FD Rates in India for NRI - 2024
Banks offer competitive FD Rates in India for NRI (Non-Resident Indians), which makes them an appealing investment option. NRIs should think about factors such as interest rates, flexibility in deposit duration, and rules regarding repatriation when choosing the FD rates in India.
as 7.1%*
Includes life cover
Completely Tax free+
7.1%*
Guaranteed Plan
(by insurance companies)
(10 Years)
6.5%**
Fixed Deposits
(by SBI bank)
(5-10 Years)
7.1%***
Public Provident Fund
(other popular options)
(15 Years)
- Home
- FD Interest Rates
FD Rates in India (NRE and NRO Deposits) - 2024
Fixed Deposit (FD) interest rates in India on Non-Resident External (NRE) and Non-Resident Ordinary (NRO) deposits (withdrawable) of up to Rs. 2 crores for different tenures are as follows:
| Bank Name | 1-Year | 2-Year | 3-Year | 4-Year | 5-Year | 10-Year |
| SBI FD Rates | 6.80% | 7.00% | 6.75% | 6.75% | 6.50% | 6.50% |
| HDFC Bank FD Rates | 6.60% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% |
| ICICI Bank FD Rates | 6.70% | 7.20% | 7.00% | 7.00% | 7.00% | 6.90% |
| Axis Bank FD Rates | 6.70% | 7.10% | 7.10% | 7.10% | 7.00% | 7.00% |
| PNB FD Rates | 6.75% | 6.80% | 7.00% | 6.50% | 6.50% | 6.50% |
| Kotak Mahindra FD Rates | 7.10% | 7.15% | 7.00% | 7.00% | 6.20% | 6.20% |
| Bandhan Bank FD Rates | 7.25% | 7.25% | 7.25% | 7.25% | 5.85% | 5.85% |
| Suryoday SFB FD Rates | 6.85% | 8.50% | 8.60% | 6.75% | 8.25% | 7.25% |
| Ujjivan SFB FD Rates | 8.25% | 7.50% | 7.20% | 7.20% | 7.20% | 6.50% |
| ESAF SFB FD Rates | 6.00% | 8.25% | 6.75% | 6.75% | 6.25% | 6.25% |
| Unity SFB FD Rates | 7.85% | 7.90% | 8.15% | 8.15% | 8.15% | 7.50% |
| Citi Bank FD Rates | 6.70% | 7.10% | 7.10% | 7.10% | 7.00% | 7.00% |
| Barclays Bank FD Rates | 6.27% | 6.27% | 6.27% | 6.27% | 6.27% | -- |
*FD Rates in India are effective as of March 2024.
Note: The FD rates in India for NRI, mentioned in the above table, are subject to change. The table does not represent any chronological order.
What are FD Rates in India?
FD Rates, or Fixed Deposit Rates in India, for NRIs (Non-Resident Indians), refer to the interest rates offered by banks on deposits made with money earned abroad. These deposits are held in NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts. These NRE accounts offer some tax benefits on the interest earned from FD rates in India.
Various Scheduled Commercial Banks (SCBs) and Small Finance Banks (SFBs) offer NRIs with the Fixed Deposit rates in India.
Important Note:
No Preferential Rates of Interest on FD for NRI Senior Citizens:
In India, Non-Resident Indian (NRI) senior citizens investing in Fixed Deposits (FDs) do not get the preferential interest rates offered to resident senior citizens. This applies to all types of NRI FDs, including:
-
Non-Resident External (NRE) FDs
-
Non-Resident Ordinary (NRO) FDs
-
Foreign Currency Non-Resident (FCNR) FDs
List of Different FD Rates in India for NRI - 2024
NRIs have different options for fixed deposits in India, each with varying FD interest rates. Following is the breakdown of the Fixed Deposit rates in India for NRIs:
-
Domestic Fixed Deposit Interest Rate in India
-
NRE Fixed Deposit Interest Rate in India
-
NRO Fixed Deposit Interest Rate in India
-
FCNR Deposit Interest Rate in India
Domestic Fixed Deposit Interest Rate in India for NRIs
FD rates in India for NRIs on domestic deposits (withdrawable) of up to Rs. 2 crores are as follows:
| Bank Name | FD Interest Rates (in % p.a.) | |
| For General Public | For Senior Citizens* | |
| SBI FD Rates | 3.50% - 7.00% | 4.00% - 7.50% |
| HDFC Bank FD Rates | 3.00% - 7.25% | 3.50% - 7.75% |
| ICICI Bank FD Rates | 3.00% - 7.20% | 3.50% - 7.75% |
| Axis Bank FD Rates | 3.00% - 7.20% | 3.50% - 7.85% |
| PNB FD Rates | 3.50% - 7.25% | 4.00% - 7.75 |
| Kotak Mahindra FD Rates | 2.75% - 7.40% | 3.25% - 7.90% |
| Bandhan Bank FD Rates | 3.00% - 7.85% | 3.75% - 8.35% |
| Suryoday SFB FD Rates | 4.00% - 9.01% | 4.50% - 9.25% |
| Ujjivan SFB FD Rates | 3.75% - 8.50% | 4.25% - 9.00% |
| ESAF SFB FD Rates | 4.00% - 8.25% | 4.50% - 8.75% |
| Unity SFB FD Rates | 4.50% - 9.00% | 4.50% - 9.50% |
| Citi Bank FD Rates | 3.00% - 7.20% | 3.50% - 7.85% |
| Barclays Bank FD Rates | 5.70% - 6.34% | 5.70% - 6.34% |
* FD Rates in India are effective as of March 2024.
