NRI Fixed Deposit option 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.
In this article:
- HDFC NRI Fixed Deposit Interest Rates 2024
- NRE FD Rates
- NRO FD Rates
- FCNR Deposit Rates
- RFC Deposit Rates
- Types of NRI FD Schemes by HDFC Bank
- Premature Withdrawal facility for HDFC NRI FD
- Loan against HDFC NRI FD
- Documents Required to apply for HDFC Bank NRI FD Schemes
- How to apply for HDFC Bank NRI Fixed Deposit Account
- HDFC Bank NRE Fixed Deposit Rate Calculator
- HDFC Bank NRE FD Rates: FAQs
HDFC NRE Fixed Deposit Interest Rates 2024
Listed below are the HDFC NRE FD rates applicable as of 4th March 2024
| Tenor | Below Rs. 2 crore |
|---|---|
| 1 year | 6.60% |
| 1 year to <15 months | 6.60% |
| 15 months to < 18 months | 7.10% |
| 18 months to <21 months | 7.00% |
| 21 months to 2 years | 7.00% |
| 2 Years 1 day to < 2 Year 11 Months | 7.00% |
| 2 Years 11 Months – 35 Months | 7.15% |
| 2 Years 11 Months 1 day <= 3 Year | 7.00% |
| 3 Years 1 day to < 4 Years 7 Months | 7.00% |
| 4 Year 7 Months – 55 months | 7.20% |
| 4 Year 7 Months 1 day <= 5 Years | 7.00% |
| 5 Years 1 day to 10 Years | 7.00% |
| Tenor | =2 Crore to < 5 Crores |
|---|---|
| 1 Year to < 15 months | 7.40% |
| 15 months to < 18 months | 7.05% |
| 18 months to < 21 months | 7.25% |
| 21 months to 2 years | 7.05% |
| 2 year 1 day to 3 years | 7.00% |
| 3 year 1 day to 5 years | 7.00% |
| 5 year 1 day to 10 years | 7.00% |
HDFC NRO Fixed Deposit Interest Rates 2024
Listed below are the HDFC NRO FD rates for 2024 applicable from 9 Feb 2024:
| Tenor | Below Rs. 2 crore |
|---|---|
| 7 days to 14 days | 3.00% |
| 15 days to 29 days | 3.00% |
| 30 days to 45 days | 3.50% |
| 46 days to 60 days | 4.50% |
| 61 days to 89 days | 4.50% |
| 90 days to 6 months | 4.50% |
| 6 months 1 day to 9 months | 5.75% |
| 9 months 1 day to < 1 year | 6.00% |
| 1 year to <15 months | 6.60% |
| 15 months to < 18 months | 7.10% |
| 18 months to <21 months | 7.25% |
| 21 months to 2 years | 7.00% |
| 2 Years 1 day to < 2 Year 11 Months | 7.00% |
| 2 Years 11 Months – 35 Months | 7.15% |
| 2 Years 11 Months 1 day <= 3 Year | 7.00% |
| 3 Years 1 day to < 4 Years 7 Months | 7.00% |
| 4 Year 7 Months – 55 months | 7.20% |
| 4 Year 7 Months 1 day <= 5 Years | 7.00% |
| 5 Years 1 day to 10 Years | 7.00% |
| Tenor | =2 Crore to < 5 Crores |
|---|---|
| 7 – 14 days | 4.75% |
| 15 – 29 days | 4.75% |
| 30 – 45 days | 5.50% |
| 46 – 60 days | 5.75% |
| 61 – 89 days | 6.00% |
| 90 days <= 6 months | 6.50% |
| 6 months 1 day <=9 months | 6.65% |
| 9 months 1 day to < 1 Year | 6.75% |
| 1 Year to < 15 months | 7.40% |
| 15 months to < 18 months | 7.05% |
| 18 months to < 21 months | 7.25% |
| 21 months to 2 years | 7.05% |
| 2 year 1 day to 3 years | 7.00% |
| 3 year 1 day to 5 years | 7.00% |
| 5 year 1 day to 10 years | 7.00% |
Foreign Currency Non-Resident (FCNR) Deposit Interest Rates 2024
Listed below are the HDFC FCNR FD rates effective from 1 March 2024:
| Tenure/Currency | GBP | USD | Euro | JPY | AUD | CAD |
|---|---|---|---|---|---|---|
| 1 year | 5.00% | 5.25% | 3.50% | 0.01% | 4.30% | 4.65% |
| 1 year to less than 2 years | 5.00% | 5.25% | 3.50% | 0.01% | 4.30% | 4.65% |
| 2 years to less than 3 years | NA | 4.45% | N/A | N/A | 3.90% | 3.75% |
| 3 years to less than 4 years | NA | 4.25% | N/A | N/A | 3.85% | 3.50% |
| 4 years to less than 5 years | NA | 3.80% | N/A | N/A | 3.75% | 3.20% |
| 5 years | NA | 3.80% | N/A | N/A | 3.75% | 3.20% |
Resident Foreign Currency (RFC) Deposit Interest Rates 2024
| Period | GBP | USD | Euro | JPY |
