Non Resident (External) Fixed Deposit
This unique fixed deposit is a tailored financial solution for NRIs looking to invest their foreign earnings with security and growth. We offer a safe haven for your global income, providing tax-free interest in India. The account is freely repatriable, meaning you can move your funds back to your current country of residence whenever needed. Whether you're working abroad, involved in international businesses, or studying overseas, this account ensures your savings grow in a tax-efficient manner. This offering serves as a bridge connecting your global lifestyle to your financial roots in India. Read more
Why this fixed deposit is for you
Assured returns with global earnings anytime, anywhere
Tailor your investment period, with tenures ranging from 1 to 10 years
Enjoy the freedom to transfer your funds, including the principal and interest, back to your current country of residence
Benefit from interest earnings that are exempt from Indian income tax, maximizing your financial returns
Make matters simple and straightforward
Plan it your way with our smart calculator
Eligibility criteria
- NRIs residing abroad
- Indian students studying overseas
- Seafarers of Indian origin working for overseas shipping companies
- PIOs and OCIs
- Individuals holding a foreign passport (excluding Bangladesh and Pakistan) with Indian lineage, or spouses of Indian citizens
Documents required
- Resident card or foreign passport
- Relevant visa of overseas country
- Overseas residential proof
- PAN card or Form 60
- Document photocopies attested by officials from overseas Indian banks, notaries, magistrates, or Indian embassies/consulates
As easy as 1,2,3...
Apply for an NRE fixed deposit in 3 simple steps
Step 1
Visit your nearest branch
Go to your nearest Karnataka Bank branch
Step 2
Start with your basic details
Provide your basic details and keep your documents handy
Step 3
We’ll take care of the rest
Our branch officials will notify you when your deposit is opened
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Got questions? We’ve got answers.
The NRE Fixed Deposit is tailored for NRIs to deposit foreign earnings, offering tax-free interest and repatriation flexibility. Unlike regular savings accounts, which typically have variable interest rates and liquidity, this fixed deposit provides higher, stable returns over a chosen period, ideal for long-term savings.
This account is designed for Non-Resident Indians (NRIs), including professionals working abroad, government employees on foreign assignments, Indian students abroad, and seafarers of Indian origin. Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs) are also eligible, making it inclusive for Indians globally.
Interest earned on NRE Fixed Deposits is exempt from tax in India, offering a significant advantage for NRIs. This tax exemption makes it an attractive option for saving foreign earnings in India, especially when compared to taxable income in many foreign countries.
Yes, the funds in the NRE Fixed Deposit Account, including both the principal and interest, are fully repatriable. This means you can transfer your savings back to your current country of residence, providing flexibility and ease in managing your global finances.
You can open a joint account with another NRI or a resident close relative. This feature offers a way to manage family finances collaboratively, which can be particularly beneficial for NRIs looking to maintain financial ties with family members in India.
Yes, nominating someone for your account ensures that in the event of unforeseen circumstances, the management and disposition of your deposit can be handled smoothly. This provides an added layer of security and ease for your family.
The tenure for NRE Fixed Deposits at Karnataka Bank ranges from a minimum of 1 year to a maximum of 10 years. This flexibility allows you to plan your investment according to your financial goals, whether short-term or long-term.
To download the KBL Mobile Plus app, visit the Google Play Store or Apple App Store on your mobile device. Search for 'KBL Plus' in the store, select the app published by Karnataka Bank, and click 'Install' to download it onto your device.
The NRE Fixed Deposit Account is an excellent tool for NRIs looking to save and grow their foreign earnings in a stable and tax-efficient manner. It’s particularly suitable for those seeking to maintain a financial base in India while living abroad, offering a combination of growth, security, and flexibility.
Yes, our digital banking platform allows convenient online management from anywhere in the world.
Investing in NRE fixed deposits is a lucrative option for non-resident Indians looking to grow their savings in foreign currency. These deposits offer attractive NRE FD rates, allowing you to benefit from higher returns compared to ordinary savings. The NRE fixed deposit rates are competitive, ensuring your hard-earned money works harder for you. Plus, the interest earned on these deposits is not taxable in India, providing a tax-efficient way to save. When considering an NRE FD, it's important to understand the implications of currency fluctuations and how they might affect your deposit. However, the robust interest rates often counterbalance these concerns, making NRE fixed deposits a favored choice for NRI investors seeking both security and growth.
NRI services play a crucial role in bridging the financial needs of the Indian diaspora with the opportunities available in India. They provide a platform for NRIs to invest, save, and manage their earnings in their home country, even while they reside abroad. Services like NRI accounts, loans, and investment options ensure that NRIs can contribute to and benefit from India's economic growth. These services also aid in maintaining a financial connection with their homeland, which is crucial for those who plan to return or have familial and investment ties in India.
