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
Federal6.75% – 7.25%
SBI6.25% – 6.75%
Citibank3.50% – 7.25%
Bank of Baroda6.25% – 6.75%
Canara Bank6.50% – 7.15%
Indian Bank6.10% – 6.50%
ICICI6.90% – 7.00%
HDFC6.00% – 7.00%
Indian Overseas Bank6.40% – 7.00%
Punjab National Bank6.50% – 7.25%
IDBI Bank6.25% – 6.75%
Kotak6.25% – 7.10%
DCB7.25% – 7.85%
Axis Bank6.75% – 7.26%
DBS Bank5.25% – 6.50%
Union Bank of India6.30% – 7.30%
United Bank of India
YES Bank7.00%
SBM6.5% – 7.2%
IndusInd7.00% – 7.50%
RBL7.00% – 7.80%
IDFC6.75% – 7.50%
Central Bank of India
Deutsche Bank6.75% – 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 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

YES Bank NRE FD Rates: YES Bank NRI FD Interest Rates 2023

YES Bank NRE FD Rates: YES Bank NRI FD Interest Rates 2023

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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.

Bank of Baroda NRI FD Rates 2023: Unlock Tax-saving Benefits

Bank of Baroda NRI FD Rates 2023: Unlock Tax-saving Benefits

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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.

IDBI Bank NRE FD Rates 2023: Tax-free NRI Deposits

IDBI Bank NRE FD Rates 2023: Tax-free NRI Deposits

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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.

PNB NRI FD Rates: Latest NRE, NRO & FCNR FD Rates 2022

PNB NRI FD Rates: Latest NRE, NRO & FCNR FD Rates 2022

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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.

NRI Fixed Deposit: The Basic 2023 Guide

NRI Fixed Deposit: The Basic 2023 Guide

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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 NRE FD Rates 2023

HSBC Bank NRE FD Rates 2023

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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 NRI FD Rates 23: Unlock Tax-Free Returns

Canara Bank NRI FD Rates 23: Unlock Tax-Free Returns

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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.