|---|---|---|---|---|
| Less than 29 days | 0.01% | 0.01% | 0.01% | 0.01% |
| 30 days to 3 months | 0.01% | 0.01% | 0.01% | 0.01% |
| 3 month 1 day to 6 months | 0.01% | 0.01% | 0.01% | 0.01% |
| 6 month 1 day to less than a year | 0.01% | 0.01% | 0.01% | 0.01% |
| 1 year | 5.00% | 5.25% | 3.50% | 0.01% |
| 1 year to less than 2 years | 5.00% | 5.25% | 3.50% | 0.01% |
| 2 years to less than 3 years | 0.01% | 4.45% | 0.01% | 0.01% |
| 3 years | 0.01% | 4.25% | 0.01% | 0.01% |
Note: All the interest rates mentioned above are subject to change without prior notice. We update the latest interest rates on NRE FD and Savings Bank Account as well as the interest rates for FCNR Deposit every month with the banks on our blog. You can head there to check out the latest rates.
Types of NRI FD Schemes by HDFC Bank
There are multiple types of Fixed Deposit Schemes that you can choose from at HDFC. These options are based on the currency chosen for deposits, which are:
- Rupee Fixed Deposits
- NRE Fixed Deposit
- NRO Tax Saver FD
- NRO FD
- RupeeMax
- Foreign Currency Deposits
- FCNR Fixed Deposits
- RFC Fixed Deposits
Use the grids below to understand these options in detail.
| Factors to consider | Non Resident External (NRE) Fixed Deposit | Non Resident Ordinary (NRO) Tax Saver FD | Non Resident Ordinary (NRO) Fixed Deposit | Foreign Currency Non Resident (FCNR) Deposit |
|---|---|---|---|---|
| Purpose | For income earned outside India | For income earned from India (pension, rent etc.) | For income earned from India (pension, rent etc.) | Foreign Currency Investment in India |
| Currency | INR | INR | INR | USD, GBP, EUR, JPY, CAD, AUD, SGD, HKD and CHF |
| Tenure of Deposits | 1 year to 10 years | 5 years (lock-in) | 7 days to 10 years | 1 year to 5 years |
| Interest | Up to 7.20%* | Up to 7.40%* | Up to 7.40%* | Up to 5.25%* |
| 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 | Up to a maximum of 1 million USD per financial year | Both Principal and Interest completely repatriable |
| Tax Deductions | No tax | Full tax exemption for an amount up to Rs. 1.5 lakh in 1 financial year | 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 |
| Minimum Deposit Amount | Rs. 25,000 | Rs. 100 | Rs. 10,000 – Rs. 1.5 lakh per financial year | USD/ AUD/ CAD: 1,000JPY: 7,50,000GBP & Euro: 2,500 |
| Premature Withdrawal | Available | Not Available | Available (1% penalty) | Available |
| Loan against FD | Overdraft up to 90% of the deposit amount | Not Available | Overdraft of up to 90% of the deposit (only for NRO CASA Account) | Overdraft facility available with Super Saver Facility |
| Features | – Nomination facility available – Principal + Interest both exempt from tax in India – Entire fund (principal + interest earned) repatriable – The account can be opened jointly with another NRI | – Nomination facility available – Can be opened jointly but tax benefit applies only to the first account holder | – Nomination facility available – Interest credited quarterly – Funds can be transferred from existing NRE/FCNR account – Loans provided for personal as well as business purposes – Interest can be repatriated (transferred) any time | – Deposits can be made in USD, GBP, Euro, JPY, AUD and CAD – The account can be opened individually or jointly with other NRIs – Entire fund value fully repatriable |
Click on the button below to open NRO/NRE Account in India with top banks
RupeeMax: It is a cover provided by HDFC for customers of FCNR fixed deposit. It provides shield to the customers from foreign exchange risk.
