Indian Overseas Bank NRE FD?
The Indian Overseas Bank NRE tenure ranges from min 1 Year to max 3 Year 1 Days . The ROI ranges from 5.50% to 5.70 % for the general public. The lock-in period for this scheme is 5 Year
Indian Overseas 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 2 Year|
|2 Year Upto 3 Year|
|Upto 1 Year 2 Months 19 Days|
|Upto 3 Year 1 Days|
Key features of Indian Overseas Bank NRE Scheme
Summary of Indian Overseas Bank NRE Scheme features :
|Mutual Fund Schemes|
|Loan Against FD|
1 Year to 3 Year 1 Days
5.50% to 5.70 %
*Interest rates are subject to change at the discretion of the bank. These Interest rates are with effect from 10 November 2021.
What is Indian Overseas Bank NRE FD?
Indian Overseas Bank (IOB) NRE (Non-Resident External) FD (Fixed Deposit) is a type of fixed deposit account that is specifically designed for Non-Resident Indians (NRIs) to invest their foreign earnings in India. NRIs can open an NRE account with Indian Overseas Bank and deposit their foreign currency. The deposited amount is converted into Indian Rupees at the prevailing exchange rate at the time of deposit. The principal and interest earned on the NRE fixed deposit account are tax-free in India.
Indian Overseas Bank (IOB) offers Non-Resident External (NRE) Fixed Deposits (FDs) to NRI customers. The eligibility criteria for opening an NRE FD with IOB are as follows:
- You must be an NRI or a PIO (Person of Indian Origin) or OCI (Overseas Citizen of India) to open an NRE FD account with IOB.
- You should have a valid Indian passport or PIO/OCI card as proof of identity.
- You should be 18 to open an NRE FD account with IOB.
- You should have a valid overseas address and contact details.
- You should comply with the regulatory requirements and guidelines issued by the Reserve Bank of India (RBI) for NRI deposits.
To open an NRE (Non-Resident External) fixed deposit account with Indian Overseas Bank, you will need the following documents:
- Proof of NRI status
- Proof of Address
- Passport-size photographs
- Foreign Currency
- NRE Account Opening Form
The NRE FD account offers a higher interest rate than regular savings accounts. The interest rates vary based on the amount of deposit and the tenure of the FD. IOB offers different tenure options ranging from 1 year to 10 years.
One important point to note is that the funds deposited in the NRE account are freely repatriable, which means that the account holder can transfer the funds to their overseas bank account without any restrictions. The account holder can also nominate a nominee for the NRE account.
- Minimum Deposit: The minimum deposit amount for an Indian Overseas Bank NRE FD is Rs. 10,000.
- Tenure: The tenure of an NRE FD can range from 1 year to 10 years.
- Interest Rate: The interest rates on NRE FDs are higher than domestic ones. The rate of interest is subject to change and is decided by the bank from time to time.
- Tax-Free: The interest earned on NRE FDs is tax-free in India.
- Repatriation: The principal amount and the interest earned on an NRE FD are fully repatriable, i.e., they can be transferred to the NRI's overseas account without any restrictions.
- Nomination Facility: NRI account holders can nominate a nominee for their NRE FD account.
Features & Benefits
Indian Overseas Bank offers Non-Residential External (NRE) Fixed Deposits (FDs) that are specifically designed for Non-Resident Indians (NRIs). Here are some of the features and benefits of Indian Overseas Bank NRE FDs.
- Decent Returns: NRE FDs offer higher returns than other savings options in India.
- Tax Benefits: The interest earned on NRE FDs is tax-free in India.
- Easy Repatriation: The principal amount and the interest earned on an NRE FD are fully repatriable.
- Flexibility: NRIs can choose the tenure of their NRE FDs based on their financial goals.
- Nomination Facility: NRIs can nominate a nominee for their NRE FD account.
- Safe and Secure: Indian Overseas Bank is a government-owned bank that offers a safe and secure investment option for NRIs.
Indian Overseas Bank NRE FDs offer a safe and secure investment option for NRIs with reasonable returns and tax benefits.
How to Apply for Indian Overseas Bank NRE FD?
To apply for an Indian Overseas Bank NRE FD (Non-Residential External Fixed Deposit), you can follow the below steps:
- Visit the Indian Overseas Bank website or go to your nearest Indian Overseas Bank branch.
- Obtain the NRE FD application form from the bank or download it from the bank's website.
- Fill in the application form with the necessary details, such as your personal information, the amount you want to deposit, and the term (tenure) for which you want to keep the FD.
- Attach the required documents, such as your passport, visa, and proof of address.
- Submit the application form along with the documents at the bank's branch.
- Transfer the funds from your NRE account to the FD account.
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Frequently Asked Questions
What is the FD rate in IOB NRE 2023?
For the Indian Overseas Bank Non-Resident External FD account, the rates of interest range from 6.40% to 7.00% for investments under INR 2 crores. For funding above INR 2 crores, the interest rate can range from 6.45% to 7.00%.
Which bank is best for NRE fixed deposit?
Some of the top banks to open an NRE fixed deposit account include Indian Overseas Bank, UCO Bank, Central Bank of India, Syndicate Bank, and so on. These banks offer competitive interest rates and top-notch customer experience.
What is the current FD rate of Indian Overseas Bank?
Currently, the fixed deposit rate for Indian Overseas Bank range from 6.40% to 7% per annum.
Can I use the NRE account as an FD account?
Yes, banks give out the provision for customers to open term deposit accounts under the policies of a Non-Resident External account.