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| Q : |
What are the highlights of your NRE Deposit Scheme ? |
| A : |
The scheme that earns high interest and keeps your Rupees repatriable
Features
· High and competitive interest rates.
· Deposits held in convertible Rupees. Principal and interest repatriable without any restrictions:
· Deposits can be opened through remittances by DD/ TT/TC/Foreign Currency.
· Deposits can be in the form of Current(NRE-CD)/ Savings (NRE-SB)/Fixed (NRE-FD) or Reinvestment (NRE-FWD) or Recurring Deposits (NRE-CDA)
· Deposit can be transferred between banks/branches.
· Period of deposit can range from 1 year to 10* years.
· Joint accounts with other NRIs permitted.
· Loans available against deposits. Repayment can be from domestic sources, if so opted.
· Nomination facility available.
Benefits*
· Premature withdrawals are permitted (No interest, if withdrawn within the minimum stipulated period.)
· Interest is compounded quarterly for higher returns. Provision to withdraw quarterly/ monthly interest.
· Proceeds of Units, NSCs etc., can be credited, if the investment was made from NRE account.
· NRE deposits can be accepted as security for loans to residents.
· Interest income is free from Income Tax and deposit is exempted from Wealth Tax and Gift Tax:
* - Subject to change
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