- The fund value is not compromised at the time of withdrawal if this cover has been booked in advance
- Higher HDFC FD rates offered to customers with RupeeMax cover in comparison to normal FCNR and NRE deposits
- Available for FD booked for 1 to 5 years
- Premature withdrawal may be available; subject to T&C
| Particulars | RFC |
|---|---|
| Tenure | 29 days-3 years |
| Premature Withdrawal | Available; 1% penalty |
| Features | Deposits can be made in freely convertible foreign currency Transfers can be made from existing NRE or FCNR accounts (in other banks or HDFC) No forex risk involved Funds may be repatriated in special conditions (explained by the bank) |
Premature Withdrawal facility for HDFC NRI FD
There are certain rules that need to be kept in mind while opting for an NRI FD. Check out:
- For NRI deposits, there is a penalty of 1% on premature withdrawals including sweep-in or partial closure. This implies the interest shall be paid at the applicable FD rates minus 1%
- No interest shall be paid on withdrawals made within 7-14 days of opening the deposit account
- In case of FCNR deposits, paid interest shall be adjusted against the initial deposit made if withdrawn prematurely in less than 1 year
- In the case of RFC deposits, interest to be paid on premature withdrawals will be lower of the following:
- Applicable base rate at the time of booking the FD or
- The applicable base rate for the period for which deposit was kept with the bank, i.e. period from the date of booking to the date of premature withdrawal
Loan against HDFC NRI FD
NRIs at HDFC get the option to take a loan or go for an overdraft facility against their FDs with the bank. Check out the overdraft limits:
| Type of FD | Overdraft Limit (% of deposit account) |
|---|---|
| NRE | 90% |
| NRO | 90% |
| FCNR | 70% |
- Deposit continues to earn interest
- Interest is charged only on the drawn amount till it is repaid
- NRI fixed deposit cannot be closed prematurely if there is outstanding overdraft against it
Documents Required to apply for HDFC Bank NRI FD Schemes
You can either apply online or through the offline method. The documents required are:
- Passport (photocopy to be submitted, original for verification)
- Valid Visa (resident or permit visa, work visa or dependent visa)
- Residence proof in the foreign land
- Passport-sized photograph(s)
How to apply for HDFC Bank NRI Fixed Deposit Account
To get end to end assistance with NRE Account Opening and booking Fixed Deposits, you can connect with our expert using the button at the end of the article. You can also browse through the NRI Account Opening grid that we have prepared specially for NRIs and get expert advisory and assistance seamlessly and complete the entire process at the comfort of your homes.
HDFC Bank NRE Fixed Deposit Rate Calculator
Calculate your returns on FD and much more with an expert.
HDFC NRI Customer Care
For any queries related to NRI fixed deposits, you can contact HDF Bank NRI customer care team through PhoneBanking, email, WhatsApp, etc.
Contact SBNRI
Due to the lengthy process and lots of documents required to apply for NRE FD accounts, NRIs living away from India may face several challenges. At SBNRI, we understand this struggle. You can download SBNRI App to apply for an NRE Fixed Deposit account with nominal documentation with a smooth procedure.
