Can NRI keep fixed deposit in India ?

Last week, I received a friend of mine, who has been staying out of the country for over two decades. First of all, there was some casual talk and after that, he asked me about the fixed deposit rates in India for NRI in HDFC. As I wasn’t aware of the answer, I told him that I would get back to him after collecting the information. 

What are the NRI Fixed Deposit Rates in India?

I did some research about this and provided him with the following information. 

I also told him that, the interest of fixed deposit in India for NRI changes depending on the tenure. 

Following that, I also told him about the process of opening an NRI FD. 

• The first step that I told him about was to go to the bank website of HDFC. After that, I told him to choose the NRI FD product that he liked and click on Apply Now.

• After that, I told him to provide the necessary information and submit the application, and request a call back from the bank. After that, an executive or concerned person will guide him through the whole process.

• I also told him that an offline method is available and for that, he needs to visit the nearest HDFC bank branch. 

• The final step that I told him was applying through Internet Banking. 

And that’s all I told him about the fixed deposit rates in India for NRI. Hope this helps. 

Hey

FD or fixed deposit is one of the most popular investment choices for Indians across the globe. For me, it's a go-to option as it has decent returns and minimal risks. I know many NRIs who wish to invest in the same. I have compiled information about the latest NRI fixed deposit rates India. 

Can NRI keep fixed deposit in India?

Resident Indians and NRIs both can keep and invest in FDs. I know many risk-averse NRI investors who have opened an FD in India. For Non- Resident Indians, there are three types of fixed deposit accounts to pick from. All of them will provide income from interest on the money. 

The options are Non-Resident External (NRE) fixed deposit, Non-Resident Ordinary (NRO) fixed deposit and Foreign Currency Non-Resident (FCNR) fixed deposit account.

The deposit rate may change from year to year. For 2022, the Highest NRE Deposit rate is 5.25% p.a.The maximum FCNR (B) FD rate are given below :

• Canadian Dollar (CAD): 0.98% p.a.

• Euro (EUR): 0.06% p.a.

• Swiss Franc (CHF): 0.01% p.a. 

• Pound Sterling (GBP): 0.98% p.a.

• Australian Dollar (AUD): 0.81% p.a. 

• US Dollar (USD): 0.85% p.a. 

• Japanese Yen (JPY): 0.03% p.a.

FDs are advantageous because they are secure investments with assured returns. They are  convenient and help in creating wealth while offering diversification of your financial portfolio. You can open a FD online and offline.

If you have any more questions about NRI fixed deposit rates India. Put them in the comment section below.

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