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:
- Non-Resident External (NRE) Account
- Non-Resident Ordinary (NRO) Account
- Foreign Currency Non-Resident (Bank) [FCNR(B)] Account
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
| 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 | No tax | |
HDFC Bank NRE FD Rates: Latest NRI FD Rates 2024
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.
![HDFC Bank NRO FD Rates 2024 [Latest]](https://sbnri.com/blog/wp-content/uploads/2024/02/Frame-1000004019-1-1024x553.png)
HDFC Bank NRO FD Rates 2024 [Latest]
HDFC NRO Fixed Deposit Account is a fixed deposit account offered by HDFC Bank in India for Non-Resident Indians (NRIs) with income originating in India. This account allows NRIs to deposit their earnings in India, such as rental income, dividend income, or any other income earned in India. Latest HDFC NRO FD rates range from 3 - 7.10% per annum for flexible tenure ranging from 7 days to 10 years and fixed deposit amount less than Rs. 2 cr.
NRO Fixed Deposit Rates 2024: Top Banks for NRO FDs
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
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
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 (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.
