How to open NRE term deposit in SBI ?

POSTED BY Beginner ON March 27, 2014 1:58 pm ONE COMMENT

Hello –

I am in London since last January. I have a SBI savings account in India and have internet banking access as well. Now, I have some cash in this SBI savings account in India and I want to create a NRE term deposit to avoid taxes on interest earned on the deposit. For that I went to www.onlinesbi.com then to e-Fixed deposit but I do not see any NRE term deposit option all I see e-TDR/e-STDR options.

Can you tell me how to open NRE term deposit in SBI?

Do I need to open NRE savings account before I open NRE term deposit?

Also, can I use the cash which is SBI savings account in India to create a NRE FD?

Thanks in advance.

One reply on this article “How to open NRE term deposit in SBI ?”

  1. ashalanshu says:

    Dear Beginner, please open a NRE account first with SBI. From that NRE account only, you can open NRE FDs. the existing account in India ‘ll be treated as NRO account and any FD open there ‘ll be subject to TDS.

    Thanks

    Ashal

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