As a Non-Resident Indian (NRI), you can place your foreign or Indian income in lucrative NRI Fixed Deposits (FD). Allow your wealth to grow with industry-leading interest rates and flexible terms. Enjoy repatriation and tax benefits with several types of NRI Deposits.
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You can choose to place your funds in any of the following NRI Deposits.
Our NRE Deposits allow you to park your overseas income in India at attractive interest rates. These deposits are held in Indian rupees, with the interest earned and principal amount being completely repatriable and tax-free. Additional benefits include automatic renewal of the interest and principal amount on maturity and competitive forex rates for foreign currency to INR conversion.
Deposit your Indian income, viz., rental income from property in India, dividends, interest and more, in an NRO Deposit. You can also deposit your foreign income in NRO Deposits. The NRO Deposit is maintained in Indian Rupees. Earn competitive interest rates with quarterly compounding. You can open the FD jointly with NRIs/Person of Indian Origin (PIOs) and Resident Indians.
Allow your foreign currency to grow in the foreign currency with our FCNR Deposits. You can deposit major currencies in this type of NRI FD and protect your funds from currency volatility. Both, interest earned, and principal amount are fully repatriable and tax-free. The deposit is maintained in foreign currency for flexible tenure.
The NRI Superia Deposit offers you assured lucrative returns, superior to those offered by NRE or FCNR deposits. Enjoy complete flexibility of investment and a host of other benefits.
Yes, you can. You can hold an NRI Deposit jointly with another NRI/PIO or Resident Indian at SBM Bank India.
You need the following documents to open an NRI Deposit:
With SBM Bank India, you can track and manage your NRI FDs via Internet and Mobile Banking platforms.
If you withdraw NRI FD funds before the intended maturity, the bank can levy penalties for premature FD closure. Ensure you check the charges before you book the FD. Additionally, if you close the FD before the minimum FD tenure stipulated by the bank, your FD funds will not earn interest.
The maximum tenure for an FCNR FD is five years.
