IndusInd Bank NRO FD

What is IndusInd Bank NRO FD

Bank IndusInd NRO FD is a fixed deposit account offered by IndusInd Bank in India for Non-Resident Indians (NRIs) that can be opened with funds earned in Indian Rupees outside of India. The bank's interest rates on NRO FDs are variable and dependent on the deposit's tenure and amount.

Eligibility Criteria for IndusInd Bank NRO FD

• An individual must be a Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) who has earned income in Indian Rupees outside of India to open an IndusInd Bank NRO FD
• A valid overseas address and phone number, as well as a valid Indian address and phone number, are also required.
• The individual must follow FEMA regulations and provide all necessary documents, such as a copy of their passport and visa, proof of overseas and Indian address, and tax residency certificate.

It should be noted that the eligibility criteria may differ depending on the terms and conditions of the bank's NRO FD account. 

Documents Required for IndusInd Bank NRO FD

An NRI or PIO must provide several documents to open an IndusInd Bank NRO FD account, including the following.

• A copy of their passport, visa, or work permit
• Proof of overseas and Indian addresses
• Tax residency certificate.
• They may also be required to provide proof of employment, such as an employment contract or pay stub and a declaration of their source of funds.

Following its internal policies and regulations, the bank may also request additional documents. Before opening an NRO FD account, checking with the bank for a complete list of required documents is critical.

KEY ATTRACTIONS of IndusInd Bank NRO FD

The IndusInd Bank NRO FD offers several key benefits to NRIs and PIOs, including the following.

• Competitive interest rates.
• Flexibility in choosing the deposit's tenure.
• Option to receive interest payouts monthly, quarterly, half-yearly, or yearly.
• The NRO FD account also allows easy access to funds, with the ability to make early withdrawals subject to penalty charges and the option to borrow against the deposit.
• Furthermore, the bank provides personalised customer service and digital banking services, allowing NRIs and PIOs to manage their NRO FD account from anywhere in the world.

Features & Benefits of IndusInd Bank NRO FD

The features and benefits of the IndusInd Bank NRO FD make it an appealing investment option for NRIs and PIOs.

• To begin with, the account provides competitive interest rates that are higher than those offered by savings accounts, allowing customers to earn more on their deposits.
• In addition, the bank allows customers to choose the deposit tenure, which ranges from 7 days to 10 years, allowing them to align their investments with their financial goals.
• Furthermore, the IndusInd Bank NRO FD account allows for quick access to funds, with the option of making early withdrawals subject to penalty charges.
• The account also includes the option to borrow against the deposit, allowing customers to meet their financial needs without disrupting their fixed deposit. 

How to Apply for IndusInd Bank NRO FD

• An NRI or PIO can apply for an IndusInd Bank NRO FD by visiting the bank's website and completing an online application form.
• The applicant must provide personal and contact information, as well as information about their funding source and preferred deposit tenure and amount.
• Additionally, the applicant must upload scanned copies of their supporting documents, such as their passport, visa, and proof of address.
• The bank will review the application and contact the applicant for further processing after it is submitted.