Known all about NRI Fixed Deposit by Bajaj Finance.
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NRI Fixed Deposit
OPEN FD
4 mins
13-April-2024
An NRI Fixed Deposit is a type of bank deposit that allows Non-Resident Indians (NRIs) to deposit their earnings in an Indian bank account as savings or investments. It offers high interest rates and may provide tax benefits, such as tax-free returns depending on the type of investment. NRI Fixed Deposits can be in the form of NRE (Non-Resident External) Fixed Deposits, NRO (Non-Resident Ordinary) Fixed Deposits, or FCNR (Foreign Currency Non-Resident) Fixed Deposits, each with its own features and benefits.
Features and benefits of NRI Fixed Deposit
- Easy renewal:Renew your NRI FD at the time of maturity via Bajaj Finserv My Account and stay invested for a longer tenure.
- Safety and credibility: The Bajaj Finance Fixed Deposit is accredited with the highest safety ratings of CRISIL AAA/ STABLE and [ICRA]AAA(Stable).
- Senior citizen benefits: Get additional interest rate benefit up to 0.40% p.a. if you are above the age of 60 to grow your wealth faster.
- Attractive returns:Grow your money at high-interest rates up to 8.35% p.a.
Non-resident Indians (NRIs) looking to diversify their portfolios can invest in a Bajaj Finance Fixed Deposit for NRIs to get attractive and profitable returns. Bajaj Finance offers FDs for non-resident Indians, overseas citizens of India and any person of Indian origin. Investors can start investing through an NRO account.
As an NRI, you can grow your wealth at interest rates up to8.35% p.a. Choose a tenure between 12 months and 36 months to get maturity proceeds in time for your financial needs and claim tax benefits under a DTAA to reduce your tax payment.
Bajaj Finance NRI FD is backed by CRISIL AAA/ STABLE and [ICRA]AAA(Stable), indicating the highest level of safety and lowest investment risk. Safeguard yourself from stock market fluctuations or intermittent interest rate movements by investing in an FD. You can also take advantage of periodic interest payouts should you need liquidity for recurring expenses.
Pro tip
Enjoy higher interest rate with Bajaj Finance Digital FD. Unlock returns of up to 8.85% p.a. by investing for 42 months via our website and app.
NRI fixed deposit interest rates
Here’s a look at the latest FD interest rates offered by Bajaj Financefor customers below the age of 60.
Revised interest rates for deposits starting at Rs. 15,000 up to Rs. 5 crore (03 Apr, 2024) *Special interest rates are offered on tenure of 18, 22, and 33 months. | |||||
Tenure in months | Cumulative (interest + principal amount payment at maturity) | Non-cumulative (interest payout at a defined frequency, principal paid at maturity) | |||
At maturity (p.a.) | Monthly (p.a.) | Quarterly (p.a.) | Half yearly (p.a.) | Annual ( p.a.) | |
12 - 14 | 7.40% | 7.16% | 7.20% | 7.27% | 7.40% |
15-17 | 7.50% | 7.25% | 7.30% | 7.36% | 7.50% |
18* | 7.80% | 7.53% | 7.58% | 7.65% | 7.80% |
19-21 | 7.50% | 7.25% | 7.30% | 7.36% | 7.50% |
22* | 7.90% | 7.63% | 7.68% | 7.75% | 7.90% |
23 | 7.50% | 7.25% | 7.30% | 7.36% | 7.50% |
24-32 | 7.80% | 7.53% | 7.58% | 7.65% | 7.80% |
33* | 8.10% | 7.81% | 7.87% | 7.94% | 8.10% |
34 - 35 | 7.80% | 7.53% | 7.58% | 7.65% | 7.80% |
36 | 8.10% | 7.81% | 7.87% | 7.94% | 8.10% |
Here’s a look at the latest FD interest rates offered by Bajaj Finance for customers above the age of 60. Revised interest rates for deposits starting at Rs. 15,000 up to Rs. 5 crore (03 Apr, 2024) *special interest rates are offered on tenure of 18, 22, and 33 months. | |||||
Tenure in months | Cumulative (interest + principal amount payment at maturity) | Non-cumulative (interest payout at a defined frequency, principal paid at maturity) | |||
At maturity (p.a.) | Monthly (p.a.) | Quarterly (p.a.) | Half yearly (p.a.) | Annual ( p.a.) | |
12 - 14 | 7.65% | 7.39% | 7.44% | 7.51% | 7.65% |
15-17 | 7.75% | 7.49% | 7.53% | 7.61% | 7.75% |
18* | 8.05% | 7.77% | 7.82% | 7.89% | 8.05% |
19-21 | 7.75% | 7.49% | 7.53% | 7.61% | 7.75% |
22* | 8.15% | 7.86% | 7.91% | 7.99% | 8.15% |
23 | 7.75% | 7.49% | 7.53% | 7.61% | 7.75% |
24-32 | 8.20% | 7.91% | 7.96% | 8.04% | 8.20% |
33* | 8.35% | 8.05% | 8.10% | 8.18% | 8.35% |
34 - 35 | 8.20% | 7.91% | 7.96% | 8.04% | 8.20% |
36 | 8.35% | 8.05% | 8.10% | 8.18% | 8.35% |
Rate benefits basis customer category (w.e.f 03 Apr, 2024)
- Additional rate benefit up to0.40% p.a. for senior citizens
Disclaimer: Actual returns may vary slightly if the FD tenure includes a leap year.
