Fixed Deposit Rates in India for NRIs/PIO/OCI

A Fixed Account (FD) is a financial tool offered by most of the banks in India for Indian citizens as well as Non-Resident Indians (NRIs). NRIs offers a number of FDs to select from. Fixed Deposit rates in India for NRI deposits offered by top banks like SBI and PNB banks are as high as 7.25% p.a. In addition, popular private banks like HDFC Bank and ICICI Bank are providing FD bank rate India of 7.10% p.a. Let’s discuss the best FD rates in India in 2023.

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What are Fixed Deposit Interest Rates in India?

FD meaning a Fixed Deposit:

FD is a type of investment scheme where individuals deposit a lump sum amount with following details:

  • A specific amount of money

  • For a fixed period (atleast 1 year for an NRI)

  • At a predetermined interest rate

Fixed Deposit Rates in India: The fixed rate of interest that an FD account holder can avail of on their deposits invested for a specific period. Various Scheduled Commercial Banks/ NBFCs/ Small Finance Banks/ Companies in India offer best FD schemes to their NRI customers.

Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

Types of FD Rates in India for NRI

NRIs can invest a sum for a specific period of maturity as per their financial goals in any of the different types of fixed deposit interest rates on FDs.

Types of FD interest rates for NRIs included in the sections herein are:

  • Top NRI FD Interest Rates in India Based on Type of Bank/NBFCs/Companies

    • Private Sector Bank FDs

    • Public Sector Bank FDs

    • Small Finance Bank FDs

    •  Foreign Bank FDs

  • Top FD Interest Rates in India for NRIs Based on FD Tenure

    • Best FD Rates in India for NRE and NRO Deposits of 1/3/5-Year Period

  • Top FD Interest Rates on FCNR (B) and RFC Deposits

Based on Type of Banks/ NBFCs/ Companies

FD interest rates in India for NRIs can vary based on the type of banks, NBFCs (Non-Banking Financial Companies), or companies. Here are the general classifications:

  1. Top FD Rates in India for NRIs by Public Sector Banks (PSBs)

    Here is a list of fixed deposit interest rates offered by public sector scheduled banks

    Name of Bank NRE Deposits NRO Deposits
    FD Interest Rates (in % p.a.) FD Interest Rates (in % p.a.)
    Allahabad Bank (Indian Bank) 6.10% to 6.70% 3.50%-4.00%
    Bank of Baroda 6.75% to 7.25% 3.50% to 7.75%
    Bank of India 6.00% to 7.25% 3.00% to 7.25%
    Canara (Syndicate Bank) Bank 6.70% to 7.25% 6.70% to 7.25%
    Central Bank 6.70% to 6.90%
    Indian Overseas Bank 4.00% to 7.25% 4.00% to 7.25%
    Punjab National Bank (PNB) 6.50% to 7.25% 6.50% to 7.25%
    Bank of Maharashtra 2.75% to 7.00% 2.75% to 7.00%
    State Bank of India (SBI) 3.00% to 7.00% 3.00% to 7.10%
    Union Bank (Andhra Bank) 3.00% to 7.30% 3.00% to 7.00%

    (FD Rate of Interest as of September)

    Note: The interest rate on FD for particular banks mentioned in the above table is subject to change. The table does not represent any chronological order.

  2. Top FD Rates in India on NRI Deposits by Private Sector Banks

    Leading Private Sector Banks in India offer the best FD interest rates to their NRI customers on NRE deposits of up to Rs. 2 crores, as listed below:

    Name of Bank NRE Deposits NRO Deposits
    FD Interest Rates (in % p.a.) FD Interest Rates (in % p.a.)
    Axis Bank 6.75% To 7.10% 3.50% to 7.10%
    Bandhan Bank 3.00% To 8.00% 3.00% To 8.00%
    DBS Bank 2.50% To 7.50% 2.50% To 7.50%
    Dhanlaxmi Bank 3.25% To 7.25% 3.25% To 7.25%
    HDFC Bank 3.00% To 7.10% 3.50%-7.75%
    ICICI Bank 3.00% To 7.10% 3.00%-7.10%
    SBM Bank 4.25% To 7.75% 4.25% To 7.75%
    IndusInd Bank 3.50% To 7.75% 3.50% To 7.75%
    Jammu & Kashmir Bank 3.50% To 7.25% 3.50% To 7.25%
    Yes Bank 3.25% to 7.50% 3.25% to 7.50%

    (FD Rate of Interest as of September)

     Note: The rate of interest on FD mentioned in the above table is subject to change. The table does not represent any chronological order.