**Special FD rates in India for senior citizens are not applicable for NRI depositors.
Note: The FD rates in India for NRI, mentioned in the above table, are subject to change. The table does not represent any chronological order.
NRE Fixed Deposit Interest Rate in India for NRIs
FD Interest rates on NRE deposits in India of up to Rs. 2 crores vary depending on the bank and the deposit tenure:
| Bank Name | NRE FD Rates in India (in % p.a.) |
| SBI FD Rates | 6.50% - 7.10% |
| HDFC Bank FD Rates | 6.60% - 7.25% |
| ICICI Bank FD Rates | 6.70% - 7.20% |
| Axis Bank FD Rates | 6.70% - 7.20% |
| PNB FD Rates | 6.50% - 7.25% |
| Kotak Mahindra FD Rates | 6.20% - 7.40% |
| Bandhan Bank FD Rates | 5.85% - 7.85% |
| Suryoday SFB FD Rates | 6.75%- 9.01% |
| Ujjivan SFB FD Rates | 6.50% - 8.50% |
| ESAF SFB FD Rates | 6.00% - 8.25% |
| Citi Bank FD Rates | 6.70% - 7.20% |
| Barclays Bank FD Rates | 6.27% - 6.31% |
*NRE Tenure: 1 – 10 years.
** FD Rates in India are effective as of March 2024.
Note: The FD rates in India for NRI, mentioned in the above table, are subject to change. The table does not represent any chronological order.
NRO Fixed Deposit Interest Rate in India for NRIs
NRO FD rates in India for deposits below Rs. 2 crores are mentioned below:
| Bank Name | NRO FD Rates in India (in % p.a.) |
| SBI FD Rates | 3.50% - 7.10% |
| HDFC Bank FD Rates | 3.00% - 7.25% |
| ICICI Bank FD Rates | 3.00% - 7.20% |
| Axis Bank FD Rates | 3.00% - 7.20% |
| PNB FD Rates | 3.50% - 7.25% |
| Kotak Mahindra FD Rates | 2.75% - 7.40% |
| Bandhan Bank FD Rates | 3.00% - 7.85% |
| Suryoday SFB FD Rates | 4.00% - 9.01% |
| Ujjivan SFB FD Rates | 3.75% - 8.50% |
| ESAF SFB FD Rates | 4.00% - 7.75% |
| Citi Bank FD Rates | 3.00% - 7.20% |
| Barclays Bank FD Rates | 5.70% - 6.34% |
*NRO Tenure: 7 days – 10 years
** FD Rates in India are effective as of March 2024.
Note: The FD rates in India for NRI, mentioned in the above table, are subject to change. The table does not represent any chronological order.
