NRI Fixed Deposit

NRI Fixed Deposits are the most sought after medium for NRI Investments in India. The NRI Fixed Deposits can be opted with the following 3 types of NRI Accounts: 

Let’s understand these accounts in brief:

  • Non Resident External (NRE) Fixed Deposit: The NRE Fixed Deposit is used for parking the funds that you earn outside India. You can earn an interest up to 7.81% which is tax-free in India and both the principal amount as well as the interest can be repatriated completely. Let’s explore the top Indian banks and see who are providing the highest Fixed Deposit Rates in India for NRI on NRE FDs:

Fixed Deposit Rates in India for NRI: NRE FD

BanksNRE FD Interest Rates
FederalUp to 5.85%*
SBIUp to 5.40%*
CitibankUp to 4.23%*
Bank of BarodaUp to 5.40%*
Canara BankUp to 5.50%*
Indian BankUp to 5.40%*
ICICIUp to 5.50%*
HDFCUp to 6.25%*
Indian Overseas BankUp to 5.75%*
Punjab National BankUp to 5.50%*
IDBI BankUp to 5.80%*
KotakUp to 5.40%*
DCBUp to 7.35%*
Axis BankUp to 5.80%*
DBS BankUp to 5.25%*
Union Bank of IndiaUp to 5.80%*
United Bank of IndiaUp to 6.50%*
YES BankUp to 7.25%*
SBMUp to 7.50%*
IndusIndUp to 7.81%*
RBLUp to 7.50%*
IDFCUp to 6.90%*
Central Bank of IndiaUp to 5.35%*
Deutsche BankUp to 7%*
  • Non Resident Ordinary (NRO) Fixed Deposit: The NRO Fixed Deposit is used to maintain the income for an NRI that is generated in India. It can come from any property that you have in India in the form of rent or maybe your pension etc. You can earn upto a 7.30%* interest rate on these accounts. Although, the interest that you earn on the funds is taxable in India at 30% along with surcharge and cess. You can later opt for a Tax Refund while filing your taxes as per your tax slab. Glance through the below mentioned table to check which Income Tax Slab you fall in.
Income Tax SlabTax Rate
Up to 2.5 LakhsNil
2.5 Lakhs to 5 Lakhs 5%
5 Lakhs to 7.5 Lakhs10%
7.5 Lakhs to 10 Lakhs15%
10 Lakhs to 12.5 Lakhs20%
12.5 Lakhs to 15 Lakhs25%
15 Lakhs and above30%
  • Foreign Currency Non-Resident (Bank) [FCNR(B)] Fixed Deposit: The FCNR (B) Fixed Deposit 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, 36 months, 48 months or 60 months that can be chosen by the NRIs at the time of account opening. You can earn up to 3%* interest on deposits. The interest income is not taxable in India and both the principal amount as well as the interest are completely repatriable.

After opening the NRI Bank Accounts, you can directly opt for a Fixed Deposit online using your mobile phones under the type of account chosen. It’s too easy and convenient. Still confused which FD to opt for? Let’s us stroll through a comparative analysis of these NRI FDs here:

Factors to considerNon Resident External (NRE) FDNon Resident Ordinary (NRO) FDForeign Currency Non Resident (FCNR) Deposit
PurposeFor income earned outside IndiaFor income earned from India (pension, rent etc.) Foreign Currency Investment in India
CurrencyINRINRUSD, GBP, EUR, JPY, CAD, AUD, SGD, HKD and CHF
Joint Account HoldingOnly NRIBoth NRI and ResidentsOnly NRI
Tenure of Deposits1 year to 10 years7 days to 10 years1 year to 5 years
InterestUp to 7.81%*Up to 7.30%*Up to 3%*

Repatriation

(transfer of money from Indian bank account to foreign bank account) 

Both Principal (money invested initially) and Interest completely repatriableUp to a maximum of 1 million USD per financial yearBoth Principal and Interest completely repatriable
Tax DeductionsNo taxTax on Interest earned (not on principal amount): 30% tax + surcharge + education cess will be deducted at the source of interest earned in IndiaNo tax

Axis Bank NRO Fixed Deposit Rates 2022

Axis Bank NRO Fixed Deposit Rates 2022

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Non-Resident Indians (NRIs) can open an Axis Bank NRO fixed deposit account to save their earnings originating from India, such as rental income, pension, dividends, etc. NRO Rupee deposit comes with flexible tenure ranging from 7 days to 10 years and automatic renewal. Currently Axis Bank NRO FD rates range from 2.75% to 6.50% p.a.

