What is the minimum tenure of NRO FD?
SBNRI Team
answered on 23/03/2020
The Minimum tenure of NRO FD is 7 days.
The term plan for NRO Fixed Deposits range from a tenure of 7 days to 10 years. The NRO account can be opened for the purpose of maintaining the income earned from India such as income from rent, pension, etc. The repatriation of the money in the account can be done up to a maximum of 1 million USD per financial year.
Note: 30% tax + surcharge + education cess will be deducted at the source of interest earned in India (only current income such as rent, pension etc. can be repatriated)
Process of repatriation from NRI Accounts
Accounts | Process | Limit |
1. ONLINE:
2. OFFLINE: Fill these 2 forms. (You can get them at the bank branch or download them online, sign them and send them to the bank branch in India via courier in case you are abroad.)
| No Limit | |
All the following documents are needed to be submitted at the Bank Branch (in India). You can either submit it when you arrive here or download it online and send the signed copies to bank branch via courier:
| USD 1 million | |
1. ONLINE:
2. OFFLINE: Fill these 2 forms. (You can get them at the bank branch or download them online, sign them and send them to the bank branch in India via courier in case you are abroad.)
| No Limit |
For more queries like “Minimum Tenure of NRO FD”, visit NRI Fixed Deposit category on our blog.
Related Questions
Manoj Negi
answered on 23/08/2022
Latest NRE Savings Account & FD Interest Rates June 2022 Fixed deposits are one of the most common NRI investment options in India as they offer assured and safe returns on investment. Non-Resident Indians (NRIs) open NRE (Non-Resident External) fixed deposits to save their foreign earnings and earn attractive returns […]
SBNRI Team
answered on 24/03/2020
There is no tax on FCNR Deposit in India. What is an FCNR Deposit? A Foreign Currency (Non-Resident) Account which is a term deposit account in USD, GBP, EUR, JPY, AUD, CAD, SGD, HKD, and others. The ‘term’ in a term deposit account is a fixed tenure of up to 12 months, 24 months, […]
SBNRI Team
answered on 16/11/2020
There are 3 types of NRI FDs you can choose from and 2 of them are not taxable. Non-Resident External (NRE) FD: For income generated outside India, maintained in INR. There is no tax in India on the interest earned. Non-Resident Ordinary (NRO) FD: For income generated in India, maintained in INR. The interest earned […]
SBNRI Team
answered on 24/03/2020
NRE Deposit is tax-free in India as NRE Accounts are meant to maintain the income earned outside India. If you withdraw the funds from your NRE Fixed Deposit Account before 1 year (premature withdrawal) no interest will be paid on the NRE deposit. The NRE account can be opened for the purpose of maintaining […]
