Non-Resident Indians (NRIs) looking to diversify their portfolios, keep looking for smart investment opportunities to grow their savings. As an NRI, you can always consider investing in fixed deposits offering guaranteed returns with attractive NRI interest rates.
Bajaj Finance offers FDs for non-resident Indians (NRIs), Overseas Citizen of India (OCI) and Person of Indian Origin (PIO). NRI/OCI/PIO can choose any tenure between 12 months and 36 months, as per their financial needs.
In addition to attractive FD interest rates of upto 6.60% that offer greater returns, one can claim tax benefit under Double Tax Avoidance Agreement (DTAA).
When investing in NRI fixed deposit in India, you may be looking for the best fixed deposit rates in India for NRI. Bajaj Finance Fixed Deposit offers one of the highest interest rates for NRI fixed deposit in India.
However, before you start investing, here are some considerations you must keep in mind:
1) As an NRI, you can invest your money only through NRO (Non-Resident Ordinary) accounts.
2) The following TDS rates are applicable for NRI fixed deposit in India.
|If annual interest on deposit is less than Rs.50 lacs||If annual interest on deposit is more than Rs.50 lacs, but less than 1 Cr||If annual interest on deposit is more than Rs.1 Cr|
You can easily start making payments through a cheque or an RTGS/NEFT from NRO bank account.
For individuals below 60 years of age
Annual rate of interest valid for deposits up to Rs.5 crore (w.e.f 02 Nov 2020)
|Tenure in Months||Minimum deposit (in Rs.)||Cumulative||Non-Cumulative|
|12 – 23||25,000||6.10%||5.94%||5.97%||6.01%||6.10%|
|24 – 35||6.30%||6.13%||6.16%||6.20%||6.30%|
0.10% over and above the applicable rate of interest/card rate at the time of renewal of deposit.
In case of online renewal, only one benefit (renewal benefit of 0.10%) will be extended.
Source of Funds:
Funds to be deposited from NRO (Non resident Ordinary) bank account only. Funds from NRE (Non resident External) bank account will not be accepted
Mode of Payment:
Payment is accepted only through cheque or RTGS/NEFT from NRO bank account. Payment through demand draft, debit card, IMPS or UPI is not allowed
Loan Against Fixed Deposits:
Loan against fixed deposits is not available for NRI/OCI/PIO
Bajaj Finance Limited, the lending arm of the Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market, catering to more than 40 million customers across the country. Bajaj Finance Limited prides itself on holding the highest credit rating of FAAA/Stable for any NBFC in the country today.
Individuals planning to invest in Bajaj Finance NRI Fixed Deposit can avail a range of benefits:
1) High interest rate - NRIs who are less than 60 years old can get interest rate up to 6.60%, when investing in a Bajaj Finance FD. Senior citizens can get an additional 0.25% rate benefit, so they can get earn assured returns up to 6.85% on FD of 12 to 36 months.
2) Senior citizen rates – If you are a senior citizen, you can avail a high interest rate benefit, over and above regular fixed deposit interest rates for NRIs.
3) Multi-deposits – You can invest in multiple NRI fixed deposits with a single cheque.
4) Renewal – You can opt for renewal of your NRI fixed deposit in India at the time of investment.
5) Assured returns with highest credibility rating –You can be assured of guaranteed returns with ICRA’s MAAA (stable) rating and CRISIL’s FAAA/Stable rating- the highest safety ratings in the industry.
As an NRI, you can safeguard yourself from stock market fluctuations or intermittent interest rate movements by investing in a Bajaj Finance Fixed Deposit. You can also take advantage of periodic interest payouts (Non-cumulative FD) or make it grow and get full payment on maturity (Cumulative FD). With the convenience of investing online with Experia- your online fixed deposit account, it is easy to manage multiple NRI fixed deposit accounts.
An NRI fixed deposit is a type of FD account, which allows Indians living abroad to invest through their Non-resident Ordinary (NRO) or Non-Resident External (NRE) accounts. This investment option enables NRIs to invest in Indian rupees and enjoy high interest rates applicable on fixed deposits in India, as compared to other major economies. NRI deposits made through NRO accounts receive the same interest as domestic deposits.
The third type of NRI account is the Foreign Currency Non-Repatriable (FCNR) which allows NRI investment in various options using various major foreign currencies. NBFCs such as Bajaj Finance also offer NRI fixed deposit accounts in India where NRIs can avail best fixed deposit schemes in India. These have interest rates higher than banks FDs.
Yes. Non-resident Indians (NRIs), Overseas Citizens of India (OCI) and Persons of Indian Origin (PIO) can invest in fixed deposits in India through their Non-resident Ordinary (NRO) or Non-Resident External (NRE) accounts in bank FDs. They can also choose to invest in high yielding NRI fixed deposits of NBFCs like Bajaj Finance through their NRO accounts.
The tax for NRI fixed deposit in India is subject to TDS (Tax Deducted at Source) as well, but NRIs can claim benefits under Double Tax Avoidance Agreement (DTAA). After paying taxes, they can repatriate the earnings back to their country of stay. For NRIs seeking the best fixed deposit schemes in India, Bajaj Finance Fixed Deposit is a great option, offering high interest rates and convenient investment options.
Bajaj Finance Ltd., one of the leading NBFCs in the country, provides one of the best fixed deposit rates in India for NRIs. You can choose tenures from 12 to 36 months and start investing with just Rs 25,000. The interest rate on a cumulative fixed deposit is 6.10% for a tenure ranging up to 23 months and 6.60% for tenure of 36 months.
NRI deposits can be made through Non-resident Ordinary (NRO) account and if you are a senior citizen, you can earn returns of up to 8.05%. You can also claim benefits under the Double Tax Avoidance Agreement (DTAA). NRIs can consider Bajaj Finance FD to avail some of the best fixed deposit schemes in India for NRIs.
Yes. As per Securities and Exchange Board of India (SEBI) if any NRI wishes to invest in India, PAN card is mandatory. Once you invest, you will have taxable income in India and that needs to be recorded as per your PAN. Thus, PAN is also applicable for NRI fixed deposits.
Tax Deducted at Source (TDS) is applicable for NRI fixed deposits. However, there are different rules for income tax for NRI fixed deposits. TDS rate of 31.2% is applicable if the annual interest on FD is less than Rs. 50 lakhs. This increases to 34.32% for interest between Rs. 50 lakhs and Rs. 1 crore and goes further up to 35.88% if interest is more than Rs. 1 crore.
When you apply for a fixed deposit with Bajaj Finance, ensure that you use your Non-resident Ordinary (NRO) account only to avail tax benefits under DTAA.
Yes. As per Budget 2019 announcements, NRIs with valid India passports can now apply for Aadhaar cards. They would no longer be required to wait for the mandatory 180 days period as well. The KYC will also be fast-forwarded and the issuance of this card will expedite financial transactions in India for NRIs.
It is mandatory to quote Aadhar card for filing IT returns in India. Hence, it is important for NRIs to have an Aadhar card to avail the benefits of lucrative investment options. Tax Deducted at Source (TDS) is applicable to NRI deposit schemes. Also, the tax filing might have to be done in India even though they can claim tax benefit under the Double Tax Avoidance Agreement (DTAA).
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