Want to invest your Indian income in a safe and secure avenue?
Choose IDFC FIRST Bank’s NRO FD account and enjoy multiple benefits. Let’s decode.
IDFC FIRST Bank
Eligibility
NRI customers of the bank can open an account individually or jointly. The deposit would be held and redeemed in Indian Rupees (INR).
IDFC FIRST Bank
Deposit details
The minimum amount to open the account is Rs.1,000 and there’s no maximum limit. The tenure starts from 7 days and goes up to 10 years.
IDFC FIRST Bank
Interest
The interest rates start from 3% and go up to 7.75% p.a. Interest is accrued monthly and you can choose simple or compound interest on the deposit.
IDFC FIRST Bank
Repatriation
You can repatriate the amount in the NRO FD account after paying the relevant taxes. The repatriation limit is USD 1 million in a financial year.
IDFC FIRST Bank
Tax
Interest earned from the FD will be taxed in India at 30% + the applicable surcharge and cess. You might have to pay a tax in your residential country too.
IDFC FIRST Bank
With attractive exchange rates on remittances and interest up to 7.75% p.a., IDFC FIRST Bank’s NRO FD Account can be a good choice.