IDFC NRI Fixed Deposit Rates for July 2021

Indians living abroad can get higher Rupee returns on their NRI income through IDFC NRI Fixed Deposit. IDFC First Bank offers 3 types of NRI fixed deposit schemes for NRIs for their foreign earnings. IDFC Bank has some of the best NRI fixed deposit options to help NRIs earn higher returns on their funds. Based on their source of income, NRIs can invest money in an NRE or NRO fixed deposit. IDFC NRI fixed deposit rates 2021 are one of the best in the market. 

IDFC NRI Fixed Deposit Rates for July 2021
IDFC NRI Fixed Deposit Rates

Also Read: NRE Fixed Deposit Rates 2021: Top Banks for NRE FDs

IDFC First Bank NRI Fixed Deposit Rates 2021

IDFC NRI Fixed Deposit Rates for different schemes are as under:

IDFC NRE Fixed Deposit Rates

Interest rate on NRE Deposits – Less than Rs. 2 cr

TenureLess than Rs. 2 crore
1 year5.25%
1 year to 2 years5.50%
2 years to 3 years5.75%
3 years to 5 years6.00%
5 years to 10 years5.75%
IDFC NRE FD Rates

Interest rate on NRE Deposits – Rs. 2 cr and above where premature withdrawal is not allowed 

TenureRs. 2 cr – Rs. 5 crRs. 5 cr – Rs. 10 crRs. 10 cr – Rs. 15 crRs. 15 cr – Rs. 25 cr
1 year4.30%4.30%4.30%4.30%
1 year to 2 years4.40%4.40%4.40%4.40%
2 years to 3 years4.35%4.35%4.35%4.35%
3 years to 5 years4.35%4.35%4.35%4.35%
5 years to 8 years4.35%4.35%4.35%4.35%
8 years to 10 years4.35%4.35%4.35%4.35%
NRE FD Rates for FD above Rs. 2 cr 

Interest rate on NRE Deposits – Rs. 2 cr and above where premature withdrawal is allowed 

TenureRs. 2 cr – Rs. 5 crRs. 5 cr – Rs. 10 crRs. 10 cr – Rs. 15 crRs. 15 cr – Rs. 25 cr
1 year4.15%4.15%4.15%4.15%
1 year to 2 years4.25%4.25%4.25%4.25%
2 years to 3 years4.20%4.20%4.20%4.20%
3 years to 5 years4.20%4.20%4.20%4.20%
5 years to 8 years4.20%4.20%4.20%4.20%
8 years to 10 years4.20%4.20%4.20%4.20%
NRE FD Rates for FD above Rs. 2 cr

IDFC NRO Fixed Deposit Rates

Interest rate on NRO Deposits – Less than Rs. 2 cr

TenureLess than Rs. 2 crore
7 to 14 days2.75%
15 to 29 days3.00%
30 to 45 days3.50%
46 to 90 days4.00%
91 to 180 days4.50%
1 year5.25%
1 year to 2 years5.50%
2 years to 3 years5.75%
3 years to 5 years6.00%
5 years to 10 years5.75%
IDFC NRO FD rate – Less than Rs. 2 cr

Interest rate on NRO Deposits – Rs. 2 cr and above where premature withdrawal is not allowed 

TenureRs. 2 cr – Rs. 5 crRs. 5 cr – Rs. 10 crRs. 10 cr – Rs. 15 crRs. 15 cr – Rs. 25 cr
7 to 14 days2.75%2.75%2.75%2.75%
15 to 35 days3.00%3.00%3.00%3.00%
36 to 45 days3.00%3.00%3.00%3.00%
46 to 60 days3.15%3.15%3.15%3.15%
61 to 91 days3.35%3.35%3.35%3.35%
92 to 80 days3.65%3.65%3.65%3.65%
181 to 270 days4.05%4.05%4.05%4.05%
1 year4.30%4.30%4.30%4.30%
1 year to 2 years4.40%4.40%4.40%4.40%
2 years to 3 years4.35%4.35%4.35%4.35%
3 years to 5 years4.35%4.35%4.35%4.35%
5 years to 8 years4.35%4.35%4.35%4.35%
8 years to 10 years4.35%4.35%4.35%4.35%
IDFC NRO FD rate for FD above Rs. 2 cr (premature withdrawal not permitted) 

Interest rate on NRE Deposits – Rs. 2 cr and above where premature withdrawal is allowed 

TenureRs. 2 cr – Rs. 5 crRs. 5 cr – Rs. 10 crRs. 10 cr – Rs. 15 crRs. 15 cr – Rs. 25 cr
7 to 14 days2.75%2.75%2.75%2.75%
15 to 35 days3.00%3.00%3.00%3.00%
36 to 45 days3.00%3.00%3.00%3.00%
46 to 60 days3.00%3.00%3.00%3.00%
61 to 91 days3.20%3.20%3.20%3.20%
92 to 180 days3.50%3.50%3.50%3.50%
181 to 270 days3.90%3.90%3.90%3.90%
1 year4.15%4.15%4.15%4.15%
1 year to 2 years4.25%4.25%4.25%4.25%
2 years to 3 years4.20%4.20%4.20%4.20%
3 years to 5 years4.20%4.20%4.20%4.20%
5 years to 8 years4.20%4.20%4.20%4.20%
8 years to 10 years4.20%4.20%4.20%4.20%
IDFC NRO FD rate for FD above Rs. 2 cr (premature withdrawal permitted)

