Friday, December 26, 2008

Open NRO FD without Closing NRE FD

If you are holding good amount in NRE fixed deposits and want to convert your NRE deposit to NRO for higher interest but are not willing to close your NRE FD prematurely due to penalty factor. In this case you can avail loan against NRE FD and put the proceeds into NRO FD. Interest rates of NRO FD may decline in future. This will be beneficial for the customers as loan against NRE attracts much lower interest rates as compared to interest rates on NRO FD with DTAA benefit and in the process depositors stand to gain substantially.

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