  3. Top FD Rates in India on NRI Deposits by Small Finance Banks (SFBs)

    The Small Finance Banks (SFBs) registered under the Companies Act, 2013 offer high FD bank rate India on NRE deposits of up to Rs. 2 crores, which are as follows:

    Name of SFB NRE Deposits NRO Deposits
    FD Interest Rates (in % p.a.) FD Interest Rates (in % p.a.)
    Suryoday SF Bank Fixed Deposit Rates 6.85%-9.10% 6.85%-9.10%
    Ujjivan SF Bank Rate of Interest on FD 3.75%-8.25% 3.75%-8.25%
    ESAF SF Bank Interest Rates on FD 6.00%-8.50% 4.00%-8.50%
    Jana SF Bank FD Rates 6.00%-8.15% 3.75%-8.15%
    Equitas SF Bank Fixed Deposit Rates 7.25%-8.50% 3.50%-8.50%
    Fincare SF Bank Interest on Fixed Deposit 7.50%-8.41 3.00%-8.41%

    (FD Rate of Interest as of September)

    Note: The rate of interest on FD mentioned in the above table is subject to change. The table does not represent any chronological order.

  4. Top FD Rates in India for NRIs by Foreign Banks

    The list of foreign banks offering the best fixed deposit interest rates in India is as follows:

    Name of Foreign Bank NRE Deposits NRO Deposits
    FD Interest Rates (in % p.a.) FD Interest Rates (in % p.a.)
    Deutsche Bank Fixed Deposit Interest Rates 7.00%-7.75% 3.00%-7.75%
    Citi Bank FD Rates 3.00%-3.50-% 3.00%-3.50-%
    HSBC Bank Fixed Deposit Rates 3.25%-7.50% 2.85%-7.50%
    Standard Chartered Bank FD Interest Rates 6.75%-7.35 2.75%-7.35%
    Barclays Bank Interest Rates on FD 5.74%-5.89% 5.55%-5.95%

    (FD Rate of Interest as of September)

     Note: The rate of interest on FD mentioned in the above table is subject to change. The table does not represent any chronological order.

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FD Rates in India for NRIs Based on Different Tenures

Here are some of the banks in India that have historically offered competitive fixed deposit (FD) rates on NRE (Non-Residential External) deposits for 1-year/ 2-year/ 3-year/ 5-year period:

  1. Best FD Rates in India on NRE Deposits for 1/3/5 Years Tenure

    Let us have a look at the fixed deposit interest rates for NRE deposits of up to Rs. 2 crores:

    Name of Bank 1 Year Deposits  3 Year Deposit 5 Year Deposit
    Bank of India FD Rates 6.00% 6.50% 6.00%
    Canara Bank FD Rates 7.00% 6.80% 6.70%
    IDBI Bank FD Rates 6.75% 6.50% 6.50%
    IDFC First Bank FD Rates 6.75% 7.75% 7.00%
    Punjab and Sind Bank FD Rates 6.40% 6.75% 6.25%
    State Bank of India (SBI) FD Rates 6.80% 7.00% 6.50%

    (FD Rate of Interest as of September)

    Note: The rate of interest on FD mentioned in the above table is subject to change. The table does not represent any chronological order.

  2. Fixed Deposit Interest Rates in India on FCNR (B) Deposits

    Let us learn the best FD interest rates in India offered to NRIs on their FCNR (B) deposits from the table mentioned below:

    Name of Bank US$ GB£ EU€ CA$ JP¥ AU$
    Allahabad Bank 3.60% 2.00% 0.01% 1.81% 1.81% 1.20% 
    Bank of Baroda 5.00%  4.25% 1.50% 3.60% - 3.00%
    HDFC Bank 5.10% 4.40% 2.95% 3.95% 0.01% 3.25%
    State Bank of India 5.25% 4.50% 1.50% 4.30% 0.02% 3.60%
    Punjab National Bank 5.55% 4.78% 2.40% 4.30% 0.00% 3.85%
    Axis Bank 5.40% 4.00% 2.90% 4.20% 0.01% 3.70%
    ICICI Bank 5.10% 4.40% - 4.00% - 3.50%
    Federal Bank 5.25% 4.00% 1.00% 3.50% - 3.50%
    Canara Bank 5.00% 4.25% 2.00% 4.30% - 3.50%

    (FD Rate of Interest as of September)

    Note: The rate of interest on FD mentioned in the above table is subject to change. The table does not represent any chronological order.

