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Summary: NRE and NRO Fixed Deposits are essential for Non-Resident Indians managing money in India. NRE Fixed Deposits handle foreign earnings, which are fully repatriable with tax-free interest. In contrast, NRO Fixed Deposits manage Indian income, though their interest is taxable. These Fixed Deposits consistently provide safe and assured returns. IndusInd Bank offers these accounts with competitive interest rates, flexible tenures, easy online access, and the convenience of early withdrawal facilities, providing Non-Resident Indians a secure and easy way to grow and manage their wealth in India.
Managing money across borders presents a unique set of challenges for Non-Resident Indians. Whether you’re handling the income generated in India or saving your foreign earnings, it is important to choose the right bank account and deposit type. This is where NRE (Non-Resident External) and NRO (Non-Resident Ordinary) Fixed Deposits become invaluable.
Let’s explore each of these in detail and see what are the NRO and NRE fixed deposit rates at IndusInd Bank.
What Are NRE and NRO Fixed Deposit Accounts?
An NRE Fixed Deposit Accountis meant for NRIs who wish to deposit their foreign earnings in India. The funds in the account are fully repatriable. This means both the principal and interest can be transferred back abroad without restriction. Another benefit is that the interest earned on the NRE Fixed Deposit Account is tax-free in India.
An NRO Fixed Deposit, on the other hand, is used to manage income earned within India. This typically includes any income earned through rent from property, dividends, pensions, or other local sources. NRO Fixed Deposits also earn interest. However, this interest income is taxable in India. Additionally, there is a repatriation limit of USD 1 million each financial year, subject to certain rules and documentation.
Why Fixed Deposits?
Fixed Deposits (FDs) are one of the most popular savings instruments among NRIs. FDs provide them a way to balance their portfolios, giving a sense of stability amidst fluctuating returns in other investment instruments. It is because FDs offer:
- Assured Returns: No risk of market fluctuations.
- Flexible Tenures: Usually from 1 to 10 years.
- Capital Safety: When the money is invested in reputed banks.
Benefits of IndusInd Bank’s NRO and NRE Fixed Deposit Accounts
When it comes to choosing where to open your NRO or NRE Fixed Deposit Account, IndusInd Bankstands out for its NRI-friendly features and commitment to great service. Have a look at these features and benefits:
1. Attractive Returns
IndusInd Bank offers competitiveNRO and NRE fixed deposit rates to help your savings grow faster and keep them secure.
2. Flexible Tenure Options
With tenures ranging from 7 days (NRO FD)/ 1 year (NRE FD) to 10 years, you can choose one that suits your needs. A shorter tenure can be selected in case you need short-term liquidity. A longer tenure, on the other hand, will contribute to long-term wealth building.
3. Easy Online Access
IndusInd Bank makes it simple for NRIs to open and manage their FDs from anywhere in the world. Our digital platforms are robust and user-friendly.
4. Early Withdrawal Facility
IndusInd Bank also allows premature withdrawal of FDs, subject to terms and conditions that vary depending on the deposit tenure.
5. Tax and Repatriation Support
For NRO FDs, where interest earned is taxable at 30%plus surcharge and cess, IndusInd Bank provides guidance on filing necessary forms for repatriation and tax compliance.
Open Your NRE or NRO Fixed Deposit Account with IndusInd Bank
For NRIs seeking to maximise their savings in India, selecting the right fixed deposit account is crucial. Whether you want to deposit foreign income or invest your local funds, an NRO or NRE Fixed Deposit Account offers both safety and assured returns on your deposited funds.
With IndusInd Bank, you not only earn reliable interest earnings but also have access to modern banking services and dedicated customer support. Enjoy the benefits of our attractive interest rates, flexible tenures, and easy account management services. Our NRE and NRO FDs are a smart choice for NRIs who want to grow their wealth with peace of mind. Apply online today!
Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.
