NRI Deposits

NRI Deposits

Grow your money in India with higher interest rates and flexible withdrawal options, so you can reach your financial goals sooner. Ujjivan SFB offers NRE Fixed Deposit and NRO Fixed Deposit - each catering to your specific financial needs.

    • Minimum amount - ₹ 5,000 and in multiples of ₹ 1,000 thereof.
    • Fixed Deposits can be opened for a minimum period of 7 days to a maximum of 10 years
    • The rate of interest paid for fixed deposits will vary according to tenure and amount
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    • Minimum amount - ₹ 5,000 and in multiples of ₹ 1,000 thereof
    • Fixed Deposits can be opened for a minimum period of 1 year to a maximum of 10 years
    • The rate of interest paid for fixed deposits will vary according to tenure and amount
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FAQs

1. Who qualifies as an NRI for fixed deposits in India?

Generally, any Non-Resident Indian, Person of Indian Origin, or Overseas Citizen of India can open an NRI fixed deposit account at Ujjivan SFB.

2. What is an NRE Fixed Deposit?

An NRE (Non-Resident External) Fixed Deposit is a bank deposit specifically designed for Non-Resident Indians. Such FDs allow you to deposit your foreign income in India. Once deposited, the currency is converted into Indian Rupees at the prevailing exchange rate. Interest earned on NRE deposits in tax-free in India.

3. What is an NRO Fixed Deposit?

NRO (Non-Resident Ordinary) FD allows NRIs to manage their income earned in India. This income can be in the form of rental income, dividend payouts, etc. However, unlike NRE FDs, the interest earned on NRO FD is taxable as per the Income Tax rules.

4. What currencies are accepted for NRE Fixed Deposit?

Many kinds of foreign currencies such as US Dollar, Great Britain Pound, Euro, Canadian Dollar, Australian Dollar, etc., are acceptable for Ujjivan SFB NRI fixed deposit accounts. You can also deposit amounts in Indian Rupees.

5. What is the tenure of NRI Fixed Deposits?

The deposit tenure typically ranges from 1 year to 10 years.

6. What are the interest payment options for NRI fixed deposit schemes?

Ujjivan SFB offers flexible interest payment options.

  • Monthly payments
  • Quarterly payments
  • Payment at the time of maturity

7. Can I withdraw the amount from the NRI fixed deposit account before the maturity date? 

Yes, Ujjivan SFB's NRI FD accounts allow premature closure and partial withdrawal.

8. Is nomination possible for NRI fixed deposits?

Yes, you have the option to nominate someone who would receive the amount in the event of your demise.

9. Are there any tax benefits on NRI FDs?

The interest earned on NRE FDs is tax-free. However, for NRO FDs, the interest earned in fully taxable as per the Income Tax laws.

10. What is repatriation?

In context of NRIs, repatriation refers to transferring funds from their accounts in India back to their foreign account. For NRE FDs, Both the interest earned and principal amount are freely repatriable, while for NRO FDs, only the principal amount is freely repatriable. The interest earned on NRO FD is subject to taxation in India.