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:
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
Banks
NRE FD Interest Rates
Federal
6.75% – 7.25%
SBI
6.25% – 6.75%
Citibank
3.50% – 7.25%
Bank of Baroda
6.25% – 6.75%
Canara Bank
6.50% – 7.15%
Indian Bank
6.10% – 6.50%
ICICI
6.90% – 7.00%
HDFC
6.00% – 7.00%
Indian Overseas Bank
6.40% – 7.00%
Punjab National Bank
6.50% – 7.25%
IDBI Bank
6.25% – 6.75%
Kotak
6.25% – 7.10%
DCB
7.25% – 7.85%
Axis Bank
6.75% – 7.26%
DBS Bank
5.25% – 6.50%
Union Bank of India
6.30% – 7.30%
United Bank of India
–
YES Bank
7.00%
SBM
6.5% – 7.2%
IndusInd
7.00% – 7.50%
RBL
7.00% – 7.80%
IDFC
6.75% – 7.50%
Central Bank of India
–
Deutsche Bank
6.75% – 7.50%
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 Slab
Tax Rate
Up to 2.5 Lakhs
Nil
2.5 Lakhs to 5 Lakhs
5%
5 Lakhs to 7.5 Lakhs
10%
7.5 Lakhs to 10 Lakhs
15%
10 Lakhs to 12.5 Lakhs
20%
12.5 Lakhs to 15 Lakhs
25%
15 Lakhs and above
30%
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 consider
Non Resident External (NRE) FD
Non Resident Ordinary (NRO) FD
Foreign Currency Non Resident (FCNR) Deposit
Purpose
For income earned outside India
For income earned from India (pension, rent etc.)
Foreign Currency Investment in India
Currency
INR
INR
USD, GBP, EUR, JPY, CAD, AUD, SGD, HKD and CHF
Joint Account Holding
Only NRI
Both NRI and Residents
Only NRI
Tenure of Deposits
1 year to 10 years
7 days to 10 years
1 year to 5 years
Interest
Up 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 repatriable
Up to a maximum of 1 million USD per financial year
Both Principal and Interest completely repatriable
Tax Deductions
No tax
Tax on Interest earned (not on principal amount): 30% tax + surcharge + education cess will be deducted at the source of interest earned in India
Yes Bank offers Foreign Currency Non-Resident (FCNR) deposits that allow non-resident Indians (NRIs) and Overseas Citizens of India to deposit and maintain their foreign currency funds in India. These deposits are available in major currencies including US Dollar (USD), Euro (EUR), Pound Sterling (GBP), Japanese Yen (JPY), Canadian Dollar (CAD), Australian Dollar (AUD), and Singapore Dollar (SGD). Yes Bank FCNR rates vary depending on the currency and tenure of the deposit.
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.
Bank of Baroda NRI FD Rates: Bank of Baroda is among the leading public sector banks in India with 131 million customers and 9, 482 branches. Apart from India, the bank has a global presence with 100 overseas offices. Non-Indian Resident (NRI) customers looking to save and grow their foreign income can invest in NRI fixed deposit schemes. Bank of Baroda provides NRIs with NRE, NRO and FCNR FD schemes.
Non-Resident Indians (NRIs) and Overseas Citizens of India can open an NRE fixed deposit account with IDBI Bank to invest their foreign earnings in Indian rupees. NRE fixed deposits are offered for flexible maturity periods, ranging from 1 year to 10 years. IDBI Bank NRE FD rates vary based on the maturity slab.
When it comes to investment opportunities, India offers a wide range of investment options for Non-Resident Indians (NRIs). One such avenue is the Non-Resident External Fixed Deposit (NRE FD) offered by DBS Bank. DBS Bank provides NRIs with attractive interest rates and a host of benefits that make their NRE FDs a lucrative investment option. In this blog, we will explore DBS Bank NRE FD rates.
Punjab National Bank, also known as PNB, is the second largest bank in India in terms of business and network. The bank has a pan India presence with 10,930 branches and 13,878 ATMs. The bank also operates in the UK, Hong Kong, Kowloon, Dubai and Kabul through its subsidiaries and overseas branches. Just like its Indian customers, Punjab National Bank offers a vast array of financial services to Non-Resident Indian (NRI) customers, NRI Fixed Deposits, NRE Account, NRO Account, FCNR(B) Account, RFC Account, etc. In this article we will explore the latest PNB NRI FD Rates for 2021.
An NRI Fixed Deposit is one of the safest ways to earn tax-free interest in India. You can choose between the options of an NRE, NRO or an FCNR Fixed Deposit in India as an NRI and start procuring returns on the funds parked in these accounts. Let’s explore how to do that in this article.
HSBC Bank, a globally renowned financial institution, offers a range of attractive investment options for non-resident Indians (NRIs). One such option is the HSBC Bank NRE Fixed Deposit (FD) scheme. NRE Fixed Deposits provide NRIs with an opportunity to earn competitive interest rates on their deposits while enjoying the flexibility and convenience of managing their funds from anywhere in the world. In this blog, we will focus on the HSBC bank NRE FD rates and features and benefits of HSBC NRE FDs.
Canara Bank provides various investment products to its Non-Resident Indian (NRI) customers. These customers can invest in Canara Bank NRI FDs to grow their savings. NRIs can invest their foreign income in these schemes and earn good returns based on the current Canara Bank NRI FD rates. Let’s explore the Canara Bank NRI FD interest rates 2020-21 for short term as well as long term tenure.
Catholic Syrian Bank Limited, established in November 1920, is the oldest private sector bank in Kerala at present. One of the popular investment avenues offered by CSB for Non-Resident Indians (NRIs) is the Non-Resident External (NRE) Fixed Deposits. In this blog, we will focus on the CSB NRE fixed deposits, their rates and benefits.
