Content Overview :
Federal Bank offers a range of fixed deposit schemes tailored for Non-Resident Indians (NRIs) to ensure they get the best returns on their investments. These fixed deposits are designed to cater to the unique financial needs of NRIs, providing them with attractive interest rates, tax benefits, and easy repatriation options.
Types of Federal Bank NRI Fixed Deposits
Federal Bank provides various fixed deposit schemes for its NRI clientele. The most prominent among them is the Federal Bank NRE Fixed Deposit. This deposit scheme allows NRIs to invest their foreign income in India and earn attractive returns without worrying about currency fluctuations.
Federal Bank NRE Fixed Deposit
Features & Benefits
The Federal Bank NRE FD is a popular choice among NRIs looking for a reliable investment avenue in India. Here's why:
- Attractive Investment Scheme: The Federal Bank NRE FD is an ideal option for those seeking a lucrative investment avenue. By parking your funds here, you can earn a periodic income through interest.
- Flexible Tenure: Choose a tenure that suits your financial goals, ranging from a minimum of 1 year to a maximum of 10 years.
- Tax Benefits: Interest accrued on NRE accounts is exempt from the Indian Income Tax Act, as long as the NRI remains a resident outside India. Additionally, there's no wealth tax payable for the amount maintained in NRE accounts.
- Loan Facility: Avail an advance of up to 90% of your deposit. This loan can be repaid through various means, including remittance from abroad or by liquidating the deposit.
- Easy Repatriation: Both the principal amount and the interest earned can be easily repatriated outside India.
- Premature Withdrawal: While premature withdrawal is permitted, it's essential to note that no interest will be paid if the withdrawal occurs before the completion of 1 year.
- Minimum Investment: Start your NRE FD with a minimum amount of INR 500/-.
- High Yield Investment: Thanks to the tax benefits, the Federal Bank NRE FD ensures a high-yield investment for non-residents.
- Easy Application Process: Opening a Federal Bank NRE FD is hassle-free. You can initiate the process online, fill out the necessary form, and courier the required documents to the bank in India.
- Joint Operation: The NRE FD account can be jointly operated, allowing your partner to manage funds alongside you. This feature offers the unique advantage of global accessibility, enabling withdrawals and shopping worldwide.
In essence, the Federal Bank NRE Fixed Deposit scheme stands out as a trustworthy investment avenue, promising assured returns through interest.
Federal Bank NRE FD Interest Rates August 2023
Federal Bank is known for offering competitive interest rates on its NRE Fixed Deposits, ensuring that NRIs get the best returns on their investments. Here are the interest rates for Federal Bank NRE FD for the year 2023:
Interest rates for NRE Term Deposits effective from 21-09-2023
Effective Annualized Rate of Return: The effective annualized rate of return provides a clearer picture of the actual returns on your investment, taking into account the compounding effect.
Note: Rates are indicative in nature.
Interest rates for Resident Term Deposits of Rs.2 crore and above: For substantial investments exceeding Rs.2 crore, Federal Bank offers specialized rates to ensure maximum returns.
*Note: Senior citizen benefit is not applicable for single deposit of Rs.2 crore & above. Rates quoted
Interest rates for NRE Deposit Plus Scheme - NRE Term Deposits without option for Premature Withdrawal
Note: Rates are indicative in nature.
Federal Bank NRE FD rates August 2023: It's essential to stay updated with the latest interest rates, as they can fluctuate based on economic conditions. For the most recent rates applicable in August 2023, kindly refer to the bank's official website or get in touch with a bank representative.
How to Open Federal Bank NRE FD Account
Opening a Federal Bank NRE FD Account is a straightforward process. Here's a step-by-step guide:
- Online Application: Begin by visiting the official Federal Bank website. Navigate to the NRI services section and select the NRE Fixed Deposit option.
- Fill Out the Application Form: Complete the online application form by providing all the necessary details, including personal information, contact details, and the desired tenure for your FD.
- Document Submission: After filling out the form, print it. Attach self-attested copies of the required documents, such as your passport, visa, overseas address proof, and recent photographs.
- Courier the Documents: Send the printed form along with the attached documents to the bank's designated address in India.
- Verification: Once the bank receives your application and documents, they will verify the details. If everything is in order, they will proceed with the account opening process.
- Deposit the Amount: After your account is activated, you can transfer the desired amount from your NRE savings account to the NRE FD account.
- Confirmation: Once the deposit is made, the bank will send you a confirmation along with the details of your NRE FD.
Remember, the Federal Bank NRE FD can also be opened jointly, allowing for more flexible fund management. Ensure that all provided information is accurate to avoid any delays or issues in the account opening process.