Deutsche Bank and its NRE account haven’t received too many good reviews. Here’s why.
Deutsche Bank is a German investment bank that is operational in 58 countries across the world. It has a large presence in Asia, North & South America and Europe. It is also the 15th largest bank in the world, based on total assets. However, its operations in India may not be at par with those offered in the rest of the world.
Deutsche NRE Account Features
Deutsche Bank provides a variety of banking services to NRIs. Here are the key features of their NRE Value-Plus Savings Account:
- Instant account opening kit to help you start conducting transactions instantly.
- The NRE account allows full repatriation of funds, for both principal and interest.
- Interest income is exempt from taxation in India.
- You can open the account jointly with another NRI.
- Interest rate of 8.25% for NRE fixed deposits for 5 years, which is the highest among Indian banks.
- Account holders are provided a multi-feature Gold debit card. You earn 0.5 express rewards for every ₹100 spent via the card, along with a 2.5% petrol surcharge waiver up to ₹150 each year across all petrol pumps in India. Also, the card uses chip technology for better security on transactions.
- Cash withdrawal and POS/swipe transaction limits are flexible, ranging from ₹25,000 to ₹50,000.
- You get up to ₹2.5 lakhs worth of lost card insurance on your card. The insurance applies to a period between 30 days before reporting and 7 days after reporting the loss to the bank.
- You are provided a free-of-charge consolidated quarterly statement of all your Deutsche Bank accounts, including payee details. This helps in avoiding the hassle of collating statements from different accounts.
- Using the mandate facility, you can designate a loved one, such as your parent, relative or friend living in India, as your mandate. This person will be able to operate your account on your behalf.
- Deutsche Bank gives you a variety of channels for conducting banking transactions. This includes online banking, phone banking, ATM banking and SMS banking.
- To enjoy the privileges offered by Deutsche Bank’s NRE account, you’ll have to maintain an Average Quarterly Balance or AQB of at least ₹100,000 or Assets Under Management (AUM) of ₹150,000 or more.
- Several customer reviews indicate that Deutsche Bank’s services are not up to the mark, with some indicating that there may be hidden charges for services as well.
- Instant account opening kit.
- Highest interest rate on 5-year fixed deposits.
- Gold debit card with a variety of benefits.
- High minimum balance requirements.
- Poor customer services.
- Hidden service charges.