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  • NRI Fixed Deposit

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    NRI Fixed Deposit

    Non-Resident Indians (NRIs) have a number of investment options in India. A Fixed Deposit (FD) is one such popular option for an NRI. These financial instruments come with a wide range of benefits and offer NRI’s an ideal platform to park their foreign earnings and also earn an attractive rate of interest. An NRI fixed deposit is a type of term deposit account that can be opened by those residing outside the country either in foreign currency or in Indian rupee. There are a great range of NRI FDs to choose from including:

    Non-Resident External (NRE) fixed deposits interest rates for top banks: 

    Bank Tenure Rate of interest
    Axis Bank 1 year 6.75%
    HDFC Bank 1 year 6.75%
    ICICI Bank 1 year 6.60%
    State Bank of India 1 year 6.40%
    CitiBank 1 year 5.00%

    Non-Resident Ordinary (NRO) fixed deposits interest rates for top banks: 

    Bank Tenure Rate of interest
    HDFC Bank 1 year 6.75%
    Axis Bank 1 year 6.75%
    ICICI Bank 1 year 6.60%
    State Bank of India 1 year 6.40%
    CitiBank 1 year 5.00%

    Foreign Currency Non-Repatriable Account (FCNR) fixed deposits interest rates for top banks in USD: 

    Bank Tenure Rate of interest
    Axis Bank 1 year 3.40%
    HDFC Bank 1 year 3.39%
    ICICI Bank 1 year 3.34%
    State Bank of India 1 year 3.09%
    CitiBank 1 year 0.01%

    Resident Foreign Currency (RFC) accounts fixed deposits interest rates for top banks in USD:

    Bank Tenure Rate of interest
    Axis Bank 1 year 3.40%
    HDFC Bank 1 year 3.39%
    ICICI Bank 1 year 3.34%
    State Bank of India 1 year 3.09%

    In order to make banking more easier for those living outside India, banks offer internet banking facilities, using which accounts can be opened online at the click of a button. There are number of benefits that investors can gain from these types of FDs including tax-free earnings and a higher rate of interest.

    Eligibility criteria for NRI Fixed Deposits

    To open such an account then investor must be an NRI. Let us understand more about who qualifies to be an NRI:

    • Is an indian citizen or foreign nation of Indian origin (PIO) who is employed or owning a business outside the country
    • Any person who stays in India for less than 182 days in a financial year is considered an NRI

    Documents required to open NRI Fixed Deposits

    No. Type of document Particulars
    1. Passport The first and last 4 pages of the passport that should display:
    • Name
    • Address
    • Date of birth
    • Photograph
    • Signature
    2. Work permit/visa The investor must furnish required visa documents such as:
    • work permit
    • Permanent Residence visa
    • Residence Permit
    • Employment Visa, etc

    Types of NRI deposits

    • NRE Fixed Deposit: This is a type of term deposit account that offers a high rate of return for foreign earnings. It is an FD account that is maintained in Indian rupees and the interest that is earned through this investment will not be subject to tax in India. This also offers 100% repatriability along with loan/overdraft facility.
    • NRO Fixed Deposit: NRO term deposits though not fully repatriable offer a high rate of return. NRIs who have any kind of earning in India will have to mandatorily open an NRO savings account. An additional FD account can also opened in addition. The interest that is earned on this type of time deposit will be taxable in India.
    • FCNR Accounts: This is a type of fixed deposit account, where investors will be able to deposit their money in the form of a foreign currency. Banks usually accept funds in all major currencies of the world including US Dollar,  Pound, Japanese Yen, Canadian Dollars, Australian Dollars, etc.
    • RFC Accounts: This is one of the ideal options for NRIs to save money in any foreign currency. In most cases, the interest that is earned through this account will be fully repatriable.
    Type/ criteria NRE FD NRO FD NRO Tax Saver FCNR RFC
    Who can open? Individual NRI or PIO Individual NRI or PIO Individual NRI or PIO Individual NRI or PIO Individual NRI or PIO
    Currency Indian Rupee Indian Rupee Indian Rupee USD, Pound, Euro, CAD, Yen, AUD, CAD, etc USD, GBP,JPY, Euro, etc
    Repatriability Interest & principal 100% repatriable Not fully repatriable Not fully repatriable Interest & principal 100% repatriable Repatriable on bonafide reasons
    Joint account facility Yes Yes Yes Yes Yes
    Tenure 1 year to 10 years 1 year to 10 years Minimum 5 years 1 year to 5 years 1 yer to 5 years
    Tax No tax on interest earned Interest earned may be subject to tax Interest earned may be subject to tax No tax on principal & interest earned TDS exemption can be claimed

