Federal Bank NRI Fixed Deposits

NRE Fixed Deposit

The main features of the NRE Fixed Deposit scheme are mentioned below:

1. The tenure of the FD ranges between 1 year and 10 years.
2. Premature withdrawal facility is provided. However, no interest will be paid before the completion of the first year.
3. No wealth tax needs to be paid for the amount that is outstanding in the NRE accounts.
4. Any interest that has been earned will not come under the Indian Income Tax Act. However, the NRI must live abroad.
5. Up to 90% of the amount that is available in the account may be provided as a loan.
   

NRO Fixed Deposit

1. Under the scheme, recurring deposits, FDs, savings, and current accounts are permitted.
2. Up to 90% of the amount that is available in the account can be availed as a loan. However, the rate of interest will be 2% more than the deposit rate (plus interest tax).
3. Premature withdrawal is allowed.
4. Only non-residents can open the account.
5. Foreign nationals or entities apart from Bangladesh/ Pakistani nationality individuals can open an account.
6. Joint accounts with residents or non-residents can be opened.

Process to Open an Account

The different ways by which you can open an NRE Fixed Deposit Account are mentioned below:

1. Online via internet banking (in case you are already using net banking)
2. By visiting https://www.federalbank.co.in/request-a-call-back and providing the relevant details.
   

Interest Rates (NRE Fixed Deposit) for Less than Rs.2 crore

*The Federal Bank Fixed Deposit interest rates tend to change at the discretion of the bank. The interest rates are valid as of 15 August 2023.