Eligibility Criteria for NRE Fixed Deposit
- To be eligible to open an NRE FD, you should be:
A Non-Resident Indian (NRI) of Indian Nationality
A Person of Indian Origin (PIO)
Introduction
An NRE Fixed Deposit offers a secure way to deposit your foreign currency earnings in India, while earning attractive interest rates and choosing flexible deposit tenures. What’s more, you can enjoy total repatriation benefits and transfer funds from overseas in a freely convertible foreign currency.
FAQs
The eligibility criteria for NRE Fixed Deposit Accounts are limited to Non-Resident Indians including seafarers, students studying abroad, Indian nationals working abroad and holding an NRE Account in India. (essentially an Indian passport holder living abroad for more than 182 in a financial year). Additionally, PIOs are also eligible. Any individual that does not fit into this specific eligibility criteria is not eligible to open an NRE Account.
Yes, NRE FDs are considered an excellent investment for NRIs due to their stable returns and capital protection features, making them a reliable savings option. Additionally, the funds deposited in NRE FDs can be repatriated freely, which means the interest and principal can be transferred back to the NRI's home country without any restrictions
The NRE Deposit comes with a minimum one-year lock-in period. If you withdraw the deposit before this period, you will be eligible to receive only the principal investment amount and no interest shall be paid by the bank.