Fixed deposits are one of the safest and preferred investment instruments in India. But is it possible for NRIs to open FDs in Indian currency (with Indian banks)? Read on to know more about fixed deposit options for NRIs.
FDs offer investment avenues at fixed interest rates that make it an attractive option for investors. Since FD rates in India for NRIs are comparable to those for residents, NRIs often choose to open FDs in India than keeping their money idle in NRE or NRO accounts.
Let's look at the fixed deposit options available for NRIs in India:
NRE Fixed Deposit
NRE fixed deposits allow you to invest your foreign currency income in INR to earn fixed and attractive returns. Some key highlights include:
NRO Fixed Deposit
NRO fixed deposits allow you to invest your income from India in INR to earn fixed and fairly higher returns, at par with the interest rates available for Indian residents.
FCNR and RFC Fixed Deposit options are also available to NRIs, but these accounts are opened and maintained in foreign currency and not in the Indian rupee. The principal amount and interest earned are fully repatriable for both FCNR and RFC FDs. |
How to Open NRI FD in India?
You may apply for an NRI FD through the bank’s website, the internet banking interface, requesting a call back by the bank’s representative, or by physically visiting the bank. Here are a few crucial steps.
NRI FDs: Invest Safe with Higher Returns
Both NRE and NRO FDs are considered safe since the returns are fixed. Also, they can deliver higher returns than a simple savings account. Choose one based on your needs and other factors such as the source of income and more.
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