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Earn 7% tax free returns on NRE Savings Account 

6% for < 1 lakh, 6.5% for 1 < 2 Lakh, 7% for 2 lakhs and above

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IDFC Bank - NRI Fixed Deposits

  • Best interest rates in for short term or long term
  • No penalty on premature withdrawal
  • Safe and secure investment – great way to save for your future needs
FCNR(B) NRE NRO
Currency US$, GBP , EUR, SGD, AUD INR INR
Best Interest Rate US$ 1 - < 2Yrs : 4.05%
US$ 2 - 3Yrs : 4.15%
>1 - 2 Yrs : 7.50%
>2 - 3 Yrs : 8.00%
>3 - 10 Yrs : 8.25%
>1 - 2 Yrs : 7.50%
>2 - 3 Yrs : 8.00%
>3 - 10 Yrs : 8.25%
Available Tenure 1 – 5 Years 1 – 10 years 7 days – 10 years
Tax on Interest Principal and Interest is tax free in India Interest is tax free in India Interest is subject to TDS in India

Click here for all interest rates

Term Deposit Accounts: We offer three types of Term Deposit Accounts; Foreign Currency Non-Resident, Non-Resident External & Non-Resident Ordinary. You can choose the type of deposit account depending on whether the source of funds into this account is from India or overseas and based on your need for this account.

The table below will help you understand the difference between these accounts better:

India Deposit Products Foreign Currency Non-Resident Deposit (FCNR) Non-Resident External Deposit (NRE) Non-Resident Ordinary Deposit (NRO)
Currencies You can choose from 5 currencies:
  • US Dollar
  • British Pound
  • Euro
  • Singapore Dollar
  • Australian Dollar
NRE Deposits are in Indian Rupees only. If you remit funds in Foreign Currency, these funds are converted on Indian Rupees at the prevailing exchange rate as on the date of the transfer prior to deposit booking. NRO Deposits are in Indian Rupees only. If you remit funds in Foreign Currency, these funds are converted on Indian Rupees at the prevailing exchange rate as on the date of the transfer prior to deposit booking.
Minimum Deposit USD 1,000 or equivalent. INR 10,000. INR 10,000.
Tenure
of Deposit
Tenures available range from 1 year to 5 years. Tenures available range from 1 year to 10 years. Tenures available range from 7 days to 10 years.
Interest Computation Interest is computed using a fixed rate. Interest is computed using a fixed rate. You can choose between Simple or Compound Interest. For simple interest FD, you can get monthly or quarterly payoyout. Interest is computed using a fixed rate. You can choose between Simple or Compound Interest. For simple interest FD, you can get monthly or quarterly payoyout.
Interest Payment Interest is accrued monthly and is paid on maturity. Interest is compounded every 180 days. Interest is accrued monthly. In case of Compound Interest, interest is compounded every 90 days and paid on maturity. In case of Simple Interest, interest is paid quarterly or monthly (monthly interest payment is with a discount). Interest is accrued monthly. For deposits greater than six months tenure both compound & simple interest is available. In case of Compound Interest, interest is compounded every 90 days and paid on maturity. In case of Simple Interest, interest is paid quarterly or monthly (monthly interest payment is with a discount).
Deposit Renewal Deposit is automatically renewed for same tenure as original deposit at interest rate applicable as on date of renewal.If you wish to change renewal instructions, please provide instructions to the bank.
Tax The interest earned on this account is exempt from tax in India. However, the interest earned may be subject to tax in your country of residence. Please speak to your Tax Consultant for tax obligations in your country of residence. The interest earned on this account is exempt from tax in India. However, the interest earned may be subject to tax in your country of residence. Please speak to your Tax Consultant for tax obligations in your country of residence. The interest earned on this account is taxable in India. Tax is currently deducted at source at 30% + CESS when the interest accrues on your deposit.(1) In addition to the interest taxed in India, the interest earned may also be subject to tax in your country of residence. Please speak to your Tax Consultant for tax obligations in your country of residence.
Joint Account Holder You can add Non-Resident Indians as Joint Account Holders. Resident Indians may be added as holder but may not operate the account till the NRI passes away. i.e. the account is operated as “Former or Survivor” You can add Non-Resident Indians as Joint Account Holders. Resident Indians may be added as holder but may not operate the account till the NRI passes away. i.e. the account is operated as “Former or Survivor” You can add Non-Resident Indians as Joint Account Holders. Resident Indians may be added as holder but may not operate the account till the NRI passes away. i.e. the account is operated as “Former or Survivor”
Funding the Account The account can be funded through:
  • Foreign Currency Remittances from overseas
  • Funds from any other FCNR or NRE Account in any bank in India
  • Euro
The account can be funded through:
  • Foreign Currency Remittances from overseas
  • Funds from any other FCNR or NRE Account in any bank in India
The account can be funded through:
  • Any legitimate income from India
  • Funds from any other NRO or NRE Account in any bank in India
  • Foreign Currency Remittances from overseas
Repatriation Repatriation can be done easily for both principle and interest earned. If you wish to Repatriate funds, we only require written instructions with the wire details for executing this Repatriation. Repatriation can be done easily for both principle and interest earned. If you wish to Repatriate funds, we only require written instructions with the wire details for executing this Repatriation. Repatriation needs to be in adherence to the guidelines of the Reserve Bank of India and is limited to equivalent of USD 1 million per year for all qualified balances. Additionally, you will need to provide documents as per the guidelines issued by the Reserve Bank of India depending on the source of the funds in the account.

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