Stretch the value of your foreign currency savings. Convert them into local currency and you can earn attractive interest income by placing your money in Non Resident External(NRE) Term Deposits.
Features
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- Open a Non Resident External(NRE) term deposit with as little as Rs 1,000,000
- No penalty on premature withdrawal
- No interest is payable on deposits, if prematurely withdrawn in less than 12 months
- Minimum period is 1 year and maximum period is 3 years
- Interest income is not taxed in India
- Attractive interest rates
- Principal and interest amounts are both fully repatriable
