A NRE Term Deposit allows you to earn high rate of interest on your rupee investments
- Can be opened with
- direct remittance from abroad
- transfer from existing NRE, FCNR(B) accounts
- foreign currency note, travellers cheque tendered personally by NRIs during their visit to India.
- Joint accounts are permitted.
- Repatriation of credit balance permitted.
- No Income tax deduction at source on interest
- Balance is exempt from wealth tax and interest earned is exempt from Income Tax.
- Loans can be availed against security of NRE Term Deposit.