    Benefits of NRI FDs

    • NRIs can gain a lot of tax exemptions through certain types of investments such as NRE and FCNR accounts, etc
    • Allows those residing outside the country to earn higher rate of returns
    • Safe and secure investments
    • A good way to park foreign earnings
    • Loan and overdraft facilities make this a good option
    • Nomination facility is also available on these deposits

    How to open NRI Fixed Deposits

    Opening any type of NRI account is a simple and easy process. This can be done online by logging on to the bank website in most cases. Many banks in the country have started to offer online account opening facility to make it more hassle-free for people living in other countries to open an FD account.

    Many banks have online application forms that can be filled out to initiate the process of opening any type of FD account.

    Interest rates on NRI Fixed deposits

    The interest rate that is paid is different for each type of term deposit account. This also varies with the duration of investment and amount deposited. Also, the rate paid by each bank vries based on a number of internal and external factors. As far as FCNR and RFC accounts are concerned the interest rate also varies along with the type of currency the account is held in.

    Customer Reviews

    • Citibank Fixed Deposit
      "Better"
      0.5 5.0/5 "Blown Away!"
      I do have the fixed deposit account with the CITI bank and the rate of interest was not aware by my end. I would like to say that the online services are good one with the CITI bank. I am happy with them as such.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • RBL Bank Fixed Deposit
      "Best"
      0.5 5.0/5 "Blown Away!"
      I am having the fixed deposit account with the RATNAKAR BANK limited and the interest rate is around 7.25%. The minimum tenure is around an year of time and there are no charges for locker, which made me really happy. I am really happy with the RBL.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 12, 2018
    • SBI Fixed Deposit
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I've Fixed deposit with the SBI, I deposited 50000. It was so easy to start a fixed deposit with them. 2 years. For senior citizen they offers 7% interest rate which is very low. They also provided me with a credit card with the FD which was also good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 11, 2018
    • ICICI Bank Fixed Deposit
      "Excellent"
      0.5 4.0/5 "Great!"
      I have the fixed deposit account with the ICICI bank and the response is good. I would like to say that the customer service is good one and the minimum tenure starts from seven days to fifteen days of time. I am happy with the ICICI bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 07, 2018
    • review Fixed Deposit
      "Good service"
      0.5 4.0/5 "Great!"
      The benefits are good from the RELIANCE company mutual funds , the investment has better turn over and it is called benefit to reduce the tax. I hold the mutual funds from the reliance for more than a year and I would say it is good to have the mutual fund with the RELIANCE company.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 01, 2018
    • SBI Fixed Deposit
      "Good Service"
      0.5 2.0/5 "Expected more"
      I've a fixed deposit with the SBI. I deposited 60000 . I also got a credit card as a part of this fixed deposit.I never had any issues with the deposit. The deposit was opened with out any questions asked, they also give an annual interest for this deposit.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 25, 2018
    • ICICI Bank Fixed Deposit
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have a Fixed Deposit with ICICI bank from last 15 years, my experience was good so far and i did not face any issues with this bank. I have taken this FD mainly for auto debit of the home loan. Customer service is good and they explained all the terms and conditions
      Was this review helpful? 0
      , coimbatore
      Reviewed on May 24, 2018
    • SBI Fixed Deposit
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a savings account with SBI. I started a Fixed Deposit with them. I started the FD for tax saving purposes. They do charge some normal annual interest rates of fixed deposit also I had never experienced any difficulty with their services.
      Was this review helpful? 0
      , chennai
      Reviewed on May 21, 2018
    • HDFC Bank Fixed Deposit
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a fixed deposit with the HDFC bank for 1 Lakh, they offered an annual interest rate of 9.5% annual. They also offers special rates for Senior Citizen. Apart from the fixed deposit I hardly use the account. Overall their banking services are good.
