NRO FD Rates

Financial institutions offer a variety of FDs for different types of investors and purposes. One of these is the NRO FD, short for Non-Resident Ordinary fixed deposits. This is a type of fixed deposit specially designed for NRIs who have income sources within the country.

Simply put, NRIs earning income through rent, dividends, and other means can direct the funds in an NRO deposit and earn interest on it. The NRO FD rates depend on a few factors, tenor and issuer being two of them.

Since the income depends on the FD rates you receive, knowing these rates before investing is crucial. Having this information will help you make informed decisions and choose the right terms for your deposit.

Read on to know more about the NRO FD interest rates for top financial institutions and other details about the FD.

Here are the NRO FD interest rates for some of the top issuers:

Disclaimer: The above rates are subject to change at the FD issuer’s discretion.

In addition to the competitive NRO fixed deposit rates, you can enjoy the following features and benefits of an NRO deposit:

• Choose from flexible tenors starting at just one week and going up to 10 years

• Open a joint FD with a relative who is an Indian resident

• Transfer only the interest earned, not the principal amount, to a foreign account

• Get instant loans by pledging the FD as collateral

• Grow and secure your earnings from India at a better rate than a savings account

• Invest easily and quickly through an entirely digital process

• Invest as per your finances with a minimum investment amount going down to ₹25,000

FD issuers have different eligibility and document requirements. As such, you need to check with the issuer to ensure that you meet the criteria and have all the documents. However, there are some general requirements, as listed below:

• You should be an NRI or Person of Indian Origin (PIO)

• You should have an Indian passport

• You should have a valid proof of status (NRI or PIO)

• You should have valid address proof (Indian and overseas)

• You should have signed the declaration forms if required

Remember, you can open a joint NRO FD with a relative who is an Indian resident. However, the terms and conditions and the above requirements will vary as per the issuer. Checking your eligibility and documentation before opening the deposit will ensure you have a seamless investment process.

You can start enjoying growth from the competitive NRO account fixed deposit rates once you complete the online investment process. Most issuers allow a simple, hassle-free, and convenient process, ensuring you can open your account in just a few clicks. 

To invest in FDs on Bajaj Markets, follow the steps below:

• Step 1: Click on ‘APPLY NOW’ on this page

• Step 2: Provide your mobile number for verification

• Step 3: Enter your investment details

• Step 4: Complete KYC and enter personal details

• Step 5: Fill in the bank and nominee details

• Step 6: Make the payment to complete the investment process

While investing in an NRO FD, remember to consider the taxation on the interest you earn from it. The interest you earn from NRO deposits is subject to TDS deduction at 30% plus applicable cess and surcharge. 

Considering the taxation in advance will allow you to tailor your investment to minimise your tax liability and maximise your returns. You can also use an FD calculator to estimate your returns and plan the investment accordingly.