SB NRI 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:
| Banks | NRE FD Interest Rates |
| Federal | Up to 5.85%* |
| SBI | Up to 5.40%* |
| Citibank | Up to 4.23%* |
| Bank of Baroda | Up to 5.40%* |
| Canara Bank | Up to 5.50%* |
| Indian Bank | Up to 5.40%* |
| ICICI | Up to 5.50%* |
| HDFC | Up to 6.25%* |
| Indian Overseas Bank | Up to 5.75%* |
| Punjab National Bank | Up to 5.50%* |
| IDBI Bank | Up to 5.80%* |
| Kotak | Up to 5.40%* |
| DCB | Up to 7.35%* |
| Axis Bank | Up to 5.80%* |
| DBS Bank | Up to 5.25%* |
| Union Bank of India | Up to 5.80%* |
| United Bank of India | Up to 6.50%* |
| YES Bank | Up to 7.25%* |
| SBM | Up to 7.50%* |
| IndusInd | Up to 7.81%* |
| RBL | Up to 7.50%* |
| IDFC | Up to 6.90%* |
| Central Bank of India | Up to 5.35%* |
| Deutsche Bank | Up to 7%* |
| 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% |
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 | |
Non-Resident Indians (NRIs) can open an Axis Bank NRO fixed deposit account to save their earnings originating from India, such as rental income, pension, dividends, etc. NRO Rupee deposit comes with flexible tenure ranging from 7 days to 10 years and automatic renewal. Currently Axis Bank NRO FD rates range from 2.75% to 6.50% p.a.
ICICI Bank NRO fixed deposit is a rupee denominated FD account where an NRI can deposit funds generated in India, such as rent, dividends, etc. You can open an NRO deposit with an amount as low as Rs. 25,000 for flexible tenure ranging from 7 days to 10 years. With attractive ICICI NRO fixed deposit rates, you can earn high returns.
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.
State Bank of India offers different types of fixed deposits for non-resident Indians - NRE, NRO RFC and FCNR fixed deposits. However, only an NRO fixed deposit account can be opened to deposit income earned in India by NRIs. You can open an SBI NRO fixed deposit for a tenure ranging from 7 days to 10 years. SBI NRO FD rates also vary from 2.90% to 6.00% p.a.
Fixed deposits are one of the most popular investment tools amongst risk-averse investors, as the returns on such an investment is guaranteed. Tenure, risk, interest rates, amount, etc. vary depending on the type of FD and issuing institution. Banks, as well as corporates, offer fixed deposits to investors on different terms. If you are confused between corporate FD and bank FD, here is the analysis of corporate FD vs bank FD.
Residents, NRIs and companies can earn attractive interest rates by investing their hard-earned money in safe and secure fixed deposits by Mahindra Finance. Mahindra Finance FD rates are as high as 7.15% p.a. You can book a Mahindra Finance corporate FD with a minimum amount of Rs. 5,000 for a tenure of up to 5 years.
Axis Bank offers the Foreign Currency Non-Resident deposit to non-resident Indians (NRIs) and overseas citizens of India (OCIs). With the FCNR FD account, you get assured returns on fixed deposits made in any of 6 currencies for a tenure ranging from 1 year to 5 years. Axis Bank FCNR rates vary from currency to currency.
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.
Citibank offers a wide range of banking solutions to Non-resident Indians (NRIs) and overseas citizens of India (OCIs), including Citibank NRI account and NRI fixed deposits. NRIs can earn attractive interest rates on NRI fixed deposits. Latest Citibank NRE FD rates range from 2.75% to 3.50% per annum. Interest earned on NRE and FCNR FDs is tax free in India, however, interest earned from NRO fixed deposits is subject to TDS (Tax Deducted at Source).
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.
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