Here are the main highlights of an NRE fixed deposit account
This is the rupee fixed deposit for foreign earnings; one can enjoy full repatriability of investment including the interest with an NRE fixed deposit account. The interests earned in the accounts are not taxable in India and the best part is loans of up to 90% of your deposit at attractive interest rates.
Now let’s have a look and get an understanding of what NRE fixed deposits actually are
NRE fixed deposits are a high return rupee deposit option to invest your foreign income.
Why should one choose an NRE fixed deposit account?
There are numerous benefits if one chooses an NRE fixed deposit account , with these accounts you earn high tax-free interest and also get the facility of free repatriability on al;l your foreign earnings plus a plan up to 90% of your deposit at attractive interest rates.
Let us dive into the features and benefits of the NRE fixed deposit accounts as well.
With NRE fixed deposits the customers can enjoy a high level of flexibility; you can fund your account with any convertible currency. You are also entitled to a lower deposit amount of Rs 25,000. The renewal process to is simple and without a lot of hassles, the principle and the interest earned gets automatically renewed when matured.
There are competitive exchange rates when you want to convert your foreign currency into rupees and the movement of the money too is convenient, they are freely repatriable. All the interest earned on the NRE fixed deposit account is non-taxable in India. The loan options too are excessively alluring with loans up to a 90% of the deposit at attractive interest rates and maximum INR 500 lakhs. The processing of the NRE accounts is quick as well with EDC-A (Electronic Deposit Confirmation Advise) on your email Id within 1 working day but this is possible only when you have subscribed to the account statement through email id option.
The main documents that are required to open an NRE fixed deposit account are self-attested photocopies of passport, valid work permit or employment visa or residence visa or residence permit and proper address proofs.
When you will be submitting the application for the account opening from outside India, you will require photocopies of the undermentioned documents that have it be self-attested by the document holder as well as attested by a banker or a notary or an embassy official or a consulate official – The first and last four pages of your passport, your valid work permit , employment visa, residence visa and residence permit and other address proofs.
When all these documentation have been done and duly submitted without any issues, you are on your way to get your NRE fixed deposit account.