IDFC NRE FD Rates

IDFC stands for Infrastructure Development Finance Company. In 2015, it started its bank operations. It is now known as the IDFC FIRST bank after it merged with Capital First Ltd in 2018. Looking at the different vital parameters of the bank, one can see that the loan assets rose to 9916 Crores INR in 2018, beginning from the financial year 2016.

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Within three and a half years of its inception, the bank mobilised 6426 Crores INR in CASA deposits. The net interest margin remained at 1.7-2.0%. Its net worth was 14776 Crore INR in September 2018.

IDFC Bank FD for NRIs

Fixed Deposit, shortened to FD, is a financial product. It is generally offered in retail banks and other non-banking financial institutions. A fixed deposit generally gives higher returns than a traditional savings account. This is because the money deposited in an FD cannot be touched until the agreed maturity date.

A fixed deposit, as the name itself indicates, is a deposit that the customer makes for a fixed amount of time. The customer has the choice to choose between various periods; from short-range to long-range, depending on their needs. Returns vary depending on the period of deposit and the provider.

The main consideration a customer needs to give is that once the amount is deposited in the fixed deposit, the interest is accruable only after the entire duration of the period. In case one needs to break the deposit prior to maturity, there might be the possibility of incurring penalties. This article gives further details on IDFC bank NRE FD rates and IDFC bank NRI FD rates.

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Rates associated with FD types

Non-Resident Ordinary and Non-Resident External Deposit:

The IDFC bank NRE FD rates and IDFC bank NRI FD rates are as follows for less than 2 Crores INR.

Rates with effect from 21st January 2022:

Tenure Percentage (%) Rate of Interest
7-14 days 2.50
15-29 days 2.50
30-45 days 3.00
46-50 days 3.00
91-180 days 3.50
180 days - <1 year 4.75
1 year – 2 years 5.75
2 years and a day - 3 years 6.00
3 years and a day - 5 years 6.25
5 years and a day - 10 years 6.00
IDFC Tax Saver Scheme (5 years) 6.25
Guaranteed Return Investment Plan Guaranteed Return Investment Plan

Foreign Currency Non-Resident Deposit

The IDFC bank NRE FD rates and IDFC bank NRI FD rates for FCNR deposits are as follows:

Rates with effect from 21st January 2022:

Period (Years) USD (%) GBP (%) EUR (%) SGD (%) AUD (%)
1 - <2 0.75 0.30 0.10 0.50 0.50
2 - <3 1.25 0.35 0.15 NA NA
3 - <4 1.75 NA NA NA NA
4 - <5 3.25 NA NA NA NA
5 years 1.00 NA NA NA NA
Investment Plans for NRIsInvestment Plans for NRIs

About IDFC NRE Fixed Deposit Interest Rate Calculator

IDFC NRE Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps in quick calculation of the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:

  • The amount that is invested

  • The Rate of Interest offered

  • The tenure of the Fixed Deposit Account

  • The compounding period, that is, yearly, half-yearly, quarterly, or monthly

  • The FD Amount

Once entered the following details, an investor will come to know:

  • The maturity value of the FD

  • The total interest earned during the complete tenure

Types of FD for NRIs

IDFC bank gives multiple options to its customers to choose from, especially if they are non-residents Indians (NRI). In the following section, this article gives a brief overview of the types of fixed deposits available for NRIs, followed thereafter by IDFC bank NRE FD rates and IDFC bank NRI FD rates.

Foreign Currency Non-Resident Deposit

The foreign currency non-resident (FCNR) deposit has the following features:

  • Available Currencies – There are five available currencies namely, US Dollar, Great British Pound (GBP), Euro, Singapore Dollar, Australian Dollar
  • Minimum Deposit – Equal to, or equivalent of, USD 1000
  • Tenure of Deposit – Minimum available tenure is one year. The maximum available tenure is five years.
  • Computation of Interest – The interest rate is fixed when computing the interest. IDFC bank NRE FD rates and IDFC bank NRI FD rates follow in the next section.
  • Payment of Interest – The interest is paid as follows:
    • Compounded to intervals of 180 days
    • Balance remaining days less than 180 days calculated separately
    • Principal, on which interest is accrued, is considered for the base principal and the interest accrued on the previous 180 days interval
  • Renewal of Deposit – The terms for renewal of deposit are as follows:
    • Automatic renewal with the same tenure as the original deposit
    • Interest rate as per the existing rate on the date of renewal
    • Customers can amend the above renewal instructions by giving instructions to the bank
  • Tax on Interest – The tax structure is as follows:
    • India – Interest earned is exempt from taxes
    • Source Country - Interest earned is taxable based on applicable local laws
  • Joint Account Holder – Joint account holders have the following terms:
    • NRI, Person of Indian Origin (PIO), Overseas Citizen of India (OCI) can be joint account holders
    • Indian citizens, who are close relatives, can be joint account holders on a “Former or Survivor” basis
  • Funding the Account – The account fund may come from:
    • Overseas foreign currency remittances
    • Credit from any FCNR or NRE account from any other bank
  • Repatriation – Repatriation has the following terms:
    • The deposits are fully repatriable, including the principal and the interest
    • To repatriate, the bank needs wire instructions with wire details
Investment Plans for NRIsInvestment Plans for NRIs

