IDFC FIRST Bank
Yes, besides a savings account, the NRO FD account also exists. Let’s explore.
The NRO FD account is s rupee-denominated deposit where funds are accepted only in Indian Rupee (INR). Foreign currency deposits are not allowed.
NRIs can open the NRO FD account individually or jointly. If adding residents as joint holders, the account works on a former or survivor basis.
The minimum deposit account depends on the bank that you choose. The tenure usually ranges from 7 days up to 10 years.
The interest rate also depends on the bank that you choose. It usually starts from 3% and can go up to 8.00% p.a.
Income earned on the FD is taxable and can be repatriated after paying the tax liability with a limit of USD 1 million in a financial year.