When it comes to investment opportunities, India offers a wide range of investment options for Non-Resident Indians (NRIs). One such avenue is the Non-Resident External Fixed Deposit (NRE FD) offered by DBS Bank. DBS Bank provides NRIs with attractive interest rates and a host of benefits that make their NRE FDs a lucrative investment option. In this blog, we will explore DBS Bank NRE FD rates.
DBS India FD Rates
Given below are the tables showcasing the DBS NRE deposit rates and DBS NRO Fixed Deposit rates–
DBS Bank NRE FD Rates
| Tenure of Deposits | Interest Rate (p.a.) |
|---|---|
| 1 year to 375 days | 6.25% |
| 376 days to 540 days | 6.50% |
| 541 days to less than 2 years | 6.25% |
| 2 years & less than 2 years 6 months | 5.75% |
| 2 years & 6 months | 5.25% |
| 2 years 6 months 1 day & less than 3 years | 5.25% |
| 3 years and less than 4 years | 5.00% |
| 4 years to less than 5 years | 5.00% |
| 5 years and above | 5.00% |
Note-
- Interest rates mentioned above are subject to change without prior notice.
- The rates are applicable with effect from 18 November 2022.
- For NRI fixed deposits of INR 2 crore and above, please contact your Relationship Manager or nearest branch in India.
DBS Bank NRO FD Rates
| Tenure of Deposits | Rate of Interest (p.a.) |
|---|---|
| 7 days | 2.50% |
| 8 days & up to 14 days | 2.75% |
| 15 days & up to 29 days | 2.75% |
| 30 days & up to 45 days | 2.75% |
| 46 days & up to 60 days | 2.75% |
| 61 days | 3.25% |
| 62 days & up to 90 days | 3.00% |
| 91 to 180 days | 3.00% |
| 181 to 269 days | 4.75% |
| 270 to less than 1 year | 4.75% |
| 1 year to 375 days | 6.25% |
| 376 days to 540 days | 7.25% |
| 541 days to 599 days | 7.25% |
| 600 days | 7.25% |
| 601 days to less than 2 years | 7.25% |
| 2 years to less than 2 years & 6 months | 7.25% |
| 2 years & 6 months | 7.25% |
| 2 years 6 months 1 day & less than 3 years | 7.50% |
| 3 years and less than 4 years | 6.50% |
| 4 years to less than 5 years | 6.50% |
| 5 years and above | 6.50% |
Note-
- Interest rates mentioned above are subject to change without prior notice.
- The rates are applicable with effect from 23 February 2023.
- For NRI fixed deposits of INR 2 crore and above, please contact your Relationship Manager or nearest branch in India.
DBS NRE Fixed Deposit
NRE fixed deposits offer the opportunity for NRIs to grow their foreign currency savings in India while earning tax-free interest at attractive rates. DBS Treasures NRE fixed deposits provide full repatriability, meaning that your investment is converted into Indian rupees (INR) but can be converted back into your preferred currency upon repatriation. Both the principal amount and the interest accrued on NRE fixed deposits enjoy complete tax exemption.
DBS NRE Fixed Deposit: Features and Benefits
Given below are the features and benefits of DBS NRE fixed deposit:
- The principal amount and the interest earned on NRE fixed deposits in India are exempt from taxation.
- DBS NRE FD account allows for complete and unrestricted repatriation of both the principal amount and the interest earned to your country of residence.
- Competitive interest rates are offered on your NRE fixed deposits.
- It is possible to hold the NRE FD jointly with multiple non-resident Indians.
- NRE FDs can be opened for flexible tenures ranging from one year to 10 years.
- The renewal of your NRE fixed deposit can be conveniently done online without any hassle.
- You have the option to assign a nominee to your NRE FD.
Premature Withdrawal of NRE Deposits
- DBS Bank permits the withdrawal of Resident/NRO Term deposits and NRE/FCNR Deposits prior to their maturity dates.
- In the case of premature withdrawal, the interest on Resident/NRO Term Deposits and NRE/FCNR deposits will be paid based on the prevailing rate at the time of deposit placement or the contracted rate, whichever is lower.
- However, a penalty of 1% will be deducted from the interest amount.
- It is important to note that if NRE/FCNR Deposits are withdrawn prematurely before the completion of 1 year from the date of deposit or its renewal, no interest will be paid.
Eligibility Criteria
NRE fixed deposits are only available to individuals who are non-residents and either hold Indian nationality or have Indian origin.
Documents Required to Open DBS Bank NRE FD
For Non-Resident Indians (NRIs)
- Recent passport-size color photograph
- Indian PAN card or Form 60
- Copy of a valid passport
- Proof of NRI status, such as an Employment/Residence Visa copy or Work/Residence Permit
- Address proof, both overseas and in India, in accordance with the Customer Identification Policy
- Additional documents for seafarers: Copy of CDC with the last page containing the disembarkation stamp, current work contract, and FEMA (Foreign Exchange Management Act) declaration
For Persons of Indian Origin (PIOs)
- Recent passport-size color photograph
- Valid passport
- Valid PIO/OCI card or other proof of PIO status as per the Customer Identification Policy
- Address proof, both overseas and in India, as per the Customer Identification Policy
- Duly signed and filled-in PIO declaration
How to Open NRE Fixed Deposit at DBS?
DBS NRI account opening is an easy and hassle-free process. You can open a DBS Treasures NRE Fixed Deposit Account either online or offline.
Online
- Visit the official website of DBS bank.
- Go to the ‘NRI banking’ option and select ‘Fixed Deposit’ from the drop-down menu.
- Click on the button ‘Open FD online’.
- Provide basic details like name, contact number and email address and request for a callback.
- One of the bank’s representatives will contact and help you set up your NRE FD account.
Offline
- Locate the nearest DBS bank branch in your area.
- Request the application form for the NRE FD account.
- Complete the form by providing all the required details and gather the necessary documents.
- Submit the fully filled form along with the required documents at the bank branch.
DBS NRI Customer Care
- For any queries, NRIs can contact at the following customer care numbers-
| Calling from India | 1860 267 1234 / 1800 209 4555 |
| Calling from Singapore | 800 852 6186 |
| Calling from Overseas | +91 44 6685 4555 |
- NRIs can also submit their queries at [email protected]
Contact SBNRI
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FAQs
No, all NRI FDs are not tax-free. NRO fixed deposits attract income tax, whereas NRE and FCNR deposits are exempt from income tax.
NRI Fixed Deposits offer an opportunity for NRIs to invest their funds in India and earn interest. NRIs have the option to open NRE, NRO, and FCNR FDs. While tax-free interest income can be earned on NRE and FCNR FDs, the interest earned on NRO FDs is subject to taxation in India.
Yes, NRIs have the option to hold an NRE fixed deposit jointly with one or more non-resident Indians.
DBS offers flexible tenures for NRE fixed deposits, ranging from one year to ten years.
