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    HDFC NRO Fixed Deposit

    The Non-Resident Ordinary (NRO) account can be held by all NRIs or people of Indian origin. The account can be easily opened online without any hassles and with very minimal documentation. These term deposits are maintained in Indian denomination. HDFC offers attractive rates of interest for NRIs holding this type of fixed deposit. The different types of NRI accounts offered by HDFC are NRO Savings Account, NRO Fixed Deposit Account, and NRO Tax Saver Fixed Deposit.

    NRO Fixed Deposit Account

    The NRO Fixed Deposit Account comes with a relatively competitive rate of interest and a range of other benefits such as interest transfer, nomination facility, etc. The interest earned on these types of deposits can be repatriated and one can also withdraw as much as 90% of the term deposit at the time of a financial emergency. The account can also be opened as a joint account. Generally, the interest earned on NRO fixed deposits will be paid to the holder of the NRO account once every 3 months. There is also another option to encash more than 50% of the deposit and earn interest on the remaining amount. The minimum tenure for NRO fixed deposits is 7 days while the maximum is up to 10 years. Please note that the income gained from NRO accounts will be subject to tax and hence all tax charges will be applicable to NRIs also.

    Interest Rates on NRO Fixed Deposits

    Tenure Interest Rate for Investment less than Rs. 1 crore Interest Rate for Investment from Rs.1 crore to less than 5 crore
    7 days to 14 days 3.50% 4.25%
    15 to 29 days 4.25% 4.25%
    30 to 45 days 5.50% 4.25%
    46 to 60 days 5.75% 4.50%
    61 to 90 days 5.75% 4.50%
    91 days to 6 months 5.75% 6.05%
    6 months 1 day to 6 months 3 days 6.00% 5.25%
    6 months 4 days 6.00% 6.25%
    6 months 5 days to 9 months 6.00% 5.25%
    9 months 1 day to 9 months 3 days 6.00% 5.25%
    9 months 4 days 6.00% 6.25%
    9 months 5 days to 9 months 15 days 6.00% 5.25%
    9 months 16 days 6.25% 5.25%
    9 months 17 days < 1 Year 6.25% 5.25%
    1 Year 6.80% 6.50%
    1 year 1 day to 1 year 3 days 6.80% 4.90%
    1 year 4 days 6.25% 6.50%
    1 year 5 days to 1 Year 15 Days 6.25% 5.00%
    1 Year 16 days 6.25% 5.00%
    1 year 17 days to 2 Years 6.25% 5.00%
    2 years 1day to 2 Years 15 days 6.00% 4.85%
    2 Years 16 days 6.00% 4.85%
    2 years 17 days to 3 Years 6.00% 4.85%
    3 years 1day to 5 years 6.00% 4.85%
    5 Years 1 Day to 8 Years 6.00% 4.85%
    8 Years 1 Day to 10 Years 6.00% 4.85%

    *Please note that interest rates are subject to change without prior notice. This is at the discretion of the bank.

    The highest interest rates offered for deposits less than Rs.1 crore is for a tenure that ranges from 1 year to 1 year and 3 days, where the rate of interest paid is 6.80%. For deposits of Rs.1 crore to less than 5 crore, the highest interest rate is 6.50% for a tenure of 1 year.

    Features and Benefits of HDFC NRO Fixed Deposits

    • Ideal option for NRIs to park their funds and earn a steady rate of interest
    • Comparatively high rate of interest offered
    • Highly liquid investment
    • One can avail loans on NRO deposits
    • Overdraft facility available
    • Interest earned can easily be transferred
    • Regular payment of interest without any hassle


    1. What is an NRO fixed deposit account?

      The full form of NRO is Non-Resident Ordinary account. This is a type of fixed deposit account for NRIs.

    2. Who can open an NRO fixed deposit account?

      HDFC Bank NRO fixed deposits can be opened by all NRIs or people of Indian origin.

    3. In what denomination can I maintain the NRO account?

      All NRO accounts can be maintained in Indian currency.

    4. Is it possible to choose a nominee?


    5. Can tax benefit be availed on these deposits?

      No. It is not possible to avail a tax benefit on these types of deposits. The interest earned on these deposits will be subject to tax.

    6. Does HDFC provide an automatic renewal option?

      Yes. As long as the customer has previously provided instructions for auto renewal, all deposits will be subject to auto renewal upon maturity. The deposit will be carried forward for the same period at the current rate of interest.

    7. Can the deposit be withdrawn before maturity period?

      Yes. The deposit can be withdrawn before the maturity period subject to terms and conditions of the bank.

    8. Is it possible to take a loan on the NRO deposit?

      All NRO deposit holders are eligible to take a loan on these term accounts. The loan amount can be utilised to meet personal financial needs or to start a business. However, please note that the money cannot be used for plantation, agriculture or to start a real estate business.

    9. Will a cheque book be issued for an NRO fixed deposit account?

      There will be no cheque books or debit cards issued on these term deposits.

    10. How and when is interest paid on these deposits?

      The interest will be paid through online transfer to the respective NRO savings account. The interest is usually paid on a quarterly basis.

    11. 11. What is the minimum amount required to open an NRO fixed deposit account?

      The minimum amount of investment required to open an NRO fixed deposit account is Rs.25,000. If the customer wants an add-on fixed deposit, the investment amount will be Rs.10,000.

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