Best NRI Fixed Deposit Schemes in India

So, you’re an NRI looking for safe, stable investment options in India that offer good returns and flexible terms.

Fixed Deposits (FDs) are a popular choice, especially for NRIs who want secure, high-interest investment options without the market-related risks.

Indian banks offer NRI-specific FD schemes like NRE, NRO, and FCNR deposits, each with unique benefits, interest rates, and tax implications.

In this article, we’ll explore the best NRI fixed deposit schemes in India, focusing on the top banks offering competitive interest rates, easy repatriation, and favorable tax treatments.

1. State Bank of India (SBI) NRE and FCNR Fixed Deposits

State Bank of India offers NRE and FCNR fixed deposits tailored for NRIs, with attractive interest rates and flexible tenures.

✈️ Traveling? Get Covered. Get Insurance 👉 Recommended Plans

SBI’s NRE deposits allow NRIs to earn tax-free interest in India, and both principal and interest can be fully repatriated.

For NRIs who prefer foreign currency deposits, SBI’s FCNR deposits offer competitive rates with protection against currency risk, available in various currencies.

💡Tip: Choose SBI if you want flexible tenures, tax-free returns on NRE deposits, and a secure banking experience with a trusted provider. Share on X

Key Features:

  • NRE FDs: Tax-free interest, full repatriation, competitive rates up to 6.25%.
  • FCNR FDs: Available in USD, GBP, EUR, and other currencies, with rates up to 3.85%.
  • Flexible tenures from 1 year to 10 years.

2. HDFC Bank NRE, NRO, and FCNR Fixed Deposits

HDFC Bank offers NRE, NRO, and FCNR deposits with attractive interest rates and easy online account management for NRIs.

The bank’s NRE FDs provide tax-free returns and full repatriability, making it ideal for NRIs looking to park their foreign income in India.

FCNR deposits are available in multiple currencies with flexible tenures, providing stability for NRIs with earnings in foreign currencies.

💡Tip: Opt for HDFC Bank if you need easy online management and a variety of deposit options with attractive interest rates. Share on X

Key Features:

  • NRE FDs: Tax-free interest, repatriable, with rates up to 6.50%.
  • NRO FDs: Taxable interest, ideal for income sourced in India.
  • FCNR FDs: Available in USD, GBP, and other currencies, with tenures up to 5 years.

3. ICICI Bank NRI Fixed Deposits

ICICI Bank offers NRE, NRO, and FCNR fixed deposits with competitive interest rates and flexible deposit options.

The bank’s NRE fixed deposits allow NRIs to earn tax-free returns in India with easy repatriation, while NRO deposits help manage India-sourced income.

ICICI’s FCNR deposits are ideal for NRIs wanting foreign currency accounts, protecting against exchange rate fluctuations with attractive interest rates.

💡Tip: Consider ICICI Bank if you want comprehensive NRI banking options with competitive rates and repatriable income. Share on X

Key Features:

  • NRE FDs: Tax-free, fully repatriable, with interest rates up to 6.60%.
  • NRO FDs: Suitable for income in India, with rates up to 6.75%.
  • FCNR FDs: Multi-currency options, with tenures from 1 to 5 years.

4. Axis Bank NRI Fixed Deposits

Axis Bank provides NRE, NRO, and FCNR fixed deposit schemes with high-interest rates and flexible tenure options.

Their NRE deposits offer tax-free interest and easy repatriation, while the FCNR deposits are available in various currencies with attractive returns.

Axis Bank also has a user-friendly online banking platform for easy deposit management, making it a convenient choice for NRIs.

💡Tip: Choose Axis Bank if you’re looking for competitive rates and easy digital access to manage your deposits. Share on X

Key Features:

  • NRE FDs: Tax-free returns, repatriable, with rates up to 6.80%.
  • NRO FDs: Taxable interest, ideal for India-based income, with rates up to 6.85%.
  • FCNR FDs: Available in USD, EUR, GBP, and others, with tenures up to 5 years.

5. Bank of Baroda NRE and FCNR Fixed Deposits

Bank of Baroda is a popular choice among NRIs due to its high-interest NRE and FCNR fixed deposits with secure banking options.

