We have deposit facilities available to all Indians living overseas. These facilities come in the form of FCNR, NRO and NRE deposits. Our deposit facilities have been specifically designed to help you transact in the local currency of the country you are in and in Indian rupees. You will also receive tax incentives.
FCNR Term Deposits are an investment option for NRIs who prefer to hold their deposit in a foreign currency of their choice and with interest payment also in the same currency. FCNR deposit insulates the depositors from risks relating to currency conversion and foreign currency exchange rates. Returns on FCNR deposits are higher than those offered by similar products abroad.
NRE Deposits can be maintained for a minimum period of 1 year and a maximum period of 10 years. You can withdraw your deposit any time; however, you will receive no interest if your deposit is withdrawn before the minimum stipulated period of 1 year.