Need A Financial Product › Forums › NRI money matters › Can I use existing SB account for opening NRE FD

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  • August 23, 2014 at 5:10 pm #47007
    samkapoor77
    Keymaster

    Few months back, I shifted to Australia. I still have a savings account with PNB and have internet access to it. I want to invest in NRE term deposit so as to avoid tax on interest income. Am I required to open NRE account first? Can I use my existing savings account for opening NRE term deposit?

    August 25, 2014 at 10:12 pm #47008
    samkapoor77
    Keymaster

    Yes, you will have to first open NRE account with PNB. You can open term deposits from your NRE account only. Your existing account should be converted as NRO account and all your fixed deposits in NRO account will attract TDS.

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