You can also click on the button below for more information and to apply for an NRI FD account. Also, visit our blog and YouTube channel for more details.
HDFC Bank NRE FD Rates: FAQs
What is the highest HDFC NRE Fixed Deposit rate?
- The highest NRE FD rate one can fetch with HDFC Bank is 7.20% for deposits less than Rs. 2 crores on a tenure of 4 Year 7 Months – 55 months.
Who can open an NRE FD with HDFC Bank?
- Non-resident Indians with a valid visa and passport can apply for NRI deposits with HDFC Bank.
What is the penalty charged by HDFC Bank on premature withdrawal of NRI deposits?
- There is a penalty of 1% charged on premature withdrawal of NRI FD.
Is there any tax on HDFC NRE Fixed Deposit?
- No. NRE FD with HDFC Bank does not attract any taxes in India. However, it shall be chargeable in the residence country of the depositor.
What are the online facilities available with HDFC Bank to manage NRI fixed deposit accounts?
- The following facilities are available online for HDFC NRI FD:
- Registration for Net Banking facility
- Registration for E-Statements
- A download of TDS Certificate
- Add or Change Nominee to the existing fixed deposit
- Breaking of fixed deposit
- Changing contact details
- PAN Updation
What is the NRE FD rates in HDFC?
- HDFC NRE FD rate ranges from 6.60% to 7.20% for a tenure ranging from 1 year to 10 years for deposits under Rs 2 crore. The rates for deposits more than 2 cr and less than 5 cr range from 7.00% to 7.40% for tenures from 1 year to 10 years. For a detailed HDFC NRE FD rates for different tenures, please refer to the above blog.
What is the FD interest rates in HDFC?
- HDFC Bank offers FD rates of 3.00% to 7.25% p.a.to NRIs/OCIs on HDFC NRO FD for tenures ranging from 7 days to 10 years. For HDFC NRE FD rate ranges from 6.60% to 7.20% for a tenure ranging from 1 year to 10 years for deposits under Rs 2 crore. The rates for deposits more than 2 cr and less than 5 cr range from 7.00% to 7.40% for tenures from 1 year to 10 years.
Which bank is best for NRE in India?
- You can find the list of best banks for NRE account in India in this blog with the comparison of best interest rates, minimum deposit for NRE accounts, features, and how to apply for the top NRE accounts in India in this blog.
What are the benefits of NRE FD?
- 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.
Is NRI FD tax-free?
- The NRE Fixed Deposit is tax-free in India and both the principal amount as well as the interest can be repatriated completely while for NRO Fixed Deposit 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.
Is NRE account tax-free in India?
- Yes, NRE Fixed Deposit is tax-free in India and both the principal amount as well as the interest can be repatriated completely.
What is NRI FD benefits?
- NRI Fixed Deposits (FDs) present a secure investment avenue for Non-Residential Indians. With attractive interest rates, repatriability, and flexible tenure options, NRIs benefit from a stable and predictable return, making these FDs an advantageous financial choice.
What is the difference between NRE & NRI?
- An NRE account is established in India under the name of an NRI to hold foreign earnings, while an NRO account is opened in India in the name of an NRI to oversee income generated within the country.
Is interest on NRI taxable?
- The NRE Fixed Deposit is tax-free in India and both the principal amount as well as the interest can be repatriated completely while for NRO Fixed Deposit 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.
Should I open NRE or NRO?
- NRIs can opt for NRE or NRO Accounts based on their needs as each of these accounts cater to different requirements and purposes. NRIs who have income in need to open an NRO account. For income earned abroad, you can open an NRE account. For a detailed comparison of NRE vs NRO Bank Account for NRIs, please refer to this blog.
Why is NRE interest tax-free?
- NRE account holds income that is earned overseas and not in India. Hence it remains non-taxable as per the provisions of the Income Tax Act 1961.
