Steps for Opening a Fixed Deposit NRE Account

Most NRIs are not comfortable with the volatile nature of most of the investment options in India. What they want is a safer investment option that offers guaranteed returns at maturity. NRE fixed deposits or FDs are an excellent choice for such NRI investors. Just like the standard fixed deposits, NRE FDs allow you to invest a lump sum amount for a fixed duration at a fixed interest rate.

With the rising popularity of NRE FDs, most of the top banks have now made opening a new FD account highly convenient and quick. If you are planning to open one, here are the steps you need to follow-

1. Submit an Online Application for NRI Account

The process begins with filling an online application to open an NRI account with the bank. You can transfer money from this account to your FD account and also the interest payments will be credited here.

Once your NRI bank account is functional, you can then register for an FD account with the bank.

2. Submitting Documents

To open an NRI account, you will be required to submit a few documents like self-attested photocopies of your passport as well as address proofs. You also need to provide photocopies of your valid employment visa, work permit, residence permit, or residence visa.

Most of the banks allow you to submit these documents online from most countries. For countries where online document submission is not an option, the bank will arrange for pickup of the documents.

3. Registering for NRE FD

Once the bank approves your documents, you will have yourself a new NRI bank account. This will also provide you with access to the bank's internet banking portal. The bank will usually provide you with a username and password for the same.

Use your credentials to log in to the online banking portal and look for NRE FD option to book an account.

4. Enter the Required Details

To start a new NRE FD, you will be required to fill a form with your basic details. Apart from personal details, you will also be required to provide your NRI bank account number, amount you want to invest and the tenure for which you’d like to invest.

Once you fill all the details, recheck the form before submitting. After a successful submission, you will receive confirmation from your bank, and your FD account will be booked.

5. Other Options

Apart from internet banking, some of the top banks offer other options for booking fixed deposit NRE account. Some of the other preferable options are through email and customer care.

Moreover, for countries where the toll-free number of the bank does not work, banks also offer an option where you can request a callback from the bank to start a new NRE FD.

To Conclude

Thanks to internet banking, starting a new NRE fixed deposit is now super simple and quick. While the steps mentioned above are mostly adequate to start a new NRE FD, you can also go through the FAQ section of your bank's website if you still have any queries.

If you are looking for a safe and reliable way to earn handsome returns in India, NRE FD is one of the top options for NRIs. Try to know more about this facility to start investing as soon as possible.

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