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 FD rates in India in 2023.
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)
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.
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.
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
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:
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.
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.
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.
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.
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:
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.
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.
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.
The major types of Rates of Interest on FD for NRIs are mentioned as follows:
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 |
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|
|
|
|
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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 |
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.
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.
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 |
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Address proof |
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Savings Account Details to Link with FD Account |
|
Allahabad Bank FD Interest Rates
Andhra Bank FD Interest Rates
Assam Gramin Vikash Bank FD Interest Rates
AU Small Finance Bank FD Interest Rates
Axis Bank FD Rates
Bajaj Finance FD Interest Rates
Bandhan Bank FD Interest Rates
Bangiya Gramin Vikash Bank FD Interest Rates
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 |
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Tax on Fixed Deposit Interest |
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The key features of the best Fixed Deposit rates in India offered to NRI depositors are as follows:
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.
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.
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.
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.
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.
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.
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.
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.
*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