- Banking
- Wealth
- Privileges
- NRI Banking
- Treasures Private Client
from UK
At a Glance
The Indian Diaspora in the UK is amongst the largest ethnic communities in the country, comprising of students pursuing higher education and individuals employed in UK multinational companies. NRIs in the UK can continue to manage their finances in India with DBS Treasures NRI Accounts and open NRE Fixed Deposits to earn attractive interest income and avail additional benefits.
Open NRE Account from UK
Timeless castles, world-class universities, and bustling streets filled with iconic, double-decker red buses, the historic nation of the United Kingdom is where you will find all of it. Whether it is the fast-paced cities or peaceful countryside towns, both draw in many foreign nationals to the UK. Besides the gorgeous landscapes, the UK is also a breeding ground for life-changing opportunities.
India-UK relations have been upgraded from colonisation to a multi-faceted bilateral relationship. Trade, foreign investment, and education are the most significant grounds for ties between the two countries. Therefore, the population of Indian nationals in the UK is rising with each passing year. As an NRI living in the UK, you can save your foreign earnings in Indian Rupees by parking them in your NRE Account. Also, enjoy 100% tax-free and fully repatriable returns on DBS Treasures NRE Fixed Deposits.
Features and Benefits of opening NRE FD Account in UK
- An NRE FD Account is a convenient means to save any idle foreign earning in Indian Rupees.
- You can book an NRE FD anytime with DBS Treasures mobile or internet banking facilities.
- Your deposit amount and the interest earned is exempt from taxation in India.
- You can avail of higher interest rates than a regular savings account and fully repatriate sums to the UK with an NRE FD. Joint NRE FD Accounts can be held with an Indian resident relative or with another Non-resident Indian.
- The NRE FD tenure can be anywhere from 12 months to 10 years, depending on your requirement.
Interest Rates
NRE Fixed Deposits
Rates w.e.f. 15th February, 2024
|
Tenure |
Interest Rate p.a. |
|
1 year to 375 days |
7.00% |
|
376 days to 540 days |
6.50% |
|
541 days to less than 2 years |
6.25% |
|
2 years & less than 2 years 6 months |
5.75% |
|
2 years & 6 months |
5.25% |
|
2 years 6 months 1 day & less than 3 years |
5.25% |
|
3 years and less than 4 years |
5.00% |
|
4 years to less than 5 years |
5.00% |
|
5 years and above |
5.00% |
*For NRI Fixed Deposits of INR 2 crore and above, kindly contact your designated Relationship Manager or the nearest DBS branch on your trip to India.
For more information click here.
Eligibility Criteria
Non-resident Indians (NRI), including seafarers, Persons of Indian Origin (PIO), and Overseas Citizens of India (OCI) in the UK can open NRE Fixed Deposits from the UK.
Documents Required for opening NRE FD Account in UK
Park funds in your NRE Savings to open NRE Fixed Deposit External Account from the UK via mobile or internet banking platforms. The standard documents needed are your identity proof and your foreign country residence proof.
Documents Required from NRIs in the UK
- Permanent Account Number (PAN) card copy or Form 60
- Valid copies of your passport
- Latest colour copies of your passport size photograph
- UK Work Visa/Permit or UK Residence Visa/Permit, whichever applicable
- Proof of residency in UK and India as per Customer Identification Policy
Documents Required from NRIs Seafarers in the UK
Seafarers must provide all of the above-mentioned documents and
- A copy of Continuous Discharge Certificate (CDC) with the disembarkation stamp on the last page
- employment contract with the UK shipping company
- Foreign Exchange Management Act (FEMA) declaration.
Documents required from PIO and OCI Cardholders in the UK
- Latest colour copies of your passport size photograph
- Valid copies of your passport
- Valid POI card/OCI card/relevant proof of PIO status per Customer Identification Policy
- Proof of residency in UK and India as per Customer Identification Policy
- Duly filled and signed PIO declaration form
Once you open an NRE Savings Account, you can also visit your nearest branch of DBS Bank to submit an FD Request Form.
How to Apply for an NRI Fixed Deposit in UK?
A DBS Treasures Relationship Manager will reach out to you soon after.
Frequently Asked Questions
You can deposit any amount of money in an NRE FD. However, get in touch with your DBS Treasures Relationship Manager to open NRE FD from UK for interest rates on FDs with amounts exceeding INR 2 Cr.
To receive interest on deposits in your NRE FD, you need to maintain the FD for a minimum maturity period of 1 year. If you withdraw the FD in six months, you will not receive any interest, and you may also be charged for early liquidation. Based on the type of your term deposit, your FD will earn interest after maturity or on a quarterly basis.
All foreign currencies deposited in an NRE Account as converted to INR upon Deposit, as the NRE Account is rupee-denominated. Since you can create the NRE FD from your NRE Account deposits, the FD must be maintained in INR only.
Yes, you can. As per RBI regulations, you may add secondary account holders to an NRE FD Account. The joint account holders should be NRIs or Resident Indian relatives, and the method of operation will be on an operator or survivor basis. Only the primary account holder will have financial or non-financial decision-making rights.
Yes, you can continue maintaining the FD after it matures by providing standing instructions for auto-renewal. The bank will renew the FD at the prevailing rate of interest at the time of renewal.
