IDFC NRI Fixed Deposit (FD)
IDFC NRI Fixed Deposit accounts let non-resident Indians earn interest on funds held in India or remitted from abroad, through NRE, NRO and FCNR schemes. IDFC FIRST Bank offers full repatriability and tax-free interest on NRE and FCNR deposits, along with competitive returns on NRO deposits.
Types of NRI Fixed Deposits
The three different NRI Fixed Deposits offered by IDFC First Bank are mentioned below:
- Foreign Currency Non-Resident Deposit
- Non-Resident External Deposit
- Non-Resident Ordinary Deposit
Features of IDFC NRI Fixed Deposit
The main features of the different types of NRI Fixed Deposit schemes offered by the bank are mentioned below:
Foreign Currency Non-Resident Deposit
- Attractive interest rates are offered across five currencies.
- When compared to most other overseas banks, higher interest rates are offered.
- Full Repatriability is provided on the interest that is earned and the principal amount.
- No tax needs to be paid in India on the interest that is earned.
- No interest is paid if an FCNR Deposit is withdrawn prematurely within one year of booking.
Non-Resident External Deposit
- Joint accounts can be held by non-residents and residents.
- No tax needs to be paid in India on the interest that is earned.
- Full Repatriability is provided on the interest that is earned and the principal amount.
Non-Resident Ordinary Deposit
- Joint accounts can be held by non-residents and residents.
- In case you avail the DTAA benefit facility, a higher yield is provided after tax.
- High returns are provided for funds that are generated in India.
- NRO Fixed Deposit interest attracts TDS under the Income Tax Act, though the rate may be reduced under the Double Taxation Avoidance Agreement (DTAA) where a tax residency certificate is submitted.
Eligibility Criteria
An NRI Fixed Deposit account can be opened by an existing IDFC customer.
How to Open an IDFC NRE FD Account
An NRE FD account can be opened via the bank’s mobile app or net banking. The booking process can be completed by filling the deposit form.
IDFC NRE/ NRO Fixed Deposit Interest Rates:
The rate of interest for NRE/NRO fixed deposits are as listed below (w.e.f. 25 July 2026)
Tenure | Interest Rates (% p.a.) Regular Citizens | Interest Rates (% p.a.) Senior Citizens |
7 to 14 days | 3.25 | 3.25 |
15 to 29 days | 3.25 | 3.25 |
30 to 45 days | 3.50 | 3.50 |
46 to 90 days | 4.50 | 4.50 |
91 to 180 days | 5.00 | 5.00 |
181 days to less than 1 year | 6.50 | 6.50 |
1 year | 6.50 | 6.50 |
1 year 1 day to 499 days | 7.00 | 7.00 |
500 days | 7.25 | 7.25 |
501 days to 2 years | 7.25 | 7.25 |
2 years 1 day to 3 years | 7.25 | 7.25 |
3 years 1 day to 5 years | 6.75 | 6.75 |
5 years 1 day to 10 years | 6.00 | 6.00 |
Note: Do note that the senior citizens will not get the benefit of additional interest rates for NRO or NRE Fixed Deposits. The minimum tenure for NRE deposits is 365 days.
A 1% premature closure penalty applies on IDFC NRE/NRO Fixed Deposits opened or renewed on or after 2 May 2019, except where closure follows the death of an account holder.
Foreign Currency Non-Resident Deposits
Tenure | USD | GBP | EUR | AUD | SGD |
1 year to less than 15 months | 4.50 | 4.25 | 2.55 | 4.00 | 1.90 |
15 months to less than 2 years | 4.50 | 4.00 | 1.25 | 3.85 | 1.65 |
2 years to less than 3 years | 4.25 | NA | NA | NA | NA |
3 years to less than 4 years | 6.75 | NA | NA | NA | NA |
4 years to less than 5 years | 6.75 | NA | NA | NA | NA |
5 years only | 6.75 | NA | NA | NA | NA |
Note: The IDFC First Bank FD rates tend to change at the discretion of the bank. The rates mentioned in the table are valid as of 16 June 2026.
Note: The interest rates are effective from 16 June 2026.
Summary
IDFC NRI Fixed Deposit accounts give NRIs a choice of NRE, NRO and FCNR schemes to grow funds held in India or remitted from abroad. NRE and FCNR deposits offer full repatriability and tax-free interest, while NRO deposits suit India-sourced income and remain taxable. Compare the current rates above and open an IDFC NRI Fixed Deposit through net banking or the mobile app.
FAQs on IDFC NRI Fixed Deposit
1.What is an IDFC NRI Fixed Deposit?
An IDFC NRI Fixed Deposit lets non-resident Indians earn interest on funds held in India or remitted from abroad. It is offered as an NRE, NRO or FCNR deposit, depending on the source of the funds.
2.What types of IDFC NRI Fixed Deposits are available?
IDFC FIRST Bank offers three types of NRI Fixed Deposits: Foreign Currency Non-Resident (FCNR), Non-Resident External (NRE) and Non-Resident Ordinary (NRO) deposits. Each type suits a different source of funds and repatriation need.
3.Who is eligible to open an IDFC NRI Fixed Deposit?
An IDFC NRI Fixed Deposit can be opened by an existing IDFC FIRST Bank customer who qualifies as a non-resident Indian.
4.Can I open a joint IDFC NRI Fixed Deposit account?
Yes, an IDFC NRI Fixed Deposit can be held jointly by non-resident and resident individuals under the NRE and NRO schemes.
5.What tenure options are available for an IDFC NRI Fixed Deposit?
Tenure depends on the deposit type: an IDFC NRE Fixed Deposit runs from 1 year to 10 years, an NRO Fixed Deposit from 7 days to 10 years, and an FCNR Fixed Deposit from 1 year to 5 years.
6.Is interest on an IDFC NRI Fixed Deposit taxable?
Interest earned on an IDFC NRE or FCNR Fixed Deposit is not taxable in India, while interest on an IDFC NRO Fixed Deposit is taxable and subject to TDS under prevailing tax rules.
7.How do I open an IDFC NRE FD account?
An IDFC NRE FD account can be opened through the bank’s mobile app or net banking by filling in the online deposit booking form.
8.Can I repatriate funds from an IDFC NRI Fixed Deposit?
Full repatriation of principal and interest is allowed on an IDFC NRE or FCNR Fixed Deposit, while an IDFC NRO Fixed Deposit can be repatriated after payment of applicable Indian taxes, subject to RBI repatriation limits.
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