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.