Non-Resident External (NRE) Account

The Non-Resident External (NRE) Account deposit has the following features:

  • Available Currencies – This account is available only in Indian rupees. All remittances, irrespective of currency, are converted to Indian rupees as per the exchange rate on the date of the transaction.
  • Minimum Deposit – INR 10,000
  • Tenure of Deposit – Minimum available tenure is one year. The maximum available tenure is ten years.
  • Computation of Interest – The interest rate is fixed when computing the interest. One can choose between simple and compound interests. In the case of simple interest FD, the payment is quarterly or monthly. IDFC bank NRE FD rates and IDFC bank NRI FD rates follow in the next section.
  • Payment of Interest – The interest is paid as follows:
    • Interest is accrued monthly
    • In compound interest cases, interest compound duration is every ninety days, payable on maturity
    • In simple interest, payment gets done quarterly, or monthly with a discount
  • Renewal of Deposit – The terms for renewal of deposit are as follows:
    • Automatic renewal with the same tenure as the original deposit
    • Interest rate as per the existing rate on the date of renewal
    • Customers can amend the above renewal instructions by giving instructions to the bank
  • Tax on Interest – The tax structure is as follows:
    • India – Interest earned is exempt from taxes
    • Source Country - Interest earned is taxable based on applicable local laws
  • Joint Account Holder – Joint account holders have the following terms:
    • NRI, Person of Indian Origin (PIO), Overseas Citizen of India (OCI) can be joint account holders
    • Indian citizens, who are close relatives, can be joint account holders on a “Former or Survivor” basis
  • Funding the Account – The account fund may come from:
    • Overseas foreign currency remittances
    • Credit from any FCNR or NRE account from any other bank
  • Repatriation – Repatriation has the following terms:
    • The deposits are fully repatriable, including the principal and the interest
    • To repatriate, the bank needs wire instructions with wire details
SIP Investment for NRIsSIP Investment for NRIs

Non-Resident Ordinary (NRO) Account

The Non-Resident Ordinary (NRO) Account deposit has the following features:

  • Available Currencies – This account is available only in Indian rupees. All remittances, irrespective of currency, are converted to Indian rupees as per the exchange rate on the date of the transaction.
  • Minimum Deposit – INR 10,000
  • Tenure of Deposit – Minimum available tenure is seven days. The maximum available tenure is ten years.
  • Computation of Interest – The interest rate is fixed when computing the interest. One can choose between simple and compound interests, for FDs greater than six months. In the case of simple interest FD, the payment is quarterly or monthly. IDFC bank NRE FD rates and IDFC bank NRI FD rates follow in the next section.
  • Payment of Interest – The interest is paid as follows:
    • Interest is accrued monthly
    • In compound interest cases, interest compound duration is every ninety days, payable on maturity
    • In simple interest, payment gets done quarterly, or monthly with a discount
  • Renewal of Deposit – The terms for renewal of deposit are as follows:
    • Automatic renewal with the same tenure as the original deposit
    • Interest rate as per the existing rate on the date of renewal
    • Customers can amend the above renewal instructions by giving instructions to the bank
  • Tax on Interest – The tax structure is as follows:
    • India – Interest earned is taxable directly at source at a rate of 30% + surcharge + cess
    • Source Country - Interest earned is taxable based on applicable local laws
  • Joint Account Holder – Joint account holders have the following terms:
    • NRI, Person of Indian Origin (PIO), Overseas Citizen of India (OCI) can be joint account holders
    • Indian citizens, who are close relatives, can be joint account holders on a “Former or Survivor” basis
  • Funding the Account – The account fund may come from:
    • Any legal income in India
    • Overseas foreign currency remittances
    • Credit from any FCNR or NRE account from any other bank
  • Repatriation – Repatriation has the following terms:
    • The deposits are repatriable up to 1 million USD in a financial year, after payment of all requisite taxes
    • To repatriate, the bank needs instructions as per Reserve Bank of India guidelines
Investment Plans for NRIsInvestment Plans for NRIs

Conclusion

Having looked at the IDFC bank NRE FD rates and IDFC bank NRI FD rates, it becomes amply clear that there are various options available for a customer of the IDFC bank. Investing as an NRI in IDFC bank is a good opportunity.

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