NRE Account

Overview

Current / Savings / Term Deposits / Recurring Deposit accounts can be opened under this scheme. NRIs/PIOs can hold funds in convertible Indian rupees.

Entire balance, including interest earned thereon, can be converted into any convertible currency at ruling exchange rates and freely repatriated abroad.

Entire interest income from a NRE account is exempt from Income Tax under the provisions of Income Tax Act in India.

Industrial Development Bank of India Limited

Remittances in any convertible currencies from abroad, which will be converted at ruling exchange rates into Indian rupees

Transfers from existing NRE/FCNR accounts / deposits

Foreign exchange brought into India during visits to India

Features

The NRE Rupee Savings Account is packed with the best of services that meet your varied needs.

Interest is offered at 3.00% p.a. for amount upto Rs. 5.00 Crore, at 3.25% p.a. for amount above Rs. 5.00 Crore to up to Rs.100.00 Crore and 3.50% p.a. for amount above Rs 100.00 Crore. Calculated on daily balance maintained in the account

Joint Account can be opened with NRIs and Resident Indians. Joint Account with Resident Indians can be opened on Former or Survivor basis only

International Debit-cum-ATM Card

Internet Banking facility

NRE Fixed Deposits

Our NRE Fixed Deposits add value to your money. You can open fixed deposits for as low as Rs.10, 000/- and make your money grow.

Attractive Interest rates
FD Tenure – 1 year to 10 years
Interest payout at Monthly basis, Quarterly basis or Cumulative interest credit on maturity
No interest will be paid on NRE deposits closed pre-maturely in less than a year
Attractive Interest ratesInterest payable on prematurely withdrawn deposits will be the contracted rate or the rate applicable for which the deposit remained with the Bank, whichever is lower. With the revision in the premature closure policy, Bank will now levy a penalty of 1%, on the applicable rate for deposits in RTD & RD closed prematurely. Such closures include the withdrawals through sweep-ins and partial withdrawals as well.
Easy loan against deposits
Automatic renewal of FD on maturity if instructed accordingly

NRE Recurring Deposits

NRE RD is an ideal tool to invest a fixed sum every month over a period of time from your NRE account.

Attractive Interest rates
RD Tenure – 1 year to 5 years
Installment amount per month – Rs. 1000 to Rs. 10 lacs
No interest will be paid on NRE deposits closed pre-maturely in less than a year
Interest payable on prematurely withdrawn deposits will be the contracted rate or the rate applicable for which the deposit remained with the Bank, whichever is lower. With the revision in the premature closure policy, Bank will now levy a penalty of 1%, on the applicable rate for deposits in RTD & RD closed prematurely. Such closures include the withdrawals through sweep-ins and partial withdrawals as well.