NRI Fixed Deposits offered by SBM Bank India

As a Non-Resident Indian (NRI) you might be looking for some smart investment opportunities to diversify your portfolio and grow your savings. This is why you should consider investing in NRI fixed deposits offering lucrative interest rates to NRIs.
SBM Bank India offers FDs for three types of candidates Non-Resident Indians (NRIs), Overseas Citizens of India (OCI), and Persons of Indian Origin (PIO). If you are either one of them, you can apply and choose any tenure between 1 year to 3 years, as per your financial requirements.
Which types of NRI Fixed Deposits are best for you?
You can choose from majorly four types of NRI fixed deposit accounts.
NRE Fixed Deposits –You can deposit your earnings as savings in the branch and obtain higher interest rates given by the bank. However, the tenure of the NRE FD might differ from a domestic FD along with the interest rates. The biggest benefit of an NRE account fixed deposit is that the interest is fully repatriable and exempted from tax.
NRO Fixed Deposits –Same as NRE FD, except the interest rates, are the same as the domestic deposit, and the money is taxable. However, if you have a source of income in India, opening an NRO account is essential if you don’t want to pay penalties. Also, you can invest your money only through NRO accounts as an NRI.
FCNR Fixed Deposits – You can deposit your money in foreign currencies like the Pound, USD, Euro, CAD, Japanese Yen, and the Singapore Dollar, which are accepted all over the world.
The Eligibility criteria for all the deposits are summarized below
NRO deposit
Currency:- Indian rupee
Repatriability:- Interest is fully repatriable after payment of taxes
Eligibility:- PIO/ Individual NRI
Joint Account Facility:- Available
Tax:- Interest might be subjected to tax
Tenure:- 1 year to 10 years
NRE deposit
Currency:- Indian rupee
Repatriability:- Fully and freely repatriable
Eligibility:- PIO/ Individual NRI
Joint Account Facility:- Available
Tax:- Not taxable
Tenure:- 1 year to 10 years
FCNR deposit
Currency:- USD, GBP, JPY, Euro, CAD, SGP, AUD
Repatriability:- Fully repatriable(Interest and principal)
Eligibility:- PIO/ Individual NRI
Joint Account Facility:- Available
Tax:- Not taxable
Tenure:- 1 year to 5 years
Documents required for NRI fixed deposit account
The FD can be booked online or at the branch of the bank. However, most investors prefer to do it online.
Passport – It should have the name, address, DOB, photograph, and signature of the candidate.
Visa - Visa records are ought to contain important documents like the work license, and permanent resident visa. Apart from that, the resident permit and employment visa are also presented.
Why should you get an NRI Fixed Deposit?
Offers a high rate of returns Check rates offered by SBM Bank India.
Overdraft and loan facilities can be taken on the FD.
NRI FDs are highly safe and secure modes of investment.
Some types of NRI FDs are exempted from tax.
An option of nomination is allowed for the FD.
The interest rates on NRI fixed deposits vary with the tenure and the money invested, along with the type of currency the account is held in (for FCNR accounts). SBM Bank India offers the highest interest rates for NRI Fixed Deposits in India.

For more visit: https://www.sbmbank.co.in/global_indian/deposits.php

Tags: NRI, nri fixed deposit, FCNR deposit, FCNR Account, nro fd, nro fd rates, NRO savings account