Central Bank of India NRE FD Rates

An Overview- Central Bank of India NRE Account

To avail of these high-interest rates on the FD counts, NRI's have to open the NRE (Non- Residential External) account in the Central Bank of India. Also, NRI can transfer the amount to India from other countries. 

NRI's can opt for the NRE FD scheme in the Central Bank of India; at an opted tenure and specified interest rate, the deposited amount will be compounded. On completion of the said tenure, NRI will receive the maturity amount.

An Overview- Central Bank of India NRE FD Interest Rates 

In the Central Bank of India NRE FD account, the maturity amount will be given to the account holder, i.e., principal amount + accumulated interest. This interest will be calculated according to the specified interest rate at the time of deposit.

The Central Bank of India NRE Fixed deposit interest rates for the deposit amount less than Rs 2 crore and Rs 2 crore to 10 crore are given below:

NRE FD Rates (Below Rs. 2 Crore)

Rates with effect from 10th March 2022:

NRE FD Rates (Above Rs. 2 Crores but less than Rs. 10 Crores)

Rates with effect from 10th March 2022:

FCNR(B) Foreign Currency Non-Resident Deposits

Rates with effect from 1st December 2020:

Residence Foreign Currency (RFC) Deposits

Rates with effect from 1st December 2020:

Disclaimer: The interest rates of the Central Bank of India NRE FD account mentioned above may change from time to time according to the bank's discretion or market situations.

The current interest rates and the revised interest rates of the Central Bank of India NRE FD account are linked to the REPO rate.

Other important information related to the Central Bank of India NRE FD interest rates is the premature withdrawal. It is allowed after completing one year from the opening of the NRE account. If an individual chooses to close the NRE FD account after one year from the date of deposit, then a 1% penalty will be imposed for premature closure. 

On the other hand, if an individual chooses to close the NRE FD account before one year from the date of deposit, then no interest will be paid to them. Moreover, if an individual availed the loan against the deposited amount, the bank does not allow premature withdrawal. The bank offers no extra interest to NRE senior citizens or the staff/ Ex-staff.

About Central Bank of India NRE Fixed Deposit Interest Rate Calculator

Central Bank of India NRE Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps in quick calculation of the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:

• The amount that is invested

• The Rate of Interest offered

• The tenure of the Fixed Deposit Account

• The compounding period, that is, yearly, half-yearly, quarterly, or monthly

• The FD Amount

Once entered the following details, an investor will come to know:

• The maturity value of the FD

• The total interest earned during the complete tenure

Features of Central Bank of India NRE FD Account

Some features of the Central Bank of India NRE FD account are:

1. Tenure

   The minimum term offered by the NRE FD account is one year and the maximum term is ten years. 

2. Joint Account

   The option of a joint account is available to the customers. The joint account holders can be two or more NRIs or NRI and the Indian resident who has to be the relative of the concerned NRI (relative is either survivor or the former) who can maintain the account as a Power of Attorney Holder (POA).

3. Nominee

   The nominee of the NRE FD account can be either NRI or any other Indian resident.

   

4. Funds are Repatriable

   The deposited amount along with interest earned in the NRE account is freely repatriable. This repatriation can be done in the currency of the account holder's choice.

5. No Tax

   No income tax or wealth tax is imposed on the NRI holding the NRE FD account in the Central Bank of India.

6. Loan Facility

   Availing of loans against the fixed deposits is available to the NRI's. This loan is given in the form of the Indian rupee and foreign currency for NRI himself and the third person (either NRI or Indian resident). 

7. Premature Withdrawal

   Premature withdrawal of the deposit amount is allowed with the penalty imposition.

   The transfer of money can be done to the Central Bank of India NRE FD account. The total transfer and repatriation amount to the NRE FD account is USD one million in one financial year.

How Can Customers Benefit from Central Bank of India NRE Accounts?

The benefits that can be availed by the customer of the Central Bank of India who opened an NRE FD account are given below:

• High-interest rates are offered in all NRE fixed deposit schemes.
• Proving fast and easy liquidity options to the NRE FD account holders.
• The facility of loan is available to the customers against the NRE FD deposit amount.
• The tax benefit is available to the NRI customers.
• Premature closure of the account is available, subject to certain conditions.
• The facility of nomination option is made available to the customers by the bank.
• The facility of remittance is available to NRI customers.
• Many facilities are made available to the returning Indians by the bank.

Who Should Deposit in the Central Bank of India NRE FD Account?

Anyone who fulfils the following criteria can deposit in the Central Bank of India NRE FD account:

• An NRI (Non- Resident Indian)/ PIO (Person of Indian Origin)
• An individual who is an NRI has to open the NRE (Non-Residential External) Fixed Deposit account in the Central Bank of India NRE account.
• Looking to transfer the amount to India from abroad.
• Looking for high returns with a good rate of interest.
• Transfer the amount in Indian currency.

Wrapping it Up

Central Bank of India provides reasonable fixed deposit rates for both its domestic and NRI customers. Therefore, interested customers can first check the current FD rates before going ahead with account opening with the bank.