Deutsche Bank NRO FD Scheme

Overview

The Deutsche Bank NRO FD Scheme gives non-resident Indians who have relocated abroad a way to deploy their locally earned income in a secure and rewarding plan. The money may come from various sources, including rent, dividends, and pensions. 

Indians who are not residents of the nation can park their income in India through the Deutsche Bank NRO FD. According to the NRO FD conditions, the scheme offers its investors enticing interest rates. It should be mentioned that because the revenue will be earned in India, Indian Rupees must be used for the deposits. 

Eligibility Criteria for Deutsche Bank NRO FD Scheme

Individuals must adhere to set eligibility criteria to invest in Deutsche Bank NRO Fixed Deposits. Here is what you need to consider before depositing your funds in NRO fixed deposits: 

Non-Resident Indians

• Living abroad for studies, business or employment
• Indian individuals deputed by the GOI and UN organisations
• Indian nationals who are employed in specific sectors, including marine, oil rings, or on registered airlines. 

Person of Indian Origin

• Who has an Indian passport
• Spouses of PIO or citizens of India.
• Parents or Grandparents with Indian passports. 

Documents Required to Open Deutsche Bank NRO Fixed Deposit Account

If you want to begin your investment journey with Deutsche Bank NRO FD, prepare the required documents beforehand. You will need the following documents to open an NRO FD account with Deutsche Bank. 

• Documents associated with identity and address proof
• Certificate validating your date of birth and place
• Passport (issuance and expiry date)
• Photographs and digital signature
• Observation Page (If any)
• Copy of os Residence and Employment Visa
• Documents entailing residence and work permit
• PAN Card Copy or Form 60

In addition to these documents, an individual might have to submit other documents if asked by the bank or NBFC. 

Key Attractions of Deutsche Bank NRO Fixed Deposits

Deutsche Bank NRO Fixed Deposits offers the following key attractions to depositors:

• Opportunity to open FD accounts jointly with Indian residents.
• A prominent investment alternative to piling savings and allowing you to get the benefits of passive income.
• Investment tenure for
• Tenor ranges for Deutsche Bank NRO FD range from seven days to five years.
• Option to get interest returns four times a year or at maturity.

Features & Benefits of Deutsche Bank NRO FD

When you decide to invest in Deutsche Bank NRO FD, you unlock the below-depicted benefits:

• The NRO FD account is available for Non-Resident Indians (NRIs) receiving regular income from Indian sources.
• The income generated from NRO fixed deposits falls in the taxable income category per the Income Tax Act of 1961.
• Repatriation of the principal deposit amount is not available. However, depositors can transfer the interest earned to a foreign account.
• Individuals can open such accounts jointly with relatives who live in India.
• NRO accounts are managed in Indian currency; thus, they can’t be repatriated/ converted to any other foreign currency.
• Depositors can expect higher interest returns on the invested amount contrary to the one implanted in savings and the current account.
• The minimum limit to start investing in NRO fixed deposits is INR 20,000.
• Deutsche Bank NRO FD interest rates range between 3% to 7% based upon the investment tenure.

How to Apply for Deutsche Bank NRO FD

Applying for Deutsche Bank NRO FD has become easier than ever. You can do it all in the comfort of your home. Here is how to apply for Deutsche Bank NRO fixed deposits:

• Visit the official Deutsche Bank portal and log in to ‘OnlineBanking’ through your credentials.
• From the available options, click on ‘Book Fixed Deposit.’
• Now provide the required details, such as the amount you want to deposit, tenure, and interest payout frequency.
• Enter the transaction password to confirm your investment.

You will be able to witness the details associated with your Deutsche Bank NRO FD in your account from the very next day.

Note: When you count on an online process, the minimum and maximum deposit amounts are limited to INR 20,000 to 99 lakhs. If you want to deposit more, you must contact the branch manager.