KYC documents required for Non-Resident Indians
- Visa/Work Permit Documents: Investors need to provide visa documents, including work permits, permanent resident visas, resident permits, employment visas, and other requested documents
- Passport
How to open an NRI Fixed Deposit account with Bajaj Finserv?
To open an NRI Fixed Deposit with Bajaj Finance, the NRI has to submit KYC documents and a signed application form at a Bajaj Finance branch.
Calculate your expected investment returns with the help of our investment calculators:
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Frequently asked questions
What is the Digital FD offered by Bajaj Finance?
Bajaj Finance has launched a new FD type called "Bajaj Finance Digital FD" for a period of 42 months. Bajaj Finance is providing one of the highest interest rates of up to 8.85% p.a. for senior citizens and for the customers below the age of 60 they are providing up to 8.60% p.a. The Digital FD can be booked and managed only through the Bajaj Finserv website or app.
What is NRI FD?
An NRI fixed deposit allows Indians living abroad to invest through ordinary non-resident accounts. This investment option enables NRIs to invest in Indian rupees and avail of high-interest rates applicable on fixed deposits in India.
One can easily calculate the returns on the investment with the help of Bajaj Finance FD Calculator.
Can non-resident Indians (NRIs) invest with Bajaj Finance?
Yes, NRIs, overseas citizens of India and people of Indian origin can invest in Bajaj Finance FDs through their ordinary non-resident accounts.
What is the acceptable mode of payment for NRI FD?
Payments can be made via cheque or RTGS/ NEFT from a non-resident ordinary bank account. Payment through demand draft, debit card, IMPS or UPI is not allowed.
Can NRIs take a loan against FD?
No, loans against fixed deposits are not available for NRIs, overseas citizens of India and other people of Indian origin.
Can NRIs avoid paying double tax?
Yes, NRIs can avoid paying tax on income earned in a source country and the country of their residence by claiming benefits under the applicable Double Tax Avoidance Agreement (DTAA).
Is PAN mandatory for NRI fixed deposit?
Yes. As per India's Securities and Exchange Board, a PAN card is mandatory if an NRI wishes to invest in India. Once you invest, you will be taxed in India, recorded as per your PAN.
Does tax deducted at source (TDS) apply to NRI FD?
TDS is applicable for NRI fixed deposits. However, there are different rules for income tax for NRI fixed deposits.
Can an NRI get an Aadhar card?
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. 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 an 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 benefits under the Double Tax Avoidance Agreement (DTAA).
What are the documents required for NRIs to invest in FD?
For NRI KYC, please provide the below:
PAN, Passport, & Visa
Any one of the below Indian address proofs, only if address in the passport is outside India.
- Driving license/ Voter ID card/ Aadhaar / NREGA job card/ Letter issued by the National Population Register
- Bank Statement/ Passbook (having address) of the depositor’s NRO account
Cheque from NRO (Non-Resident Ordinary) A/c only.
Can I have a nominee for my NRE fixed deposit?
Yes, you can nominate an individual for your NRE fixed deposit. In the event of the depositor's demise, the nominated person will have the right to claim the deposit.
What is the tenure and interest rate for which I can open an NRE Fixed Deposit?
The tenure and interest rate for NRE fixed deposits can vary depending on the bank or financial institution. Typically ranging from a few months to a few years.
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Disclaimer
As regards deposit taking activity of Bajaj Finance Ltd (BFL), the viewers may refer to the advertisem*nt in the Indian Express (Mumbai Edition) and Loksatta (Pune Edition) furnished in the application form for soliciting public deposits or referhttps://www.bajajfinserv.in/fixed-deposit-archives
The company is having a valid Certificate of Registration dated March 5, 1998 issued by the Reserve Bank of India under section 45 IA of the Reserve Bank of India Act, 1934. However, the RBI does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for repayment of deposits/discharge of the liabilities by the company.
For the FD calculator the actual returns may vary slightly if the Fixed Deposit tenure includes a leap year.
