Reviewed by returnees. Cross-checked with RBI, Income Tax Department and MEA. Editorial policy.
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.
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.
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.
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.
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.
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.
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.
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.
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
Bank
FD Type
Interest Rates
Unique Features
SBI
NRE, FCNR
Up to 6.25% (NRE), 3.85% (FCNR)
Trusted bank, wide branch network
HDFC Bank
NRE, NRO, FCNR
Up to 6.50% (NRE), 6.75% (NRO)
Easy online management, tax-free NRE returns
ICICI Bank
NRE, NRO, FCNR
Up to 6.60% (NRE), 6.75% (NRO)
Comprehensive NRI banking services
Axis Bank
NRE, NRO, FCNR
Up to 6.80% (NRE), 6.85% (NRO)
Competitive rates, user-friendly digital access
Bank of Baroda
NRE, FCNR
Up to 6.85% (NRE), 3.85% (FCNR)
High-yield FDs, extensive branch network
Federal Bank
NRE, NRO, FCNR
Up to 6.90% (NRE)
Fast setup, easy global management
Yes Bank
NRE, NRO, FCNR
Up 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.
Written by
Mani Karthik
Founder, BackToIndia · Returnee since 2016
Mani Karthik is an entrepreneur who moved back to India in 2016 after nearly a decade living and working in the US and the Middle East. He started BackToIndia to help other NRIs navigate the move — banking, taxes, schooling, careers and the everyday reality of resettling in India.
Rules for NRI banking, tax and residency change often. We update guides when policy or our lived experience changes. Nothing here is legal, tax or investment advice — always confirm with a qualified professional in India.
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