Key features are:
- Minimum period of NRE term deposit is 1 Year and maximum 10 years.
- In the case of cash certificate, interest accrued on quarterly basis will be added to the principal (reinvestment plan).
- Premature withdrawal of deposit is permitted.
- Advance will be granted up to 90% of the deposit
- Loan can be repaid by remittance from abroad, transfer from NRE/FCNR/NRO account of the borrower or liquidation of the deposit.
- Deposit made and interest accrued thereon can be repatriated outside India at any time.
- Interest accrued on NRE accounts are exempt from Indian Income Tax Act as far as the NRI is resident outside India
- No wealth tax payable for the amount outstanding in NRE accounts
- Premature withdrawal allowed, no interest will be paid before completion of 1 year.
Withdraw deposits at will
Premature withdrawal of deposit is permitted.
Get Advance of up to 90% of Deposit
Advance will be granted up to 90% of the NRE Fixed deposit
Save Tax !
Interest accrued on NRE accounts are exempt from Indian Income Tax Act