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  3. Fixed Deposit Interest Rates in India on RFC Deposits

    Let us learn the best FD interest rates in India offered to NRIs on their RFC deposits from the table mentioned below:

    Name of Bank US$ GB£ EU€ CA$ JP¥ AU$
    Allahabad Bank 4.80% 4.17% 2.55%
    HDFC Bank 5.10% 4.40% 2.95% 3.95% 0.01% 3.35%
    State Bank of India 5.25% 4.50% 1.50%
    Punjab National Bank 5.55% 4.78% 2.40% 4.30% 0.00% 3.85%
    Axis Bank 5.40% 4.00% 2.90% 4.20% 0.01% 3.70%
    ICICI Bank 5.10% 4.40% - 4.00% - 3.50%
    Federal Bank 5.25% 4.00% 1.00% 3.50% - 3.50%
    Canara Bank 5.00% 4.25% 2.00% 4.30% - 3.50%

    (FD Rate of Interest as of September)

    Note: The rate of interest on FD mentioned in the above table is subject to change. The table does not represent any chronological order.

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Types of Fixed Deposit Rates in India for NRIs

FD interest rates are majorly of two types based on the flexibility of the FD Account and the FD Interest accumulation method.

The major types of Rates of Interest on FD for NRIs are mentioned as follows:

  1. Based on the Flexibility of Fixed Deposits: 

    • Flexi FD Interest Rates

    • Regular FD Interest Rates

    Let us learn about these two types from the table below:

    Flexi FD Interest Rates Regular FD Interest Rates
    • Combines benefits of Regular Savings Account and Regular Fixed Deposit Account
    • Designed for a fixed tenure
    • Allows flexible withdrawals with low charges and earns regular interest on FD for NRIs
    • A fee is charged on early withdrawal from the FD scheme
    • Links FD account with savings account for convenient money transfers
    • Designed for a fixed tenure
  2. Based on Fixed Deposit Interest Accumulation Method in the Account: 

    • Cumulative FD

    • Non-Cumulative FD

    Let us learn about the basic details of cumulative and non-cumulative FDs from the table below:

    Particulars Cumulative Deposits Non-Cumulative Deposits
    Payouts FD interest is deposited by the end of the tenure Accrued interest is rolled out on a monthly, quarterly, semi-annual, or annual basis
    Payment of Interest One-time Regularly
    Reinvestment of FD Interest Compounded/ Re-invested in the FD Scheme again Paid-off regularly
    Returns on FD Interest Higher Lower
    Suitable for Salaried individuals Non-salaried individuals
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**Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
Note: All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

FD Calculator 2023

The online Fixed Deposit Calculator for NRIs is a helpful tool for calculating the maturity value and interest earned on an FD investment. It considers the Principal Amount, Interest Rate, and FD Tenure. The calculator provides information on the Total Amount Invested, Maturity Amount, and Interest Earned.

How to Use Policybazaar FD Calculator?

To use the Policybazaar FD (Fixed Deposit) calculator, you can follow the steps mentioned below:

Step 1: Open Policybazaar FD Calculator 2023 

Step 2: Enter the fixed amount you wish to deposit

Step 3: Fill in the Rate of Interest at which you want to deposit the amount

Step 4: Select the tenure of FD of up to 15 years

Step 5: You can view the maturity amount for various FD interest rates

By following these simple and easy steps, an NRI can calculate the FD maturity value within a second.

Documents Required To Open Fixed Deposit Account

Here is the list of must-have documents for opening a Fixed Deposit Account with the best FD rate of interest in India for NRIs:

Particulars List of Documents Required (Any one from category)
Proof of Identity 
  • Aadhaar card 
  • PAN card
  • Driving license
  • Voter ID card
  • Government ID card
Address proof
  • Passport
  • Electricity bill
  • Utility bills
  • Photo Ration Card
Savings Account Details to Link with FD Account
  • Bank Statement
  • Cancelled cheque

