Federal Bank offers NRE Fixed Deposits at higher interest rates which are easily reparable on foreign currency with Indian rupee deposits. NRE Fixed Deposits helps in convenient transfers with respect to any convertible currency. The minimum period of NRE Fixed Deposit is 1 Year and a maximum of 10 years with fair NRE interest rates. The interest accrued on NRI accounts is exempt from the Indian Income Tax Act. Premature withdrawal is allowed and no interest will be paid before completion of 1 year. The minimum amount to open a term deposit is INR 500/-
The Tax Benefit is a vital reason for NRI investments and savings. Due to this feature, NRE fixed deposit rates ensures high yield investment to non-residents. NRE saving account allows easy movement of funds or loans as one can repatriate both interest and principle abroad.
The good part of NRE Fixed deposits is that interest rate is paid half-yearly which may vary depending upon the bank. One more advantage of NRE accounts is its easiness to apply for an account. Federal Bank NRE account can be opened online. You just need to fill a form online, take a printout, and attach the self-attested copy of the required documents and then courier it to the bank in India. The NRI banking account can be jointly operated. It's one of the best ways to manage your funds as your partner can operate along with you. This gives you the unique accessibility advantage of shopping worldwide and withdrawing cash abroad. Federal Bank NRE Fixed Deposit scheme is a reliable option to invest your hard-earned money with assured returns by way of interest.
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