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

ICICI Bank NRI FD Rates: ICICI Bank NRE FD Rates 2023

ICICI Bank NRI FD Rates: ICICI Bank NRE FD Rates 2023

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ICICI Bank NRE FD Rates: ICICI Bank is one of the top banks in India that offers a host of financial services to its Indian as well as Non-Resident Indian (NRI) customers. NRI Fixed Deposits like Non-Resident External (NRE), Non-Resident Ordinary (NRO) and Resident Foreign Currency (RFC) deposits are some of the most popular investment options offered by the bank for NRI investors.

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.

IDFC NRI Fixed Deposit Rates for January 2023

IDFC NRI Fixed Deposit Rates for January 2023

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Indians living abroad can get higher Rupee returns on their NRI income through IDFC NRI Fixed Deposit. IDFC First Bank offers 3 types of NRI fixed deposit schemes for NRIs for their foreign earnings. IDFC Bank has some of the best NRI fixed deposit options to help NRIs earn higher returns on their funds. Based on their source of income, NRIs can invest money in an NRE or NRO fixed deposit. IDFC NRI fixed deposit rates 2021 are one of the best in the market.

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.

NRE Fixed Deposit Rates 2023: Top Banks for NRE FDs

NRE Fixed Deposit Rates 2023: Top Banks for NRE FDs

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Fixed deposits are one of the most preferred investment options in India because of the nominal risk and guaranteed returns. Like resident Indians, Non-Resident Indians (NRIs) are also investing in NRI (NRE, NRO & FCNR) fixed deposits to save and manage their foreign income in India. NRE fixed deposits are similar to regular term deposits, opened using NRE accounts. All NRIs and PIOs can invest in NRE FDs in India. Indian banks and NBFCs (Non-Banking Financial Companies) offer attractive NRE Fixed Deposit rates, which are virtually tax-free.

Axis Bank NRE FD Rates: Latest NRI FD Interest Rates 2023

Axis Bank NRE FD Rates: Latest NRI FD Interest Rates 2023

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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.

SBI NRI FD Rates: SBI NRE FD Interest Rates 2023

SBI NRI FD Rates: SBI NRE FD Interest Rates 2023

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NRI Fixed Deposit options at SBI is one of the safest avenues for NRI Investment in India. Your residential status and financial requirements can be easily catered to within their multiple options of Fixed Deposits: NRE FD, NRO FD, FCNR Deposits and RFC Deposit. In this article, we will browse through the latest SBI NRI FD Rates along with other benefits of investing in NRI FD at SBI.

HDFC Bank NRE FD Rates: Latest NRI FD Rates 2023

HDFC Bank NRE FD Rates: Latest NRI FD Rates 2023

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NRI Fixed Deposit options at HDFC Bank is one of the safest avenues for NRI Investment in India. Your residential status and financial requirements can be easily catered to within their multiple options of Fixed Deposits: NRE FD, NRO FD, FCNR Deposits and RFC Deposit. In this article, we will browse through the latest HDFC Bank NRE FD Rates along with other NRI FD Rates and other benefits of investing in NRI FD at HDFC Bank.

Top Reasons why FDs are a Must in your Portfolio

Top Reasons why FDs are a Must in your Portfolio

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One of the most popular financial products that most banks provide to their clients is the fixed deposit or FD. Because it is safer than equity investments, it is a preferred type of investment. And before you invest any money, you already know the returns. If you want to minimize your risk, it is a secure investment. Additionally, it can assist you in achieving your long-term financial goals, such as retirement planning, home ownership, and paying for a child's education. This article is about the top reasons why FDs are a must in your portfolio.