NRI Fixed Deposit

Whether your source of funds is from India or abroad, IDFC FIRST Bank offers some of the best NRI fixed deposit options to help you earn more on your idle funds. Take advantage of our industry-best interest rates. We even offer NRE fixed deposit and NRO fixed deposit, so you have the flexibility to invest based on your need and source of funds.Read More

Choose from our 3 types of term deposit accounts: Foreign Currency Non-Resident Deposit, Non-Resident External Deposit, or Non-Resident Ordinary Deposit. Earn more with IDFC FIRST Bank NRI fixed deposit with assured return on your investment.Read Less

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Watch your earnings multiply with competitive interest rates on your FD from IDFC FIRST Bank

Earn up to 6%

Foreign Currency Non-Resident Deposit

  • Competitive rates across 5 currencies
  • Enjoy full Repatriability of your Principal amount and interest earned
  • The interest earned on this account is exempt from tax in India
  • Higher interest than your banks overseas

Non-Resident External Deposit

  • Enjoy full Repatriability of your Principal amount and interest earned
  • The interest earned on this account is exempt from tax in India
  • Joint holdings with residents and non-residents

Non-Resident Ordinary Deposit

  • High returns on funds generated in India
  • Higher Yield post tax by availing DTAA benefit facility
  • Joint holdings with residents and non-residents

ELIGIBILTY

Who can apply?

  • Any existing IDFC FIRST Bank NRI Customer can open an NRI Fixed Deposit with us

How to Open a NRI Fixed Deposit

  • You can open NRE/NRO FD at your convenience through your Net banking or Mobile app
  • You can fill in the NRI Fixed Deposit form and get it booked

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COMPARE DEPOSIT

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FREQUENTLY ASKED QUESTIONS

What are Tenure options available for NRI Fixed Deposit?

  • For NRE FD, Tenures available range from 1 year to 10 years
  • For NRO FD, Tenures available range from 7 days to 10 years
  • For FCNR FD, Tenures available range from 1 year to 5 years

 

How is Interest Computed and paid for NRI Fixed deposits?

  • FCNR FD:

    1. Interest is computed using a fixed rate.
    2. The interest on FCNR deposits is compounded at intervals of 180 days each and thereafter for the remaining actual number of days.
    3. The principal is increased to include the interest earned during the previous 180 days.

  • NRE/NRO FD

    1. Interest is computed using a fixed rate.
    2. You can choose between Simple or Compound Interest.
    3. For simple interest FD, you can get monthly or quarterly payout.
    4. In case of Compound Interest, interest is compounded every 90 days and paid on maturity.

Are proceeds from NRI Fixed deposits taxable?

  • FCNR/NRE FD:

    1. The interest earned on this account is exempt from tax in India. However, the interest earned may be subject to tax in your country of residence

  • NRO FD:

    1. The interest earned on this account is subject to TDS at the rate of 30% + Surcharge and cess when the interest accrues on your deposit
    2. In addition to the interest taxed in India, the interest earned may also be subject to tax in your country of residence

Can I open NRI Fixed deposit along with a joint holder?

You can add Non-Resident Indians /PIOs / OCIs as Joint Account Holders. Resident Indian close relatives may be added a second holder in the account on “Former or Survivor” basis .This would allow the second holder access to account only post the demise of the NRI first holder

How can I fund NRI Fixed deposit account?

  • NRE/FCNR FD

    The account can be funded through:

    1. Foreign Currency Remittances from overseas
    2. Funds from any other FCNR or NRE Account in any bank in India

  • NRO FD

    The account can be funded through:

    1. Any legitimate income from India
    2. Funds from any other NRO or NRE account in any bank in India
    3. Foreign currency remittances from overseas

Is money from NRI Fixed deposits repatriable?

  • NRE/FCNR FD:

    1. Money from FCNR deposits is freely repatriable i.e. both the Principal amount and interest earned are freely and completely transferable.
    2. We only require written instructions with the wire details for executing this Repatriation.

  • NRO FD:

    1. Funds from the NRO Deposits can be repatriated post payment of applicable taxes with a limit of USD 1 million in a financial year.
    2. we need documents as per the guidelines issued by the Reserve Bank of India depending on the source of the funds in the account.

How can I book FCNR Deposit?

You can book FCNR deposit by reaching out to any IDFC FIRST Bank representative or reaching out to your RM 

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