Allahabad Bank FD Interest Rates

Allahabad Bank FD Interest Rates

Andhra Bank FD Interest Rates

Andhra Bank FD Interest Rates

Assam Gramin Vikash Bank FD Interest Rates

Assam Gramin Vikash Bank FD Interest Rates

AU Small Finance Bank FD Interest Rates

AU Small Finance Bank FD Interest Rates

Axis Bank FD Rates

Axis Bank FD Rates

Bajaj Finance FD Interest Rates

Bajaj Finance FD Interest Rates

Bandhan Bank FD Interest Rates

Bandhan Bank FD Interest Rates

Bangiya Gramin Vikash Bank FD Interest Rates

Bangiya Gramin Vikash Bank FD Interest Rates

Bank of Baroda FD Interest Rates

Bank of Baroda FD Interest Rates

Bank of Ceylon FD Interest Rates

Bank of Ceylon FD Interest Rates

Bank of India FD Interest Rates

Bank of India FD Interest Rates

Bank of Maharashtra FD Interest Rates

Bank of Maharashtra FD Interest Rates

Baroda Gujarat Gramin Bank FD Interest Rates

Baroda Gujarat Gramin Bank FD Interest Rates

Canara Bank FD Interest Rates

Canara Bank FD Interest Rates

Capital Small Finance Bank FD Interest Rates

Capital Small Finance Bank FD Interest Rates

Central Bank of India FD Interest Rates

Central Bank of India FD Interest Rates

Citibank FD Interest Rates

Citibank FD Interest Rates

City Union Bank FD Interest Rates

City Union Bank FD Interest Rates

Corporation Bank FD Interest Rates

Corporation Bank FD Interest Rates

Dakshin Bihar Gramin Bank FD Interest Rates

Dakshin Bihar Gramin Bank FD Interest Rates

DBS Bank FD Interest Rates

DBS Bank FD Interest Rates

Dena Bank FD Interest Rates

Dena Bank FD Interest Rates

Dhanlaxmi Bank FD Interest Rates

Dhanlaxmi Bank FD Interest Rates

Equitas Small Finance Bank FD Interest Rates

Equitas Small Finance Bank FD Interest Rates

ESAF Small Finance Bank FD Interest Rates

ESAF Small Finance Bank FD Interest Rates

HDFC Bank FD Interest Rates

HDFC Bank FD Interest Rates

HSBC FD Interest Rates

HSBC FD Interest Rates

ICICI Bank FD Interest Rates

ICICI Bank FD Interest Rates

IDBI Bank FD Interest Rates

IDBI Bank FD Interest Rates

IDFC First Bank FD Interest Rates

IDFC First Bank FD Interest Rates

Indian Bank FD Interest Rates

Indian Bank FD Interest Rates

Indian Overseas Bank FD Interest Rates

Indian Overseas Bank FD Interest Rates

IndusInd Bank FD Interest Rates

IndusInd Bank FD Interest Rates

Jana Small Finance Bank FD Interest Rates

Jana Small Finance Bank FD Interest Rates

Karnataka Bank FD Interest Rates

Karnataka Bank FD Interest Rates

Kerala Gramin Bank FD Interest Rates

Kerala Gramin Bank FD Interest Rates

Kotak Mahindra Bank FD Interest Rates

Kotak Mahindra Bank FD Interest Rates

Lakshmi Vilas Bank FD Interest Rates

Lakshmi Vilas Bank FD Interest Rates

Muthoot Capital

Muthoot Capital

Nainital Bank FD Interest Rates

Nainital Bank FD Interest Rates

Odisha Gramya Bank FD Interest Rates

Odisha Gramya Bank FD Interest Rates

Paschim Banga Gramin Bank FD Interest Rates

Paschim Banga Gramin Bank FD Interest Rates

Paytm Payments Bank FD Interest Rates

Paytm Payments Bank FD Interest Rates

PNB FD Interest Rates

PNB FD Interest Rates

Prathama UP Gramin Bank FD Interest Rates

Prathama UP Gramin Bank FD Interest Rates

RBL Bank FD Rates

RBL Bank FD Rates

Saurashtra Gramin Bank FD Interest Rates

Saurashtra Gramin Bank FD Interest Rates

SBI FD Interest Rates

SBI FD Interest Rates

Shriram Finance FD Interest Rates

Shriram Finance FD Interest Rates

State Bank of Hyderabad FD Interest Rates

State Bank of Hyderabad FD Interest Rates

State Bank of Mysore FD Interest Rates

State Bank of Mysore FD Interest Rates

State Bank of Travancore FD Interest Rates

State Bank of Travancore FD Interest Rates

Syndicate Bank FD Interest Rates

Syndicate Bank FD Interest Rates

Tamil Nadu Grama Bank FD Interest Rates

Tamil Nadu Grama Bank FD Interest Rates

Telangana Grameena Bank FD Interest Rates

Telangana Grameena Bank FD Interest Rates

Tripura Gramin Bank FD Interest Rates

Tripura Gramin Bank FD Interest Rates

UCO Bank FD Interest Rates

UCO Bank FD Interest Rates

Ujjivan Small Finance Bank FD Interest Rates

Ujjivan Small Finance Bank FD Interest Rates

Union Bank of India FD Interest Rates

Union Bank of India FD Interest Rates

Uttar Bihar Gramin Bank FD Interest Rates

Uttar Bihar Gramin Bank FD Interest Rates

Uttarakhand Gramin Bank FD Interest Rates

