IDBI Bank NRO FD

IDBI Bank NRO FD is a scheme offered by IDBI Bank for Non-Resident Indians (NRIs). NRIs can open an NRO FD account in Indian Rupees or foreign currency with a minimum deposit. The deposit rates are highly competitive, and the interest earned from the FD is subject to taxes as per the Indian Income Tax Act.

This allows citizens settled abroad to earn lucrative returns by parking their savings in this investment product. The income earned can be from various sources such as rent, pensions and dividends.

Eligibility Criteria for An IDBI Bank NRO FD

The eligibility that any Non-resident Indian is required to meet to make investments in the IDBI NRO FD is as follows:

Non-Resident Indians

• That are pursuing their education, business, and employment
• Individuals deputed by the government of India and UN organisations
• Indian Nationals are employed as mariners, in oil rings, or on any airline registered overseas.

Person of Indian Origin

• Indian Passport holders
• Parents/Grandparents are or were Indian Citizens under the constitution of India.
• Spouses of any PIO or Indian Citizen.

Documents Required For An IDBI Bank NRO FD

Interested applicants must produce the following documents to conclude their application process for an IDBI Bank NRO FD.

• Name
• Address
• Date of Birth
• Date and Place of Issue
• The expiration date of the Passport
• Photograph
• Address
• Signature
• Observation Page (If any)
• Copy of Employment Visa
• Copy of Residence Visa
• Copy of Work or Residence Permit
• Documents validating Indian or Overseas Addresses
• PAN Card Copy. The applicant can also submit Form 60
• Latest Passport Size photograph

IDBI Bank NRO FD Scheme Key Attractions

The IDBI Bank NRO FD scheme entails the following key attractions.

• Liquidity: IDBI Bank NRO FD offers a premature withdrawal facility to meet immediate financial needs.

• Auto-Renewal Option: Customers can opt for auto-renewal of the FD at maturity to save the hassle of opening a new FD.

• Online Access: Customers can access their NRO FD account using the net banking facility.

Features & Benefits Of The IDBI Bank NRO FD Scheme

The IDBI Bank NRO FD scheme offers customers the following features and benefits.

1. Attractive Interest Rates: IDBI Bank NRO FD offers higher interest rates than a regular savings account, making it a great investment option.

2. Tax Benefits: Interest earned on IDBI Bank NRO FD is subject to TDS (Tax Deduction at Source), but the same can be claimed as an exemption under Section 80TTA of the Income Tax Act.

3. Flexible Tenure: The tenure of an NRO FD can be chosen for a period ranging from 7 days to 10 years.

4. Loan Facility: IDBI Bank NRO FD can be used as collateral for availing a loan from the bank.

5. Nomination Facility: This FD allows customers to nominate a person or persons to receive the amount in case of the death of the depositor.

How to Apply for An IDBI Bank NRO FD

The applicant must implement the below steps to apply for IDBI Bank NRO FD. STEP 1: Visit the official website of IDBI Bank (https://www.idbibank.in/).

STEP 2: Click on the ‘Deposits’ tab.

STEP 3: Select ‘NRO Fixed Deposit’ from the drop-down list.

STEP 4: Read the details and click on ‘Apply Now’.

STEP 5: Enter your details and click ‘Submit’.

STEP 6: Enter the amount you wish to invest and select the tenure.

STEP 7: Select the payment mode and click ‘Submit’.

STEP 8: Pay the amount online through Net Banking or a Debit/Credit Card.

STEP 9: Your NRO FD will be opened once the payment is made.