IDFC FCNR Fixed Deposit Rates

FCNR rates for amounts up to Rs. 10 lakh:

TermUSDEURGBPAUDSGD
1 year to less than 2 years0.75%0.10%0.30%0.50%0.50%
2 years to less than 3 years 1.25%0.15%0.35%NANA
3 years to less than 4 years1.75%NANANANA
4 years to less than 5 years2.75%NANANANA
5 years only1.00%NANANANA
IDFC FCNR FD rates for amounts up to Rs. 10 lakh

Also Read: NRO Fixed Deposit Rates 2021: Top Banks for NRO FDs

IDFC First Bank NRI Fixed Deposit Types

There are mainly three types of NRI fixed deposits offered by IDFC First Bank:

  • Non-Residential External (NRE) Fixed Deposits
  • Non-Residential Ordinary (NRO) Fixed Deposits
  • Foreign Currency Non-Resident (FCNR) Deposits
Deposit productsNon-Residential External (NRE) AccountNon-Residential Ordinary (NRO) AccountForeign Currency Non-Resident (FCNR) Account
Currencies available– Deposits are only in Indian Rupee (INR)
– Funds remitted foreign currency are converted into Indian Rupee at prevailing exchange rate
– Deposits are only in Indian Rupee (INR)
– Funds remitted foreign currency are converted into Indian Rupee at prevailing exchange rate
– USD
– EUR
– GBP
– AUD
– SGD
Minimum depositRs. 10,000Rs. 10,000USD 1,000 or equivalent
Tenure of depositRanges from 1 to 10 yearsRanges from 7 days to 10 yearsRanges from 1 year to 5 years 
Interest payment Interest is accrued monthly Interest is accrued monthly– Interest on FCNR deposits is compounded at an interval of 180 days each
– The principal is increased to include the interest earned over the previous 180 days 
Renewal– Deposit is renewed automatically for the same tenure at prevailing interest rate
– You can change the renewal instructions by informing the same to the bank
– Deposit is renewed automatically for the same tenure at prevailing interest rate
– You can change the renewal instructions by informing the same to the bank
– Deposit is renewed automatically for the same tenure at prevailing interest rate
– You can change the renewal instructions by informing the same to the bank
Tax on interestInterest earned on an NRE account is tax-free in India– Interest earned on an NRO account is subject to TDS in India at the rate of 30% + surcharge and cessInterest earned on an NRE account is tax-free in India
Account fundingYou can deposit money into the account through:
– Foreign currency remittance from abroad
– Funds from any other NRE/ FCNR account in India
You can deposit money into the account through:
– Your Indian income
– From other NRO or NRE accounts with any bank in India
– Foreign currency remittance from abroad
You can deposit money into the account through:
– Foreign currency remittance from abroad
– Funds from any other NRE/ FCNR account in India
RepatriationBoth principal amount and interest earned are completely and freely repatriable Funds up to USD 1 million can be repatriated in a financial year post payment of applicable taxesBoth principal amount and interest earned are completely and freely repatriable 
IDFC First NRI FD features

Eligibility criteria

Any existing IDFC First Bank NRI/ PIO customer can open an NRI Fixed Deposit account. 

How to open an NRI FD account?

You can open an NRI FD account at your convenience through IDFC net banking or mobile app. You just need to fill up the NRI fixed deposit form and submit it along with required documents. 

Also Read: 10 Best NRE Savings Accounts for NRIs in 2021

NRE FD: Top 5 Banks with highest rates

Due to a lengthy process and lots of documents required to apply for NRI 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. Visit our blog and YouTube Channel for more details.

 Open NRI Bank Account Now

FAQs

What is the tenure for NRI fixed deposits?

There are 3 types of NRI FDs offered by IDFC First Bank for different maturity terms as under:
– For NRE FD: Tenure ranges from 1 year to 10 years
– For NRO FD: Tenure ranges from 7 days to 10 years
– For FCNR FD: Tenure ranges from 1 year to 5 years

Are proceeds from NRI FD taxable in India?

The interest earned on NRE and FCNR accounts is exempt from tax in India. However, the interest earned on an NRO account is taxable in India.  

Can NRI fixed deposit account be opened jointly?

NRI can add other NRIs/ PIOs/ OCIs as joint account holders. Resident close relatives may also be added as a second holder in the account on the “former or survivor” basis. The second holder will be able to access the account only after the demise of the NRI first holder. 

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