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

This topic contains 1 reply, has 2 voices, and was last updated by  Santosh Kapoor 3 years, 6 months ago.

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    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?


    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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