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.

NRO FD Rates of Top Financial Institutions

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

FD issuer

Rates for Non-senior Citizens 

Rates for Senior Citizens

Bajaj Finance

Up to 8.05% 

Up to 8.30%

AU Small Finance Bank

Up to 7.50% 

Up to 8.00%


Up to 7.25%

Up to 7.75%

YES Bank

Up to 7.75%

Up to 8.25%


Up to 7.10% 


State Bank of India

Up to 7.10%


Bank of Baroda

Up to 7.40%

Up to 7.90%

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

Features and Benefits of NRO FD

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

Eligibility and Documentation of NRO FD

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.

Steps to Invest in NRO FDs

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.


The information provided by BFDL herein above is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial investment advice or endorsement of any sort. 

The information including interest rates with regard to fixed deposit, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any investment or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products. 

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FAQs on NRO FD Rates

The interest rates for NRO fixed deposits depend on the issuer you choose. Some of the top FD issuers offering competitive rates are Bajaj Finance, AU Small Finance Bank, YES BANK, and Bank of Baroda. 

The main difference between NRE and NRO fixed deposits is that in NRE deposits, you can fully repatriate funds to a foreign account. However, in NRO deposits, you can transfer the interest.

The interest you earn from NRO FDs is subject to TDS at a rate of 30% plus applicable cess and surcharge.

The minimum tenor for NRO FDs varies depending on the issuer you choose. However, it can start in 7 days. Remember, the tenor also affects the NRO FD interest rates you get.

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