Catholic Syrian Bank Limited, established in November 1920, is the oldest private sector bank in Kerala at present. One of the popular investment avenues offered by CSB for Non-Resident Indians (NRIs) is the Non-Resident External (NRE) Fixed Deposits. In this blog, we will focus on the CSB NRE fixed deposits, their rates and benefits.
CSB NRE Fixed Deposits
An NRE Fixed Deposit refers to a fixed deposit account specifically designed for Non-Resident Indians (NRIs). NRE stands for Non-Resident External, indicating that the funds deposited in this account are sourced from the NRI’s foreign earnings and held in Indian rupees (INR).
Key features of CSB NRE Fixed Deposits
The key features of CSB Bank NRE Fixed Deposits are as follows:
- The tenure of CSB NRE Fixed Deposit spans from 1 year to 10 years.
- While premature withdrawal is permitted for the CSB NRE Fixed Deposit, no interest will be paid if the withdrawal is made before the completion of 1 year.
- CSB Bank NRE Fixed Deposits allow NRIs to repatriate both the principal amount and the interest earned on their deposits.
- The interest earned on CSB Bank NRE Fixed Deposits is exempt from income tax in India, maximizing the returns for NRIs.
- CSB Bank offers competitive NRE Fixed Deposit rates, ensuring that NRIs can earn attractive returns on their investments.
- The CSB NRE Fixed Deposit can be opened either individually or jointly with other NRIs/PIOs. Additionally, it is possible to open the account jointly with a close relative who is a resident, under the “former or survivor” basis.
- The CSB Bank FD allows a minimum investment of INR 500, while there is no upper limit on the amount that can be invested in it.
- NRIs can also avail the nomination facility.
- CSB offers convenient online banking facilities, allowing NRIs to easily manage their NRE Fixed Deposit accounts, access statements, and make transactions from anywhere in the world.
CSB NRE FD Rates 2023
Given below are the interest rates (p.a.) on CSB NRE term deposits:
| Tenure of Deposit | Below Rs 2 Crore (Rate of Interest p.a.) |
|---|---|
| 1 year | 5.00% |
| Above 1 year to less than 444 days | 5.50% |
| 444 days | 7.35% |
| Above 444 days to 2 years | 5.50% |
| Above 2 years to less than 750 days | 5.75% |
| 750 days | 7.10% |
| Above 750 days to less than 890 days | 5.75% |
| 890 days to 910 days | 7.10% |
| Above 910 days to 5 years | 5.75% |
| Above 5 years to 10 years | 6.00% |
NOTE:
- These interest rates are effective from 14 July 2023.
- To inquire about the interest rates applicable to NRE term deposits of Rs. 2 Crore and above, kindly get in touch with the nearest branch.
- NRE FD rates are subjected to periodic change.
CSB NRO FD Rates 2023
Given below are the NRO fixed deposits rates of CSB bank:
| Tenure of Deposit | Below Rs 2 Crore (Rate of Interest p.a.) |
|---|---|
| 7 days to 90 days | 3.00% |
| 91 days to 179 days | 3.50% |
| 180 days to less than 1 year | 4.25% |
| 1 year | 5.00% |
| Above 1 year to less than 444 days | 5.50% |
| 444 days | 7.35% |
| Above 444 days to 2 years | 5.50% |
| Above 2 years to less than 750 days | 5.75% |
| 750 days | 7.10% |
| Above 750 days to less than 890 days | 5.75% |
| 890 days to 910 days | 7.10% |
| Above 910 days to 5 years | 5.75% |
| Above 5 years to 10 years | 6.00% |
NOTE:
- These interest rates are applicable with effect from 14 July 2023.
- To inquire about the interest rates applicable to NRO term deposits of Rs. 2 Crore and above, kindly get in touch with the nearest branch.
- NRO FD rates are subjected to periodic change.
CSB FCNR FD Rates 2023
Given below are the FCNR rates and RFC rates on deposits made with CSB bank:
| Period | USD | GBP | EUR | YEN | CAD | AUD |
|---|---|---|---|---|---|---|
| 1 year and above but less than 2 years | 5.50% | 1.50% | 0.17% | 0.70% | 1.14% | 1.09% |
| 2 year and above but less than 3 years | 5.00% | 1.86% | 0.36% | 0.70% | 2.20% | 1.57% |
| 3 year and above but less than 4 years | 5.00% | 1.98% | 0.51% | 0.69% | 2.42% | 1.93% |
| 4 year and above but less than 5 years | 4.00% | 1.99% | 0.61% | 0.70% | 2.48% | 2.20% |
| 5 years | 4.00% | 1.86% | 0.57% | 0.61% | 2.39% | 2.22% |
NOTE:
- These interest rates are applicable with effect from 13 January 2023.
- Interest rates on RFC deposits have been fixed at 0.05% p.a. across all currencies.
- FCNR FD rates are subjected to periodic change.
Eligibility for NRE FD Account at CSB
The following individuals and entities are eligible to invest in CSB Bank Fixed Deposits:
- Resident Individuals
- Hindu Undivided Families (HUF)
- Non-Resident Individuals
Documents Required to Apply for NRE FD Account by CSB Bank
To book your NRE FD with CSB Bank, simply provide the following documents:
- A copy of your valid passport
- Proof of NRI status (such as an employment visa, student visa, resident visa, dependent visa, work visa, etc.; any one of these will suffice)
- Proof of PIO/OCI status (such as a passport, PIO card, OCI card, valid visa, birth certificate, etc.; any one of these will suffice)
- PAN card or Form 60 (in case there is no PAN)
- Address proof for communication (such as a permanent driving license, voter’s ID card, etc.)
- Passport-size photographs
How to Apply for CSB NRE Fixed Deposit Account?
CSB fixed deposit accounts can be opened through both online and offline methods:
Online Method:
- Go to the official website of CSB Bank.
- Select ‘Personal Banking’ and navigate to ‘Accounts’.
- Click on ‘Fixed Deposits’.
- Choose ‘Apply e-term deposit’.
- Login if you already have an account or register as a new user.
- Provide the necessary details to open an FD account online and submit the form.
- Enter the OTP received on your registered mobile number.
- Click ‘Confirm’.
- The form will be submitted, and a representative from the bank will contact you regarding the next steps.
Offline Method:
- Visit the nearest bank branch.
- Obtain the FD application form.
- Complete the form by providing the required details and gather the necessary documents.
- Submit the filled-out form along with the required documents to the bank branch.
Contact SBNRI
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FAQs
CSB Bank NRE FD rates range from 5.00% to 7.35% per annum.
The best bank for NRE Fixed Deposits can vary depending on various factors such as interest rates, terms and conditions, customer service, and individual preferences. Therefore, one must research and compare different banks to determine the best bank for NRE Fixed Deposits that suits their specific needs and requirements.
Yes, interest earned on Catholic Syrian Bank NRE fixed deposits is not taxable in India.