Uttarakhand Gramin Bank FD Interest Rates

Vijaya Bank FD Interest Rates

Vijaya Bank FD Interest Rates

Yes Bank FD Interest Rates

Yes Bank FD Interest Rates

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Taxation Benefits on Fixed Deposits Interest in India

The taxation rules applicable while filing the annual Income Tax Returns (ITR) on the income earned from Fixed Deposits Interest Rates are as follows:

Taxation Tax Benefits
Tax on FD Investment
  • Normal FD: Taxable as per Income Tax Slab Rates
  • Tax-Saver FD: Tax deductions allowed u/ Section 80C of the IT Act, 1961
Tax on Fixed Deposit Interest 
  • Applicable for 10% TDS deduction on FD interest, if Annual Fixed Deposit interest is more than Rs. 40,000

Benefits of FD Interest Rates in India for NRI

The key features of the best Fixed Deposit rates in India offered to NRI depositors are as follows:

  1. High Interest Rates:

    Banks in India offer competitive interest rates on FDs for NRIs. These rates may vary among different banks and are subject to market conditions and RBI regulations.

  2. Stable and Assured Returns:

    FDs offer a fixed interest rate for the entire tenure, providing NRIs with guaranteed returns on their investments. This predictability helps in financial planning and ensures a regular income stream.

  3. Flexible Tenure Options:

    FDs for NRIs generally come with various tenure options, ranging from a few months to several years. NRIs can choose a tenure that suits their financial goals and preferences.

  4. Currency Options:

    NRIs have the flexibility to hold FDs in different currencies, such as US dollars (USD), British pounds (GBP), Euros (EUR), etc. This allows NRIs to deposit funds in their preferred currency.

  5. Repatriability: 

    NRIs have the option to choose between repatriable and non-repatriable FDs. Repatriable FDs allow the principal amount and interest earned to be freely transferred back to the NRI's foreign account, while non-repatriable FDs restrict the repatriation of funds.

  6. Nomination Facility: 

    NRIs can nominate a person to receive the deposit in case of any unfortunate event. This helps ensure a smooth transfer of funds to the nominated person.

  7. Automatic Renewal: 

    Some banks offer the option of automatic renewal of FDs for NRIs. This means that at maturity, the FD will be renewed for the same tenure unless instructed otherwise by the NRI.

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Wrapping It Up!

Fixed Deposit interest rates in India offer attractive investment opportunities for Non-Resident Indians. NRIs can benefit from competitive interest rates provided by banks and financial institutions in India. Investing in FDs can be a secure and convenient way for NRIs to grow their savings while earning a steady income.

FAQ's

  • Can NRIs residing in the USA open a fixed deposit account in India?

    Yes, NRIs residing in the USA are eligible to open a fixed deposit account in India. Banks in India typically offer specific fixed deposit schemes for NRIs, allowing them to invest their funds and earn interest.
  • Which banks in India offer fixed deposit accounts for NRIs residing in the USA?

    Several banks in India offer fixed deposit accounts for NRIs residing in the USA. Some prominent banks include State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank, and Bank of Baroda.
  • Can NRIs change their fixed deposit account nominee or nominee details?

    Yes, NRIs can generally change their fixed deposit account nominee or nominee details. Banks usually provide a process for updating nominee information, and it is advisable to contact the bank where the fixed deposit account is held for specific instructions and requirements.
* Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy male of 18 years old paying Rs. 30,000/- monthly (exclusive of all applicable taxes)
** Fixed deposit rate applicable for 5 year's 1 day to 10 years for investment amount less< 2 Crore ( Not for senior citizens).
*** PPF interest rate applicable for 15 years for investment amount upto 1.5 Lac
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023

*Tax benefit is subject to changes in tax laws. Standard T&C Apply

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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