Central Bank of India NRI FD Interest Rates

Central Bank of India NRI Accounts

The depositor has to open an account of NRO (Non- Resident Ordinary)/ NRE (Non- Indian External)/ FCNR to avail of the services of the Central Bank of India NRI FD account. The Central Bank of India allows NRIs and PIOs to open fixed deposit accounts to transfer the amount from overseas to India. There are three types of FD accounts for NRIs: NRE FD account, NRO FD account, and FCNR (B) account.

Central Bank of India NRI FD Rates

The Central Bank of India NRI Fixed Deposit interest rates for NRE/ NRO/ FCNR account is given below:

NRE FD Interest Rates of Central Bank of India For Less than Rs.3 Crore

Note: Central Bank NRE FD Interest Rates w.e.f. 10.01.2025. The interest rates will change from time to time according to the bank's discretion or market situations.

Central Bank of India NRE FD Rates for Deposits from Rs.3 Crore to Rs. 10 Crore

Note: Central Bank NRE FD Interest Rates w.e.f. 10.01.2025.

Central Bank of India FCNR (B) FD Interest Rates

Features of the Central Bank of India NRI Account

Some of the features of the Central Bank of India's NRI account are listed below:

1. Joint Accounts

   NRIs can open joint accounts with other NRIs or with a resident relative (spouse, parent, sibling, etc.). The resident joint holder can typically be included only on a 'Former or Survivor' basis, where the NRI is the primary operator.

2. Nominee

   An NRI can appoint a nominee for their account. The nominee can be either an NRI or a resident Indian. This process ensures a smooth and quick transfer of funds in the event of the account holder's demise.

3. Repatriable

   Repatriability depends on the account type. NRE and FCNR (B) funds (principal and interest) are freely and fully repatriable in the currency of your choice. NRO account funds are restricted to a maximum of USD 1 Million per financial year, subject to tax clearance.

4. Tax Benefit

   Tax benefits are specific to the account type. The interest earned on NRE and FCNR (B) deposits is completely tax-free in India. The interest earned on an NRO deposit is fully taxable in India, with Tax Deducted at Source being applied.

Note: The tax benefits are subject to change as per the existing laws.

Benefits Available Under Central Bank of India NRI Accounts

Below are the benefits that are available under the Central Bank of India NRI Accounts:

• Some of the insurance policies, such as for home, health, and personal accidents, offered by the Central Bank of India can also be availed by the NRIs.
• A loan facility is offered to the NRI against the Fixed Deposit accounts in foreign currency.
• Premature withdrawal is allowed in the Central Bank of India with a penalty imposed.
• NRI accounts are credited with remittances from overseas by tendering the foreign currency/ Cheques of travellers at the time of his/her visit to India.
• Concerning the NRO account, an NRI in Nepal or Bhutan cannot open an NRO account; the NRI in Pakistan must take permission from the RBI (Reserve Bank of India) to open the NRI account.
• Sale proceedings of the assets, repatriation of the amount in the account, are allowed by the Central Bank of India. The NRIs who are having the NRO account can transfer the amount to the NRE account. One million USD in a financial year is the total limit for the repatriation and transfer; to do the same form 15 CA and 15 CB is compulsory. To transfer from NRO to NRE account, tax is levied to 30% deduction and education and higher education.
• Other facilities like internet banking, SMS alerts, statement of the FD account by email and SMS, Debit card and Credit card facility, safe deposit locker, etc.

Wrapping Up

The Central Bank of India NRI FD rates provide reasonable returns to NRIs and PIOs who wish to open NRI accounts with the Bank. There are many features and benefits, such as tax benefits, the option of repatriable, and insurance policies that can be claimed by NRIs. Interested customers must check with the Bank to know all details before going ahead with any investments.