated on the basis of actual number of days considering the year as 365 days.
For fixed deposit with a tenure greater than 1 quarter: a) Interest for the quarter is calculated considering each quarter as 90 days and year as 360 days (90 days x 4 quarters). b) Interest for the last quarter is calculated on the basis of actual number of days considering the year as 365 days.
Reinvestment Fixed Deposit: a) Interest for each completed quarter is calculated considering each quarter as 90 days and year as 360 days (90 days x 4 quarters). b) Interest for the last quarter is calculated on the basis of actual number of days considering the year as 365 days. c) Interest for each quarter is compounded.
This methodology (A) is applicable for all rupee denominated deposits (Resident / NRO / NRE) opened after
24 February 2009.
B. Interest on Fixed Deposit will be calculated on the basis of ‘Actual number of days considering the year as 365 days’. For Reinvestment Fixed Deposit, Interest is compounded on a quarterly basis.
This methodology (B) is applicable for all rupee denominated deposits (Resident / NRO / NRE) opened on and after 2nd January 2018.
• Maintain a FCNR (B) deposit in the following currencies USD, GBP, EUR, AUD, CAD, JPY
• Tenure of 1 to 3 years*
• Tax free income earned on this account
• Freely repatriable Interest and Principal
• Auto renewal facility
• Overdraft facility available against deposit
• Initial funding: Remittance from abroad and transfer from existing NRE and FCNR Accounts
• The interest is calculated considering the number of days for the year as 360 days
• The interest is calculated at intervals of 180 days each and thereafter for the remaining actual number of days. However interest payout to customer takes place at the maturity of the deposit.
• Interest calculation on Reinvestment FCNR (B) Fixed Deposit will also follow the above methodology
• Minimum amount of USD 5,000 per deposit
Click here to see the FCNR rate
Interest calculation for FCNR Deposits with Forward Cover is same as FCNR Deposit