      Was this review helpful? 0
      , chennai
      Reviewed on May 17, 2018
    • Axis Bank Fixed Deposit
      "Good service"
      0.5 4.0/5 "Great!"
      I have a Fixed Deposit with AXIS bank from last 3 months, i am happy with the service they provide. I get good returns on investments. Customer service was very good, they gave all the right information and guided me well. I will get 6.99% on returns after the maturity period.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 08, 2018
    • SBI Fixed Deposit
      "Average"
      0.5 3.0/5 "Satisfactory"
      State Bank Of India fixed deposit service is good. But I am not much comfortable with State Bank Of India process. State Bank Of Indiaonline portal is good, even the payments are through online. It was an average service from Sbi fixed deposit service.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 25, 2018
    • Citibank Fixed Deposit
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have a Fixed deposit with Citi bank. I recently started using Citi online net banking which is good. The online application for my Citi fixed deposit account is good. The process was been fast with Citi bank. It was an excellent experience with Citi bank savings account service.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 25, 2018
    • SBI Fixed Deposit
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have opened an Fixed Deposit account with SBI 3-4 years back, the services provided by this bank is good when compared to other banks. I invest 5000-6000 every month. I get 7.5% as an interest on returns. Customer support team guided me well and they gave all right information.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 20, 2018
    • SBI Fixed Deposit
      "Fixed deposit with SBI"
      0.5 4.5/5 "Excellent!"
      I have opened a fixed deposit with SBI and the rate of interest is 7.75% annually. If i fore close the Fixed deposit then the interest will be adjusted against the amount on pro rate basis. The customer service and response with them is much comfortable.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 20, 2018
    • ICICI Bank Fixed Deposit
      "Excellent service"
      0.5 4.0/5 "Great!"
      Got the Fixed deposit account around 4 years ago from the ICICI bank and I have this account for the safety purpose . The customer support service and the response is good with the ICICI bank and they give good response to the customers. The rate of interest is good from the ICICI bank FD.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Apr 17, 2018
    • HDFC Bank Fixed Deposit
      "Good service"
      0.5 4.0/5 "Great!"
      I have a Fixed Deposit with HDFC bank from last 4 years, my experience was good so far and i did not face any issues with this bank. I have deposited a fixed amount of Rs 5-6 lakhs. When it comes to customer service, it is good and they gave all the right information. I get interest of 6% as returns and i am satisfied with it.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 29, 2018
    • HDFC Bank Fixed Deposit
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      I also bank with HDFC Bank for the fixed deposit. The customer services are good and there are no issues in the process. The lock in period is for a year. The interest rate is good and there are no charges. The experience has been good as I can track all the details on the mobile application.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2018
    • SBI Fixed Deposit
      "Satisfied"
      0.5 5.0/5 "Blown Away!"
      I hold a fixed deposit account with State Bank of India. I had to go to branch and open this account. The services are good and they were responsive. The rate of interest is good and there are no charges involved. Overall a good experience in the process.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Mar 20, 2018
    • ICICI Bank Fixed Deposit
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have got the fixed deposit from the ICICI bank. The customer support service is good with the ICICI bank. The rate of interest and the charges is average with the ICICI bank fixed deposit and I am satisfied with it, I got the salaried account from the ICICI so I have got the fixed deposit from the ICICI bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 12, 2018
    • SBI Fixed Deposit
      "Better "
      0.5 4.0/5 "Great!"
      I am having the fixed deposit account with the State bank of India. I would like to say that the response is good one with he State bank of India. Rate of interest is really nominal one with the State bank of India.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 03, 2018
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