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 banks.
Shorter tenures available: You can make FDs for tenures less than 1 year as well.
No depreciation risk: Since the FD is denominated in USD, you are safe from the loss from INR depreciation.
No Indian bank account needed: FDs can be booked directly from your foreign bank account.
Repatriability: Both principal and interest are fully repatriable without any paperwork or limits.
Tax-free interest: The interest earned is tax-free in India and there is no TDS.
To watch a quick video on how GIFT City FDs differ from FCNR deposits, click here.
Related Articles
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 ...
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.
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.
What documents will I need in order to book my FD on the Belong app?
You do need separate documents for booking your USD FDs on the Belong app. Once your KYC is verified and Belong wallet is activated, you can just fund your wallet and book your FDs. For completing your KYC verification on the Belong app, you will ...
Who provides the USD fixed deposits on Belong?
Our current USD FD offering is in partnership with RBL bank. You will also receive a FD receipt from RBL bank in your name within 2 working days of booking the FD. Belong, under its PSP license, acts as a facilitator for customer’s KYC and money ...