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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. The different types of accounts offered by HDFC are NRE Savings Account, NRE Fixed Deposit Account, NRE Current Account, and NRE Tax Saver Fixed Deposit. All NRE accounts can be opened online at the click of a button.
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. These types of deposits are a boon to NRIs because the interest earned along with the principal amount is exempt from tax. A wide range of other benefits are also provided, such as nomination facility, loan and overdraft facility upto 90%, etc. One can also vail overdraft facility for others and partial withdrawal of the deposit will be allowed.
In order to deposit funds in the respective NRE account, the customer can:
|Tenure||Interest Rate for Investment less than Rs. 1 crore (in %)||Interest Rate for Investment from Rs.1 crore to less than 5 crore (in %)|
|7 days to 14 days||3.50%||4.25%|
|15 to 29 days||4.25%||4.25%|
|30 to 45 days||5.50%||4.25%|
|46 to 60 days||5.75%||4.50%|
|61 to 90 days||5.75%||4.50%|
|91 days to 6 months||5.75%||6.05%|
|6 months 1 day to 6 months 3 days||6.00%||5.25%|
|6 months 4 days||6.00%||6.25%|
|6 months 5 days to 9 months||6.00%||5.25%|
|9 months 1 day to 9 months 3 days||6.00%||5.25%|
|9 months 4 days||6.00%||6.25%|
|9 months 5 days to 9 months 15 days||6.00%||5.25%|
|9 months 16 days||6.25%||5.25%|
|9 months 17 days < 1 Year||6.25%||5.25%|
|1 year 1 day to 1 year 3 days||6.80%||4.90%|
|1 year 4 days||6.25%||6.50%|
|1 year 5 days to 1 Year 15 Days||6.25%||5.00%|
|1 Year 16 days||6.25%||5.00%|
|1 year 17 days to 2 Years||6.25%||5.00%|
|2 years 1day to 2 Years 15 days||6.00%||4.85%|
|2 Years 16 days||6.00%||4.85%|
|2 years 17 days to 3 Years||6.00%||4.85%|
|3 years 1day to 5 years||6.00%||4.85%|
|5 Years 1 Day to 8 Years||6.00%||4.85%|
|8 Years 1 Day to 10 Years||6.00%||4.85%|
*Please note that interest rates are subject to change without prior notice. This is at the discretion of the bank.
The interest rates offered range from 3.5% to 6.80% on all deposits less than Rs.1 crore. Foe deposits of Rs.1 crore to less than 5 crore, the interest rates offered range from 4.25% to 6.50%.
The highest paying deposits are for less than Rs.1 crore is for with a tenure that ranges from 1 year to 1 year and 3 days, where the rate of interest paid is 6.80%. For deposits of Rs.1 crore to less than 5 crore, interest is paid at the rate is 6.50% for 1 year.
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.
Is it possible to transfer funds from an NRO or FCNR account to an NRE account?
No. This will not be possible.
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.
Is it possible to hold a joint NRE Fixed Deposit account?
Yes, an NRE Fixed Deposit account can be held jointly with another NRI.
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.
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.
11. 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.