• IDFC NRI Fixed Deposit

    IDFC First Bank offers three types of NRI Fixed Deposit schemes for individuals who receive a source of funds from abroad or India. Under NRI Fixed Deposit schemes, attractive interest rates are provided.

    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.

    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.

    Eligibility Criteria

    An NRI Fixed Deposit account can be opened by an existing IDFC customer.

    How to Open an IDFC NRI FD Account

    An NRI 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.

    Interest Rates

    Tenure Interest Rate
    6 months 5.00%
    9 months 5.25%
    12 months 5.75%
    15 months 5.75%
    18 months 6.00%
    21 months 6.00%
    24 months 5.75%
    27 months 5.75%
    36 months 5.75%
    39 months 5.75%
    48 months 5.75%
    60 months 5.75%
    90 months 5.25%
    120 months 5.25%

    Foreign Currency Non-Resident Deposits

    Tenure SGD AUD EUR GBP USD
    1 year – less than 2 years 0.50% 0.50% 0.10% 0.30% 0.75%
    2 years – less than 3 years NA NA 0.15% 0.35% 1.25%
    3 years – less than 4 years NA NA NA NA 1.75%
    4 years – less than 5 years NA NA NA NA 2.75%
    5 years NA NA NA NA 1.00%

    FAQs on IDFC NRI Fixed Deposit

    1. What are the various tenure options that are available?

      The various tenure options that are available are mentioned below:

      • NRE FD: Tenure ranges between 1 year and 10 years.
      • NRO FD: Tenure ranges between 7 days and 10 years.
      • FCNR FD: Tenure ranges between 1 year and 5 years.
    2. Is the interest that is earned taxable?
      • FCNR/NRE FD: The interest that is earned on these accounts is not taxable in India.
      • NRO FD: Yes, the interest that is earned is taxable.
    3. Can I open a joint account?

      Yes, joint accounts can be opened.

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