Things you'll need to apply for NRI FD

  • Minimum Tenure

    NRE FDs start from 1 year; NRO FDs from 7 days

  • Premature Withdrawal

    Available on NRE/NRO callable deposits only with applicable penalties

  • Taxation

    NRE FDs are tax-free in India whereas interest earned on NRO FDs are Subject to TDS at prevailing rates

  • Auto-Renewal

    Easily renew your NRI callable FD upon maturity

  • Overdraft Against FD

    Avail up to a 90% loan on your NRE/NRO callable FD with premature withdrawal facility

  • Repatriation Rules

    NRE FD - Fully repatriable

    NRO FD - Principal repatriable upto USD 1m per financial year; Interest fully repatriable post TDS

    FCNR - Fully repatriable

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About NRI Fixed Deposits

What is an NRI Fixed Deposit?

A fixed deposit for NRI is a term deposit offered by banks that enables Non-Resident Indians (NRIs) to invest funds in India for a fixed tenure at a predetermined interest rate. These deposits can be opened under NRE, NRO, or FCNR categories, depending on the source of funds and currency preference. The deposit earns assured returns and offers flexible interest payout options such as monthly, quarterly, or on maturity, along with repatriation benefits based on the selected account type.

How is it useful?

An NRE account FD is useful for NRIs seeking stable, low-risk returns while maintaining flexibility in managing overseas earnings. It offers tax-free interest in India and allows full repatriation of both principal and interest, subject to prevailing regulations. Investors can select suitable tenures and convenient interest payout options aligned with their financial goals. The deposit can be opened and managed online, and an overdraft facility may be available against it. This makes it a practical option for preserving capital while earning assured returns.

Benefits of NRE/NRO Fixed Deposits
  • Competitive interest rates
  • Flexible tenure ranging from 7 days to 10 years for NRO Fixed Deposits and 1 year to 10 years for NRE Fixed deposits
  • Instant online booking through iMobile & Net Banking
  • Avail up to 90% loan on your NRE/NRO FD with premature withdrawal facility

FAQs for NRI Fixed Deposit

What is the difference between NRE and NRO FDs?

Interest earned on NRE FD is tax-free in India and offers the facility of full repatriation. It enables you to invest your foreign earnings. Interest earned on NRO FD is subject to TDS and is a way to invest income earned in India.

What are the interest payout options on NRE/NRO deposits?

You can receive interest monthly, quarterly, or on maturity on NRE/NRO deposits

Can I withdraw my FD before maturity?

Yes, premature withdrawals are allowed with applicable penalties on NRE/NRO deposits.

Is Interest on NRO/ NRE Fixed deposit taxable?

Interest earned on NRE FDs is tax-free in India, but interest earned on NRO FDs attracts TDS as per prevailing Indian tax laws.

Can I open an FD online?

Yes, NRIs can open an FD via iMobile app, or Net Banking.

What is the minimum deposit amount?

The minimum deposit is ₹25,000 for NRI FDs with premature withdrawal facility, and it varies for foreign currency FDs.

Can I take a loan against my FD?

Yes, you can get an overdraft of up to 90% of the value of your NRE/NRO FDs with premature withdrawal facility.

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