FCNR Fixed Deposit Interest Rate in India for NRIs
FCNR (Foreign Currency Non-Resident) Fixed Deposit interest rates in India for NRIs on deposits of up to Rs. 2 crores for a tenure between 1 to 5 years are mentioned below
| Bank Name | US$ | GB£ | EU€ | CA$ | AU$ | JP¥ | SG$ |
| SBI FD Rates | 3.85% - 5.55% | 3.90% - 5.10% | 1.50% - 4.00% | 3.85% - 4.50% | 4.20% - 4.50% | 0.05% | -- |
| HDFC Bank FD Rates | 3.80% - 5.25% | 5.00% | 3.50% | 3.20% - 4.65% | 3.75% - 4.30% | 0.01% | -- |
| ICICI Bank FD Rates | 3.30% - 5.75% | 4.00% - 4.90% | -- | 3.30% - 4.65 | 3.75% - 4.25% | -- | 2.75% - 4.25% |
| Axis Bank FD Rates | 3.30% - 5.35% | 0.01% - 5.00% | 0.01% - 3.35% | 3.55% - 4.40% | 2.70% - 4.65% | 0.01% | -- |
| PNB FD Rates | 3.83% - 5.63% | 2.35% - 5.00% | 1.16% - 1.17% | 3.82% - 4.47% | 3.12% - 3.75% | 0.03% - 0.06% | -- |
| Kotak Mahindra FD Rates | 3.50% - 5.55% | 4.05% - 5.50% | 2.50% - 4.00% | -- | 3.80% - 4.80% | -- | 3.10% - 4.05% |
| Bandhan Bank FD Rates | 3.81% - 6.31% | 4.94% | -- | -- | -- | -- | -- |
| Citi Bank FD Rates | 3.30% - 5.35% | 0.01% - 5.00% | 0.01% - 3.35% | 3.55% - 4.40% | 2.70% - 4.65% | 0.01% | -- |
| Barclays Bank FD Rates | 4.06% - 4.82% | 4.05% - 4.66% | 0.01% -3.02% | -- | -- | -- | -- |
*FD Rates in India are effective as of March 2024.
Note: The FD rates in India for NRI, mentioned in the above table, are subject to change. The table does not represent any chronological order.
Documents Required To Open NRI Fixed Deposit Accounts
The list of documents required to open an NRI FD Account and earn the FD rates in India are as follows:
| Particulars | List of Documents Required |
| Proof of Identity |
|
| Address proof |
|
| Savings Account Details to Link with FD Account |
|
Benefits of Fixed Deposit Rates in India for NRI
The key benefits of the FD rates in India for NRIs are listed below:
-
Tax-efficiency: NRI fixed deposits in India may offer tax benefits. Interest earned on NRE (Non-Resident External) and FCNR (Foreign Currency Non-Resident) deposits are tax-free in India, making them an attractive option for NRIs.
-
Competitive returns: Compared to savings accounts, NRE FDs offer significantly higher FD interest rates in India.
-
Security and stability: FDs are a safe investment option as they are backed by the bank's guarantee. This provides peace of mind to NRIs who may be concerned about investing in more volatile markets.
-
Diverse Currency Options: Banks in India often offer fixed deposits in various currencies, allowing NRIs to invest in their preferred currency.
-
Flexibility of tenure: NRIs can choose a deposit tenure that aligns with their financial goals. FDs are available for a wide range of tenures, from a few months to several years.
-
Repatriation of funds: NRIs have the flexibility to repatriate the principal amount and the interest earned on their NRE FD at any time without any restrictions.
-
Loan facilities: Some banks offer loan facilities against NRI fixed deposits. This can be beneficial for NRIs who require funds in India without prematurely breaking their fixed deposits.
-
Convenient online access: Many banks offer online platforms for NRI fixed deposit management, making it convenient for NRIs to open, monitor, and manage their investments from anywhere in the world.
Wrapping It Up!
The fixed deposit interest rates for NRIs in India play a significant role in their investment decisions. However, it is essential for NRIs to stay updated on changing rates and regulations to maximize their investment benefits.
FAQs
-
What are NRE FDs?
NRE FDs (Non-Resident External) are fixed deposits in India specifically for Non-Resident Indians (NRIs). The money deposited comes from foreign sources and earns tax-free interest in India. -
Is the interest earned on NRE FDs taxable in India?
No, the interest earned on NRE FDs is tax-free in India. This is a major benefit for NRIs. -
What is the maximum tenure for an NRE FD?
The maximum tenure for NRE FDs typically ranges from 1 to 10 years. Some banks may offer even longer terms or special programs. -
Are there any penalties for early withdrawal from an FD?
Yes, most banks charge a penalty for early withdrawal from an FD. The penalty amount varies depending on the bank and the remaining tenure of the deposit. -
Are FDs safe?
FDs for Non-Resident Indians (NRI) are generally considered a safe investment option. Deposits up to Rs. 5 lakhs are insured by the government agency Deposit Insurance and Credit Guarantee Corporation (DICGC).
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
Interest Earned
Maturity Amount
