IndusInd Bank NRE fixed deposit is a good investment option for NRIs and PIOs to earn high returns from income earned through foreign sources. Moreover, the principal and interest earned are tax-free and fully repatriable. IndusInd Bank NRE FD rates range from 7.00% to 7.75% p.a. for a period ranging from 1 to 10 years.
IndusInd Bank NRE FD Rates 2023
Interest rates of IndusInd Bank NRE fixed deposit worth less than Rs. 5 cr with effect from 2nd June 2023.
Premature Withdrawal Allowed
| Tenure | Less than Rs. 2cr. | Rs. 2 cr to less than Rs. 5 cr |
|---|---|---|
| 1 Year to below 18 months | 7.75% | 7.70% |
| 18 months to below 19 months | 7.75% | 7.70% |
| 19 months to below 2 years | 7.75% | 7.70% |
| 2 years to 25 months | 7.50% | 7.50% |
| 25 months to below 30 months | 7.50% | 7.50% |
| 30 months to below 33 months | 7.50% | 7.50% |
| 33 months to 39 months | 7.50% | 7.50% |
| 39 months to below 61 month | 7.25% | 7.25% |
| 61 months and above | 7.00% | 7.00% |
Note:
- Interest rates are subject to periodic changes
- IndusInd NRE interest is compounded quarterly
Premature Withdrawal Not Allowed
| Tenure | Rs. 1 cr to less than Rs. 5 cr. |
|---|---|
| 1 Year to below 18 months | 7.80% |
| 18 months to below 19 months | 7.80% |
| 19 months to below 2 years | 7.80% |
| 2 years to 25 months | 7.60% |
| Above 25 months to below 30 months | 7.60% |
| 30 months to below 33 months | 7.60% |
| 33 months to 39 months | 7.60% |
| Above 39 months to below 61 month | 7.35% |
| 61 months and above | 7.10% |
Features & Benefits of IndusInd Bank NRE Fixed Deposits
Listed below are the benefits of IndusInd Bank fixed deposits:
- Funds are maintained in INR: Foreign currency deposited in an NRE fixed deposit account is converted and maintained into Indian Rupees.
- Flexible tenure: You choose a flexible tenure running from 1 year and 10 years.
- Repatriability: Both principal and interest in NRE fixed deposit are fully and freely repatriable.
- Tax-free investment: There is no tax on interest earned on an NRE fixed deposit.
- Interest: IndusInd Bank FD interest is compounded quarterly.
How to open IndusInd Bank NRE FD
Here are steps to open IndusInd Bank NRE fixed deposit account:
- Click on ‘Apply Now’ button and fill up the banking customer enquiry form.
- Click the Submit button.
- Your interaction ID will be created.
- You can note it down for future reference.
- One of the bank representatives will get in touch with you.
Documents Required for IndusInd Bank NRE Deposits
Listed below are the documents required to open an NRE FD.
- Duly filled IndusInd Bank FD account opening form
- Latest self-attested photographs
- Current passport containing your name, date of birth, photograph, signature, date of issue and expiry, etc.
- Certificate for resident status (valid visa/ work permit/ student visa/ residence permit/ uniform ID card of the resident country)
- Indian address proof (whenever applicable)
- PIO or OCI card (where applicable)
- Nominee application (if applicable)
- Specimen signature of the account holder
Note: This is not an exhaustive list of documents that you need to open an NRE FD. You can contact the bank for the same.
Due to a lengthy process and lots of documents required to apply for NRE FD accounts, NRIs living away from India may face several challenges. At SBNRI, we understand this struggle. You can download SBNRI App to apply for an NRE Fixed Deposit account with nominal documentation with a smooth procedure.
You can also click on the button below for more information and to apply for an NRI FD account. Visit our blog and YouTube Channel for more details.
