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

HDFC Bank NRE FD Rates: Latest NRI FD Rates 2024

HDFC Bank NRE FD Rates: Latest NRI FD Rates 2024

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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.

NRO Fixed Deposit Rates 2024: Top Banks for NRO FDs

NRO Fixed Deposit Rates 2024: 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.

NRE Fixed Deposit Rates 2024: Top Banks for NRE FDs

NRE Fixed Deposit Rates 2024: 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.

NRI Fixed Deposit: The Basic 2024 Guide

NRI Fixed Deposit: The Basic 2024 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.

South Indian Bank NRE FD Rates 2023

South Indian Bank NRE FD Rates 2023

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South Indian Bank (SIB) is a premier private sector Indian bank based out of Thrissur in Kerala. The bank has considerable experience in serving NRIs. South Indian Bank NRI savings account, fixed deposits, NRI personal loan, insurances, etc. are some of the top services provided by the bank to Non-Residents and Overseas Citizens of India (OCIs). South Indian Bank NRE FD rates are listed below.