ICICI NRO Fixed Deposit Rates

ICICI NRO Fixed Deposit Rates

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ICICI Bank NRO fixed deposit is a rupee denominated FD account where an NRI can deposit funds generated in India, such as rent, dividends, etc. You can open an NRO deposit with an amount as low as Rs. 25,000 for flexible tenure ranging from 7 days to 10 years. With attractive ICICI NRO fixed deposit rates, you can earn high returns.

NRO Fixed Deposit Rates 2022: Top Banks for NRO FDs

NRO Fixed Deposit Rates 2022: Top Banks for NRO FDs

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Due to lower risk than other financial instruments and reliability in a high risk economic environment, fixed deposits continue to be one of the most popular investment options among the common public. Guaranteed returns, compound rates and relative safety are other reasons why fixed deposits are widely procured not only by resident Indians but NRIs (Non-Resident Indians) as well. Fixed deposit interest rates don’t change even if the market is not in a good shape. In this article, we will explore the current NRO fixed deposit rates 2022 and other features.

SBI NRO Fixed Deposit Rates

SBI NRO Fixed Deposit Rates

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State Bank of India offers different types of fixed deposits for non-resident Indians - NRE, NRO RFC and FCNR fixed deposits. However, only an NRO fixed deposit account can be opened to deposit income earned in India by NRIs. You can open an SBI NRO fixed deposit for a tenure ranging from 7 days to 10 years. SBI NRO FD rates also vary from 2.90% to 6.00% p.a.

Corporate FD vs Bank FD: What is best for you?

Corporate FD vs Bank FD: What is best for you?

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Fixed deposits are one of the most popular investment tools amongst risk-averse investors, as the returns on such an investment is guaranteed. Tenure, risk, interest rates, amount, etc. vary depending on the type of FD and issuing institution. Banks, as well as corporates, offer fixed deposits to investors on different terms. If you are confused between corporate FD and bank FD, here is the analysis of corporate FD vs bank FD.

Mahindra Finance Corporate FD: Interest rate, benefits

Mahindra Finance Corporate FD: Interest rate, benefits

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Residents, NRIs and companies can earn attractive interest rates by investing their hard-earned money in safe and secure fixed deposits by Mahindra Finance. Mahindra Finance FD rates are as high as 7.15% p.a. You can book a Mahindra Finance corporate FD with a minimum amount of Rs. 5,000 for a tenure of up to 5 years.

Axis Bank FCNR Fixed Deposit Rates 2022

Axis Bank FCNR Fixed Deposit Rates 2022

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Axis Bank offers the Foreign Currency Non-Resident deposit to non-resident Indians (NRIs) and overseas citizens of India (OCIs). With the FCNR FD account, you get assured returns on fixed deposits made in any of 6 currencies for a tenure ranging from 1 year to 5 years. Axis Bank FCNR rates vary from currency to currency.

YES Bank NRE FD Rates: YES Bank NRI FD Interest Rates 2022

YES Bank NRE FD Rates: YES Bank NRI FD Interest Rates 2022

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YES Bank is one of the largest private-sector banks in India with very lucrative NRI Fixed Deposit Schemes. The bank provides an array of opportunities such as NRE FD, NRO FD, FCNR Deposit and RFC Deposits. The interest rates for NRE FD go as high as 6.75%*. In this article, we will explore the YES Bank NRE FD Rates along with other NRI FD alternatives.

Axis Bank NRE FD Rates: Latest NRI FD Interest Rates 2022

Axis Bank NRE FD Rates: Latest NRI FD Interest Rates 2022

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Axis Bank is one of the largest and most trusted banks for NRI services in India. The bank provides various options under NRI Fixed Deposit. In this article we will browse through the various fixed deposit options available for an NRI along with checking out the latest Axis Bank NRE FD Rates (up to 5.50%*) and other NRI Fixed Deposit Interest Rates.