About Belong FDs
How will my gains on the booked FDs be taxed once I change to a resident Indian?
The interest that you earn after your residency changes will be taxed as a resident Indian.
Why can I see FD returns without the Belong bonus when I am booking my FD?
While booking a FD, you might see a lower interest rate which is our partner bank's interest rate. The bonus is offered by Belong independently hence it will not show in the bank's environment in the app. Your total maturity amount in the FD will ...
Will Belong bonus show on the FD receipt?
The bonus is given by Belong hence it will not be reflected in the FD receipt. Once the FD matures the interest offered by the bank and Belong's bonus will be credited back to the Belong wallet.
How does the 6% returns offered by Belong work?
There's a bank rate (currently it is 4.0% pa) which offered by the Bank. The remaining is the bonus offered as by Belong. Initially, you will be able to see the breakup of Belong and bank bonus while booking your FD. Once you enter the banks page you ...
Who is the partner bank for the USD FD?
Belong has partnered with RBL Bank - a mid-sized private sector bank in India. It has over 15 million customers, 500+ branches, a deposit base of 1.1 lakh Crores, and a credit rating of AA-. RBL has been a frontrunner in digital partnerships and open ...
How safe is Belong?
Belong’s app is operated by Betafront Technologies Pvt Ltd and its subsidiaries.The wallet and FD product is provided by its subsidiary Betafront Financial Services (IFSC) Pvt Ltd under a Payments Services Provider (PSP) license from IFSCA (the ...
Is it possible to book an FD in AED through Belong?
Although GIFT City supports multiple foreign currencies, we offer only USD Fixed Deposits at the moment as the interest rates on USD FDs are higher than AED FDs in GIFT City.
How is interest paid on USD fixed deposits booked on the app?
The interest is paid upon maturity along with the Belong bonus, and credited directly to your Belong wallet.
Are my Belong fixed deposits insured like INR FDs?
GIFT City deposits are not currently insured under the DICGC but we believe it is likely to be insured in the future. In India too, the insurance is only for an amount up to 5 lakhs INR only (<$6000).
Will I get an option to re-invest upon maturity?
Yes, once your FD matures the money will be credited to your Belong wallet and you can reinvest it, if you so wish.
Are returns on fixed deposits guaranteed?
Yes, FD returns are guaranteed by the partner bank. The pre-determined interest rate will be fixed for the entire term of your FD, and you'll know exactly how much you will earn when it matures.
What happens to my FD if Belong shuts down?
Your fixed deposit is made directly under your name and contact details with our partner bank. You will also receive an FD receipt from the partner bank on your email id once you book any FD. In the unlikely event that Belong shuts down, you can ...
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.
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 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 FD tenures does RBL USD FD offer?
We offer FDs starting from tenures as low as 3 months. We have 3 tenure options - 3 months, 6 months and 1 year.
How will I transfer money to book FD?
You will have to make a SWIFT transfer to Belong if you want to invest. To know more about adding funds to your Belong wallet, please check the Belong wallet section.
Are there any charges/fees on premature withdrawal of FDs?
On premature withdrawal, interest will be paid out at applicable rate* minus 1% or zero whichever is higher. For example, interest rates when the FD was booked were 5% for 1 year FD and 3% for 6 months FD. If FD was booked for 1 year and withdrawn ...
Which documents will I need in order to book my FD?
You will need the following documents: PAN card Passport Residence permit Overseas address proof (recent bank statement)
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.
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 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 ...
How is the interest income from GIFT City FDs taxed in India?
Interest earned and principal on GIFT City FDs is fully tax-exempt in India for NRIs. Any tax liability will be as per your resident country only. You should check the tax laws in your resident country and any applicable Double Taxation Avoidance ...
What are GIFT City Fixed Deposits?
These are fixed deposits offered by banks (both Indian and foreign) located in the Gujarat International Finance Tec-City (GIFT City), India's upcoming global financial services hub. Conceptually, they are closest to FCNR deposits offered by Indian ...