The bank’s NRE deposits offer tax-free returns and are fully repatriable, making it ideal for NRIs who want safe and high-yield investments.

FCNR deposits in various foreign currencies also provide flexibility for NRIs, with options to hold deposits in USD, GBP, EUR, and more.

💡Tip: Opt for Bank of Baroda if you prefer high-interest NRE and FCNR deposits with a large network of branches for added convenience. Share on X

Key Features:

  • NRE FDs: Tax-free, fully repatriable, with rates up to 6.85%.
  • FCNR FDs: Available in multiple currencies, with tenures from 1 to 5 years.
  • Strong network of branches in India and abroad for easy access.

6. Federal Bank NRI Fixed Deposits

Federal Bank offers NRE, NRO, and FCNR deposits with attractive interest rates, tax-free returns on NRE deposits, and flexible tenure options.

Their NRE deposits provide full repatriability, making them ideal for NRIs wanting to keep funds in India while benefiting from tax-free interest.

Federal Bank also offers quick online setup and easy fund management for NRIs, allowing deposits to be managed from anywhere in the world.

💡Tip: Choose Federal Bank if you want a fast setup process and easy management for NRI deposits with tax-free interest. Share on X

Key Features:

  • NRE FDs: Tax-free returns, fully repatriable, with rates up to 6.90%.
  • NRO FDs: Taxable, with interest rates competitive with other banks.
  • FCNR FDs: Multi-currency options with attractive rates.

7. Yes Bank NRI Fixed Deposits

Yes Bank provides competitive NRE, NRO, and FCNR deposit schemes with attractive interest rates and easy online management for NRIs.

Their NRE FDs are fully repatriable with tax-free interest, while FCNR deposits allow NRIs to hold deposits in major currencies with flexible tenures.

Yes Bank’s high interest rates and flexible terms make it an attractive choice for NRIs looking to maximize their returns.

💡Tip: Consider Yes Bank if you’re looking for higher-than-average interest rates on NRI fixed deposits. Share on X

Key Features:

  • NRE FDs: Tax-free, fully repatriable, with rates up to 7.00%.
  • NRO FDs: Suitable for income in India, with competitive rates.
  • FCNR FDs: Available in USD, EUR, GBP, etc., with tenures up to 5 years.

Comparison Table: Key NRI Fixed Deposit Schemes

BankFD TypeInterest RatesUnique Features
SBINRE, FCNRUp to 6.25% (NRE), 3.85% (FCNR)Trusted bank, wide branch network
HDFC BankNRE, NRO, FCNRUp to 6.50% (NRE), 6.75% (NRO)Easy online management, tax-free NRE returns
ICICI BankNRE, NRO, FCNRUp to 6.60% (NRE), 6.75% (NRO)Comprehensive NRI banking services
Axis BankNRE, NRO, FCNRUp to 6.80% (NRE), 6.85% (NRO)Competitive rates, user-friendly digital access
Bank of BarodaNRE, FCNRUp to 6.85% (NRE), 3.85% (FCNR)High-yield FDs, extensive branch network
Federal BankNRE, NRO, FCNRUp to 6.90% (NRE)Fast setup, easy global management
Yes BankNRE, NRO, FCNRUp to 7.00% (NRE)High interest rates, flexible terms

Conclusion

Fixed deposits are a secure and convenient way for NRIs to invest in India, offering competitive interest rates, tax-free returns on NRE deposits, and the flexibility to hold deposits in multiple currencies.

From SBI’s trusted services to Yes Bank’s high-interest rates, each bank offers unique advantages tailored to NRI needs.

💡Tip: Evaluate the tax implications, interest rates, and tenure flexibility of each bank’s FD schemes to choose the best Share on X

Having lived in the USA for almost 7 years, I got bored and returned back to India. I created this website as a way to curate and journal my experiences. Today, it's a movement with a large community behind it. Feel free to connect! Twitter | Instagram | LinkedIn |

Leave a Comment

Not Sure?
Take Your Time.

Join City Groups