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 2023 are one of the best in the market.
Also Read: NRE Fixed Deposit Rates 2022: Top Banks for NRE FDs
IDFC First Bank NRI Fixed Deposit Rates 2023
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 – effective from 1 July 2023.
| Tenure | Less than Rs. 2 crore |
|---|---|
| 1 year | 6.50% |
| 1 year to 550 days | 7.50% |
| 551 days to 2 years | 7.25% |
| 2 years 1 day to 749 years | 7.25% |
| 750 days | 7.25% |
| 751 days – 3 years | 7.25% |
| 3 years 1 day – 5 years | 7.00% |
| 5 years 1 day to 10 years | 7.00% |
Interest rate on NRE Deposits – Rs. 2 cr and above where premature withdrawal is not allowed. Effective from 1 July 2023.
| Tenure | Rs. 2 cr – Rs. 5 cr | Rs. 5 cr – Rs. 10 cr | Rs. 10 cr – Rs. 15 cr | Rs. 15 cr – Rs. 25 cr |
|---|---|---|---|---|
| 1 year | 7.30% | 7.30% | 7.30% | 7.30% |
| 366 to 399 days | 7.60% | 7.60% | 7.60% | 7.60% |
| 400 to 499 days | 7.50% | 7.50% | 7.50% | 7.50% |
| 500 to 540 days | 7.50% | 7.50% | 7.50% | 7.50% |
| 541 to 731 days | 7.50% | 7.50% | 7.7.50% | 7.50% |
| 732 to 1095 days | 7.25% | 7.25% | 7.25% | 7.25% |
| 3 years 1 day to 5 years | 7.20% | 7.20% | 7.20% | 7.20% |
| 5 years 1 day to 8 years | 7.20% | 7.20% | 7.20% | 7.20% |
| 8 years 1 day to 10 years | 7.20% | 7.20% | 7.20% | 7.20% |
Interest rate on NRE Deposits – Rs. 2 cr and above where premature withdrawal is allowed. These rates are effective from 1 July.
| Tenure | Rs. 2 cr – Rs. 5 cr | Rs. 5 cr – Rs. 10 cr | Rs. 10 cr – Rs. 15 cr | Rs. 15 cr – Rs. 25 cr |
|---|---|---|---|---|
| 1 year | 7.15% | 7.15% | 7.15% | 7.15% |
| 1 year 1 day to 399 day | 7.35% | 7.35% | 7.35% | 7.35% |
| 400 to 499 days | 7.25% | 7.25% | 7.25% | 7.25% |
| 500 days to 540 days | 7.25% | 7.25% | 7.25% | 7.25% |
| 541 days to 731 days | 7.25% | 7.25% | 7.25% | 7.25% |
| 732 days to 1095 days | 7.00% | 7.00% | 7.00% | 7.00% |
| 3 years 1 day to 5 years | 6.95% | 6.95% | 6.95% | 6.95% |
| 5 year 1 day – 8 years | 6.95% | 6.95% | 6.95% | 6.95% |
| 8 year 1 day to 10 years | 6.95% | 6.95% | 6.95% | 6.95% |
IDFC NRO Fixed Deposit Rates
Interest rate on NRO Deposits – Less than Rs. 2 Cr effective from 1 July 2023
| Tenure | Less than Rs. 2 crore |
|---|---|
| 7 to 14 days | 3.50% |
| 15 to 29 days | 3.50% |
| 30 to 45 days | 4.00% |
| 46 to 90 days | 4.50% |
| 91 to 180 days | 5.00% |
| 181 to 365 days | 6.50% |
| 1 year 1 day to 550 days | 7.50% |
| 551 days to 2 years | 7.25% |
| 2 years 1 day – 749 days | 7.25% |
| 750 days | 7.25% |
| 751 days – 3 years | 7.25% |
| 3 years 1 day – 5 years | 7.00% |
| 5 years- 1 day – 10 years | 7.00% |
IDFC FCNR Fixed Deposit Rates
FCNR rates effective from 10 August, 2023 for amounts up to Rs. 10 lakh:
| Term | USD | EUR | GBP | AUD | SGD |
|---|---|---|---|---|---|
| 1 year to less than 2 years | 5.85% | 3.05% | 4.45% | 4.00% | 4.05% |
| 2 years to less than 3 years | 5.30% | 2.65% | 4.00% | 4.45% | 3.25% |
| 3 years to less than 4 years | 4.75% | NA | NA | NA | NA |
| 4 years to less than 5 years | 4.95% | NA | NA | NA | NA |
| 5 years only | 4.50% | NA | NA | NA | NA |
Also Read: NRO Fixed Deposit Rates 2023: 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 products | Non-Residential External (NRE) Account | Non-Residential Ordinary (NRO) Account | Foreign 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 deposit | Rs. 10,000 | Rs. 10,000 | USD 1,000 or equivalent |
| Tenure of deposit | Ranges from 1 to 10 years | Ranges from 7 days to 10 years | Ranges 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 interest | Interest 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 cess | Interest earned on an NRE account is tax-free in India |
| Account funding | You 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 |
| Repatriation | Both 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 taxes | Both principal amount and interest earned are completely and freely repatriable |
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 2022
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.
FAQs
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
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.
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.
