What is an IDBI Bank NRE Fixed Deposit?
The IDBI Bank NRE FD is a financial product through which Non-Resident Indians invest their foreign earnings in Indian rupees and earn interest on them. They deposit the funds with the bank, and after the completion of the NRE FD tenor, they get the principal amount back along with the added FD interest accrued within the tenor. The amount received upon maturity is fully repatriable, which means that the maturity amount can be transferred back to your home country with no questions asked. The interest earned on your funds is exempt from tax.
Rate of Interest on IDBI Bank Non-Resident External (NRE) FD Account Deposits
IDBI Bank’s fixed deposit has one of the best FD interest rates for various tenors, catering to your needs as investors. The IDBI NRE FD rates amounting to less than ₹3 crore are as follows:
| Maturity Slab |
Interest Rate (% p.a.) Less than ₹3 Crore |
| 1 year |
6.80 |
| >1 Year to 2 Years(except 444, 555 and 700 Days) |
6.80 |
| > 2 Years to < 3 Years |
7.00 |
| 3 years to < 5 years |
6.50 |
| 5 years |
6.50 |
| > 5 years to 7 years |
6.25 |
| >7 years to 10 years |
6.25 |
Note: *Interest rates are effective from April 16, 2025. IDBI NRE FD rates are subject to change without prior notice. IDBI NRE FD rates provide interest rate returns from the end of the first year onwards.
Why Choose an IDBI Bank NRE FD Account?
The IDBI NRE FD account offers its customers various benefits, including:
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An Internet banking facility allows you to have an effortless banking experience.
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A joint account with another NRI and a resident of India can be opened on a former or survivor basis for the latter only.
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An international debit card facility is available.
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Loan facility against deposits is available to access your money in need.
What Are the Eligibility Criteria for an IDBI Bank NRE FD Account?
In order to open an IDBI NRE FD account, the following conditions are to be fulfilled:
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The customer must have valid ID proof, including an Indian passport or a PIO card.
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Must fall under one of the NRI, PIO, or OCI categories.
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Required to show authentic overseas address proof.
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Must present valid proof, including a student visa or employment visa.
How to Open an IDBI Bank NRE Account?
IDBI Bank offers various ways through which you can easily open an NRE account and enjoy higher IDBI NRE FD rates. By using IDBI Bank’s digital channels, you can book an NRE FD from the comfort of your home. You’ll start this short process by completing an NRI Fixed Deposit application form and filling out the necessary details. After that, you might have to provide the necessary documents for KYC. Once KYC is done, just deposit your desired amount and your NRE FD account will be opened. You can also open the account by downloading the IDBI Bank’s app.
IDBI customers can open an IDBI Bank NRE FD account using two convenient methods.
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Online Application:
Visit the IDBI Bank website, navigate to the NRI banking section, and follow the online instructions to open an NRE FD. You will likely need to fill out an online form and upload the required documents.
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Offline Application:
Visit any IDBI Bank branch in India. Request to open a Non-Resident External (NRE) Fixed Deposit account. The bank staff will guide you through the application process and required documentation.
Documents Required to Open IDBI Bank NRE FD Account
The following self-attested documents are to be submitted while opening an IDBI NRE FD account:
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Documents to be submitted by NRIs
At the time of submitting an application to open an NRE FD account at IDBI Bank, the following duly signed documents are to be submitted:
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Documents to be submitted by OCI / PIO
While submitting an application to open an NRE FD account at IDBI Bank, the following duly signed documents are to be submitted:
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Persons employed with a foreign shipping company
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Documents besides those given above, photograph & signature have to be attested by any one of the following :
It is important to know that you must courier the account opening form, schedule of facilities, and supporting documents to the branch address you selected.
Conclusion
IDBI NRE FD interest rates are higher than industry norms, so you gain greater returns by investing your hard-earned foreign money. You get added benefits like NRE FD opening with a small amount, flexible tenure, monthly, quarterly, or cumulative interest at the time of maturity of the NRE FD. The interest earned attracts tax benefits, and the principal and interest can be easily converted into any convertible currency at ongoing exchange rates. Knowing the IDBI NRE FD rates is the first step to venture into investing in this secured, higher-return-generating term deposit (Fixed Deposit) account.
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