IDBI Bank NRE FD
The Idbi Bank NRE tenure ranges from min 1 Year to max 10 Year 2 Days . The ROI ranges from 5.75% to 6.20 % for the general public. The lock-in period for this scheme is 5 Year
Idbi Bank NRE Scheme for amount below ₹ 2.0 Cr
The rate of interest for deposited amount less than ₹ 2.0 Cr is as below
Interest Rate for General Public (p.a.)
|1 Year Upto 1 Year 6 Months 2 Days|
|1 Year 6 Months 2 Days Upto 2 Year 6 Months 3 Days|
|2 Year 6 Months 3 Days Upto 3 Year|
|3 Year Upto 5 Year 1 Days|
|5 Year 2 Days Upto 7 Year 1 Days|
|7 Year 2 Days Upto 10 Year 2 Days|
|Upto 5 Year 1 Days|
Key features of Idbi Bank NRE Scheme
Summary of Idbi Bank NRE Scheme features :
|Mutual Fund Schemes|
|Loan Against FD|
1 Year to 10 Year 2 Days
5.75% to 6.20 %
*Interest rates are subject to change at the discretion of the bank. These Interest rates are with effect from 10 November 2021.
It is possible for non-resident Indians (NRIs) to open fixed deposit accounts with IDBI Bank. The interest rates that the lender is offering are competitive, and you may choose between half-yearly and cumulative interest credit for FCNR deposits in addition to monthly, quarterly, or cumulative interest payment at maturity for NRE and NRO FDs. A term deposit account may be opened at the bank for a duration between 7 days and 10 years.
What is IDBI Bank NRE FD?
IDBI NRE FD is a fixed deposit scheme offered by IDBI Bank in India to non-resident Indians (NRIs). This scheme is designed explicitly for NRIs who want to park their foreign earnings in India, earn a higher rate of interest, and repatriate their funds back to their country of residence without any hassle.
Under the IDBI NRE FD scheme, NRIs can deposit their foreign earnings in Indian rupees for a tenure ranging from 7 days to 10 years and earn a higher interest rate than regular savings accounts. The depositor must open an IDBI NRE FD account to deposit money and secure higher returns. The interest earned on the NRE FD is tax-free in India. IDBI Bank allows depositors to easily open and manage their NRE FD account online. Additionally, these accounts come with an automatic renewal facility.
Eligibility Criteria to Apply for IDBI Bank NRE FD
To invest in IDBI NRE FD, an individual must adhere to the given set of eligibility criteria:
- The investor must be a non-resident Indian.
- The investor must be 18 to open an NRE FD account with IDBI Bank India.
- The investor must provide valid documents such as a passport, visa, and overseas address proof to open an NRE FD account with IDBI Bank India.
- Must comply with tax regulations
Documents Required for IDBI Bank NRE FD
To start their investment journey with IDBI Bank, investors must submit the below-depicted documentation:
- Recent passport-sized photographs
- Valid PAN card or Form 60, which so ever is applicable
- Copy of Passport
- Authentic Proof of investor’s NRI status, including employment visa, residence visa, or work/ residence permit
- Overseas address proof, along with Indian residence proof
- Bank account details and application form.
Key Attractions of IDBI Bank NRE FD
- Earn interest on the accumulated NRE FD Account balance.
- Principal, as well as interest secured, are tax-free in India.
- Flexible investment tenure ranging from seven to ten years.
Features & Benefits of IDBI Bank NRI FD
When you open an IDBI NRE FD Account, you can expect the following features and benefits:
- Investors can withdraw the accumulated interest amount quarterly or at maturity at their convenience.
- Convert the accrued funds back to foreign currency and easy international transfer.
- Both the principal amount, as well as interest earned on the NRE FD are freely repatriable.
- You get the option to make a premature withdrawal. However, you might have to pay associated charges.
- An overdraft facility is available against the NRE deposits.
- A nomination facility is available.
- Option to open a joint FD account.
How to Apply for IDBI Bank NRE FD?
Now investors can easily apply for IDBI NRE FD through their official website. Put forward the given step-by-step procedure to start investing in NRE FD:
- Visit the official website of the HSBC bank.
- From the topmost section, click on the ‘NRI’ section.
- Choose ‘NRE Deposit’ from the dropdown and click ‘Apply Now’.
- You will get redirected to another page containing the ‘NRI: Contact Us’ form.
- Complete and submit the form. As soon as you submit the form, the executive will get in touch with you to help with the rest of the procedure.
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What are the interest rates for FD in IDBI for 700 days 2023?
The interest rate for a FD in IDBI for 700 days 2023 is 8%.
What are floating rate domestic term deposits?
Floating rate domestic term deposits are a type of fixed deposit where the interest rate changes along with a reference rate that is periodically adjusted rather than being fixed for the duration of the deposit.
What is the minimum amount for FD in IDBI Bank?
The minimum amount for FD in IDBI bank is Rs.10,000 for the tenure of 1 year and above.