How is the USD FD on Belong better than FCNR deposits?
Conceptually, they are similar to FCNR deposits, but there are some key differences which make them better than FCNR deposits.
Unlike FCNR deposits, which have a minimum tenure of 1 year, Belong USD FDs are available for lower tenures as well - 3 months, 6 months and 1 year, thus making them ideal for short-term savings requirements.
If you withdraw prematurely (i.e., before one year) from an FCNR deposit, you forfeit all the interest earned. In contrast, with Belong USD FD, on premature withdrawal, interest will be paid out at the applicable rate* minus 1% or zero whichever is higher.
For UAE customers only - Round-trip SWIFT transfer charges and conversion from AED to USD and back at exchange rates offered by banks typically lead to losing 1-1.5% on FCNR returns. With Belong, you can make free transfers and also get very efficient conversion rates so that your net returns are very close to the FD returns.
To watch a quick video on how GIFT City FDs differ from FCNR deposits, click here.
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What is the Belong USD FD?
The USD Fixed Deposit on Belong is a USD-denominated FD offered in partnership with RBL bank’s GIFT City unit. The key highlights of this FD for NRIs are: Higher interest rates: Indian banks typically provide higher interest rates than NRIs’ local ...
What is the minimum amount for RBL USD FD on Belong?
The minimum amount required to open a USD FD with Belong is $1,000.
Who provides the USD fixed deposits on Belong?
Our current FD is in partnership with RBL bank. You will also receive a FD receipt from RBL bank in your name when you book an FD. Belong, under its PSP license, acts as a facilitator for customer’s KYC and money movement for creating and managing ...
What are the returns offered by Belong on the USD FD?
Currently we are offering a very competitive return of 6% p.a. for these tenures: 3 months, 6 months and 1 year. This is Belong's introductory offer and is not indefinite.
Who can book fixed deposits with Belong?
Belong’s USD FD is available to non-resident Indians (NRIs) and OCIs residing in 50+ countries where Belong is live in. The individuals must be at least 18 years of age and above, and have a valid resident ID of their resident country.