HDFC NRO Fixed Deposit Account is a fixed deposit account offered by HDFC Bank in India for Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) with income originating in India. This account allows NRIs/OCIs to deposit their earnings in India, such as rental income, dividend income, or any other income earned in India. Latest HDFC NRO FD rates 2024 range from 3% – 7.25% per annum for flexible tenure ranging from 7 days to 10 years and fixed deposit amount less than Rs. 2 cr.
HDFC Bank NRO FD Interest Rates 2024
HDFC Bank NRE FD rates and NRO FD rates are almost the same. However, the minimum period for NRE fixed deposits is one year. Listed below are the HDFC NRO FD rates 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% |
Note: All the interest rates mentioned above are subject to change without prior notice.
Features and Benefits of HDFC NRO Fixed Deposits
- NRO fixed deposit is an easy investment with attractive interest rates.
- The minimum amount for initial HDFC NRO fixed deposit is Rs. 25,000, and you can book add-on deposits in multiples of Rs. 10,000.
- Transfer money from an existing NRE/ NRO account with a bank in India to open NRO deposits.
- Convenience of booking NRO Fixed deposit through Netbanking.
- Interest can be credited in your account on a monthly, quarterly basis or at maturity of the deposit.
- Flexible deposit tenure from 7 days to 10 years.
- In case of premature closure of HDFC NRO Fixed Deposit, interest rate will be 1% below the predetermined rate or rate applicable for the period during which the deposit remained with the bank, whichever is lower. You will be entitled for interest if you have held it for over 7 days.
- Depositors can enjoy an overdraft facility of up to 90% of the deposit.
- The interest earned on the deposit is fully repatriable.
- Open an HDFC NRO FD jointly with a resident Indian or NRI.
- In case of jointly held with resident Indians the mode of operation will be ” former or survivor”.
- Name a nominee for your NRO Fixed Deposit.
Eligibility for HDFC NRO FD
- Non-Resident Indians
- Persons of Indian Origin/ Overseas Citizens of India
- Seafarers of Indian nationality
- Indian government personnel with diplomatic passports
Documents Required
- 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)
Tax Deduction on HDFC NRO FD Interest Rate
Interest income on the deposit is subject to TDS (Tax Deducted at Source) at 30% plus applicable surcharge and cess. The deduction can be recovered from the saving/current/ demand deposit account.
HDFC NRI Customer Care
For any queries related to NRO 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.
FAQs
What is the interest rate for HDFC NRO account?
- Latest HDFC NRO FD rates 2024 range from 3% – 7.25% per annum for flexible tenure ranging from 7 days to 10 years and fixed deposit amount less than Rs. 2 cr.
What is NRO Fixed Deposit rates?
- 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 up to 8.00%* interest rate on these accounts.
What is the minimum period of HDFC NRO FD?
- HDFC NRO FD comes with a flexible tenure starting from 7 days. The minimum period for the HDFC NRO Fd is 7 days with a return of 3% on deposits below Rs 2 cr.
What is the interest rate for 5 years in HDFC?
- HDFC NRO FD interest rate for deposits of 5 5-year period is 7.00%. The interest rate is the same for deposits below Rs 2 cr and for deposits from Rs 2 cr to below Rs 5 cr.
How to avoid TDS on NRO fixed deposit?
- While it is not possible to completely avoid TDS (Tax Deducted at Source) from the interest earned on NRO (Non-Resident Ordinary) accounts, there are provisions that can help minimize the impact of TDS. You can read more about it here.
What is the difference between NRE FD and NRO FD?
- NRE FD is meant for NRIs to mainly park funds from foreign countries. NRE FDs are also fully repatriable. NRO deposits, on the other hand, are a good fit if you want to deposit your Indian earnings like rental income, dividends, Indian salary, etc.
Can I repatriate funds from my NRO FD account?
- Principal investment in NRO FDs can’t be repatriated. Only the NRO FD interest can be transferred to a foreign account.
Are NRI fixed deposit accounts taxable?
- While NRE FD accounts are not taxable, the NRO accounts are taxable at a flat rate of 30%.
Which is better NRE or NRO account?
- NRE FD is meant for NRIs to mainly park funds from foreign countries. NRE FDs are also fully repatriable. NRO deposits, on the other hand, are a good fit if you want to deposit your Indian earnings like rental income, dividends, Indian salary, etc.
