Why PNB Housing Finance Limited is good for NRI Fixed Deposit?
Many NRIs invest their corpus back in India, the country of their origin. Their decision is not based on emotion but practicality. In the recession-ridden global scenario, the Indian financial market continues to outshine, offering lucrative returns across investments. You too can diversify your investment portfolio and grow your money in India, just like your fellow NRIs do.
Among the bouquet of investment options in India, PNB Housing Finance Limited NRI Fixed Deposit schemes stand out. Sounds an exaggeration? Not when you consider the benefits.
Variety:
PNB Housing offers you the needed variety of FD options to suit your individual needs.
NRE FD: It stands for Non Residential External Fixed Deposit. It’s essentially a term deposit account allowing the NRI to make deposits from his/her host country and remit the same in India. Herein, the deposits should be only made in INR.
- NRO FD: Non-Resident Ordinary Fixed Deposits is just like NRE FD when it comes to making deposits. But the account enables you to handle funds generated in India. This FD fetches interest rate comparable to the domestic deposit, which is taxable.
- FCNR FD: The Foreign Currency Non-Repatriable Fixed Deposit makes sense when you require depositing money in currencies, including Euro, Yen, Dollar, Pound, Franks.
- RFC FD: If you consider relocating back to India, Resident Foreign Currency Fixed Deposit is for you. It allows you to earn a decent interest in funds held in foreign currency.
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Assured returns:
With PNB Housing NRI FD, assured returns come by default. Your investment is not only contractually guaranteed but also fetches you INR 1 lakh for principal and interest in case the HFC defaults. Mutual funds and other market-linked schemes might offer you better returns than the NRI fixed deposit but the assurance factor is grossly missing.
Tax benefits:
PNB Housing NRE FD guarantees tax benefits and maximizes your proceeds. The Income Tax Act, 1961 fully exempts the principal and interest you earn in NRE FD from tax. On the other hand, NRO attracts up to 30% tax on the total proceeds. But you are free to transfer funds from NRO A/c to NRE A/c upon paying the applicable taxes.
Stable Growth:
PNB Housing maximizes your earning potential with up to 8.40% NRI FD rates for a term of 5 years to 5 years 11 months. Not many options offer the kind of stable growth that you get with NRI FD. The interest payouts are available in cumulative and non-cumulative options. In the latter case, you receive interest payouts monthly, quarterly, half-yearly and annually.
Unrestricted fund movement:
Moving your money across accounts and borders is a breeze with PNB Housing NRI FD. Both the principal and interest can be repatriated to your host country. Note that, the movement of funds in NRO FD is subject to payment of applicable taxes. Contrarily, it’s free in NRI FD.
Convenience:
As the leading HFC, PNB Housing is committed to your convenience. Besides offering you the best NRI FD rates, PNB Housing ensures an easy account opening process. Just put your KYC documents in order and fill in FATCA Form, your account will be opened quickly. You can even access the account via a dedicated customer portal for guidance in real-time.
