IDFC NRI Fixed Deposit (FD)
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 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. 15 July 2024)
Tenure | Interest Rates (% p.a.)Regular Citizens | Interest Rates (% p.a.)Senior Citizens |
7 to 14 days | 3.00 | 3.50 |
15 to 29 days | 3.00 | 3.50 |
30 to 45 days | 3.00 | 3.50 |
46 to 90 days | 4.50 | 5.00 |
91 to 180 days | 4.50 | 5.00 |
181 days to less than 1 year | 5.75 | 6.25 |
1 year | 6.50 | 7.00 |
1 year 1 day to 499 days | 7.25 | 7.75 |
500 days | 7.75 | 8.25 |
501 days to 2 years | 7.50 | 8.00 |
2 years 1 day to 3 years | 7.25 | 7.75 |
3 years 1 day to 5 years | 7.00 | 7.50 |
5 years 1 day to 10 years | 7.00 | 7.50 |
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
Foreign Currency Non-Resident Deposits
Tenure | Interest Rates (% p.a.) | ||||
USD | GBP | EUR | AUD | SGD | |
1 year to less than 15 months | 6.00 | 4.45 | 3.05 | 4.00 | 4.25 |
15 months to less than 2 years | 5.85 | 4.45 | 3.05 | 4.00 | 4.25 |
2 years to less than 3 years | 5.30 | 4.00 | 2.65 | 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 |
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 25 June 2024.
FAQs on IDFC NRI Fixed Deposit
- Can I open a joint account?
Yes, joint accounts can be opened.
- 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.
- 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.
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