HDFC NRE Fixed Deposit (FD)
HDFC offers a wide range of Non-Resident External (NRE) accounts that come with different tenure options and competitive interest rates. These types of term deposits can be held by all Non-Resident Indians (NRIs) and people of Indian origin.
It is easy to open an NRE Fixed Deposit account and can be completed online.
Features and Benefits of HDFC NRE Fixed Deposit
- All HDFC NRE Fixed Deposit accounts can be maintained in Indian currency and are fully repatriable, both on the principal and interest amount.
- The minimum period for which one should hold an NRE account is 7 days, while the maximum period is 10 years.
- Nominees can be added to the account.
- Loans can be availed against the account.
- You can open an account online.
Interest Rates on NRE Fixed Deposits (Less than Rs.2 crore)
Tenure | Interest Rates (p.a.) |
1 year to < 15 months | 6.60% |
15 months to < 18 months | 7.10% |
18 months to < 21 months | 7.25% |
21 months - 2 years | 7.00% |
2 Years 1 day to < 2 Year 11 Months | 7.00% |
2 Years 11 Months - 35 Months | 7.35% |
2 Years 11 Months 1 day <= 3 Year | 7.00% |
3 Years 1 day to < 4 Years 7 Months | 7.00% |
4 Year 7 Months - 55 months | 7.40% |
4 Year 7 Months 1 day <=5 Years | 7.00% |
5 Years 1 day to 10 Years | 7.00% |
*New rates are effective from 24 July 2024 and can change from time to time.
FAQs on HDFC NRE Fixed Deposit
- What is an NRE Fixed Deposit account?
An NRE Fixed Deposit account is just like any other term deposit account. The only difference is that this is specifically for NRIs or those of Indian origin.
- What are the tax charges that have to be paid for NRE accounts?
All NRE accounts are exempt from tax as per the rules in India.
- What are the interest rates provided on NRE Fixed Deposit accounts?
The interest rates offered will change from time to time, usually on a monthly basis. For more details on current interest rates, please refer to the HDFC website.
- What is the currency denomination for NRE accounts?
NRE accounts can be maintained in Indian currency.
- Is it possible to transfer funds from an NRO or FCNR account to an NRE account?
No, it will not be possible to transfer funds from an NRO or FCNR account to an NRE account.
- Is it possible to hold a joint NRE Fixed Deposit account?
Yes, an NRE Fixed Deposit account can be held jointly with another NRI.
- How is interest paid to the account holder?
The interest earned these this type of term deposit is paid on a quarterly basis.
- Is it allowed to withdraw the deposit amount before the maturity period?
All customers can withdraw the deposit amount subject to terms and conditions of the bank.
- Are loans provided on NRE Fixed Deposit?
Yes. Both loans and overdraft facility can be availed by all customers. The loan amount can be used to start a new business or to meet other personal financial needs. The loan cannot be used to fund any kind of plantation, agricultural or real estate business activities.
- Is there an auto renewal facility?
Yes. All NRE deposits will be automatically renewed unless otherwise mentioned.
- Will a debit card or cheque book be issued for an NRE fixed deposit account?
There will be no cheque books or debit cards issued on these term deposits.
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