NRI Fixed Deposit 2026 - Best Rates
An NRI Fixed Deposit lets Non-Resident Indians invest their India or foreign earnings through NRE, NRO, FCNR and RFC accounts, each with its own currency, tax and repatriation rules. Rates vary by bank and tenure, from short-term NRO deposits to 10-year NRE and FCNR options. Compare the four deposit types below to find the right one.
NRIs have a number of fixed deposit options to choose from. There are majorly 4 types of fixed deposits which are offered by the bank for Non-Resident Indians. They are:
NRE Fixed Deposits Rates
One of the most common options of fixed deposits to choose from is NRE deposits. This type of FD allows an NRI to deposit his or her earnings in the bank account as savings or investments and earn high rates of interest offered by the bank.
In this type of FD account, deposits are accepted in Indian currency only. The tenure and interest rate differ from a domestic FD. They offer full repatriability and are tax-free.
Bank | Tenure | Rate of return (p.a.) |
HDFC Bank | 1 year to 10 years | 6.15% - 6.50% |
SBI Bank | 1 year to 10 years | 6.00% - 6.45% |
Axis Bank | 1 year to 10 years | 6.25% - 7.35% |
Federal Bank | 1 year to above 5 years | 6.25% - 6.70% |
Note: Interest rates updated on 19 August 2026.
NRO Fixed Deposits Rates
Another type of FD for NRIs is the NRO deposit. This is similar to NRE deposits when it comes to the currency of the deposited amount. However, the interest rates of NRO deposits are the same as the domestic deposit. The money deposited in an NRO FD deposit is subjected to tax. Any NRI who has a source of income in India has to open an NRO deposit.
Bank | Tenure | Rate of return (p.a.) |
HDFC Bank | 7 days to 10 years | 2.75% - 6.50% |
SBI Bank | 7 days to 10 years | 4.50% - 6.45% |
Axis Bank | 7 days to 10 years | 3.00% - 7.35% |
Federal Bank | 7 days to above 5 years | 3.00% to 7.40% |
Note: Interest rates updated on 19 August 2026.
FCNR Fixed Deposits Rates in United States Dollar
A Foreign Currency Non-Repatriable(FCNR) deposit allows investors to deposit their money in foreign currencies which are accepted all over the world.
Most major banks accept Great Britain Pound, United States Dollar, Euro, Canadian Dollar, Japanese Yen, and the Singapore Dollar.
Bank | Tenure | Rate of return (p.a.) |
HDFC Bank | 1 year to 5 years | 3.25% - 6.25% |
SBI Bank | 1 year to 5 years | 2.95% - 4.40% |
Axis Bank | 1 year to 5 years | 3.50% - 6.00% |
Federal Bank | 1 year to 5 years | 2.90% - 4.00% |
Note: Interest rates updated on 19 August 2026.
RFC Fixed Deposits Rates in United States Dollar
This type of NRI fixed deposit can be opened by the NRIs who wish to move back to India soon. In most banks, the United States Dollar, Great Britain Pound, and the Euro are accepted and the interest earned in this FD is fully repatriable.
Bank | Tenure | Rate of return (p.a.) |
HDFC Bank | Less than 29 days - 3 years | 0.01% - 3.80% |
SBI Bank | 1 year - 3 years | 3.35% - 4.40% |
Axis Bank | 1 year- 5 years | 2.95% - 4.00% |
Federal Bank | 6 months to 3 years | 3.50% - 4.00% |
Note: Interest rates updated on 19 August 2026.
Eligibility Criteria For Non-resident Indians Fixed Deposit Accounts
- Passport: The passport of the investor should show the name, address, date of birth, photograph and the signature.
- Visa/ Work Permit: Visa documents should be presented by the investor which should contain the work permit, permanent resident visa, resident permit as well the employment visa along with other requested documents.
Types of NRI FD's and How They Differ From One Another
Type/criteria | NRO FD | FCNR | NRO Tax Saver | NRE FD | RFC |
Currency | Indian rupee | USD, GBP, JPY, Euro, CAD, SGP, AUD | Indian rupee | Indian rupee | USD, JPY, Euro, GBP |
Repatriability | Not fully repatriable | Fully repatriable(Interest and principal) | Not fully repatriable | Not fully repatriable | Repatriable on bonafide reasons |
Eligibility | Person of Indian Origin/ Individual NRI | Person of Indian Origin/ Individual NRI | Person of Indian Origin/ Individual NRI | Person of Indian Origin/ Individual NRI | Person of Indian Origin/ Individual NRI |
Joint Account Facility | Available | Available | Available | Available | Available |
Tax | Interest might be subjected to tax | No tax | Interest might be subjected to tax | No tax | Exempted tax can be claimed |
Tenure | 1 year to 10 years | 1 year to 5 years | Minimum of 5 years | 1 year to 10 years | 1 year to 10 years |
Benefits of FD for Non-Resident Indians
- The investments made in an FD for NRIs are safe and highly secure.
- An ideal option to deposit and save money earned abroad.
- 2 types of FDs for NRIs are exempted from tax.
- Overdraft and loan facilities can be taken on the FD.
- An option of nomination is allowed for the FD.
- Offers higher rate of returns.
How Can an NRI Fixed Deposit Account Be Opened?
The process of opening an NRI fixed deposit account is a simple process. It can be done online as well as can be done in the branch of the bank, however, most investors prefer to do it online.
Interest Rates on NRI Fixed deposits
The interest rate that is paid is different for each type of term deposit account. This also varies with the duration of investment and the amount deposited. Also, the rate paid by each bank varies based on a number of internal and external factors. As far as FCNR and RFC accounts are concerned the interest rate also varies along with the type of currency the account is held in.
Summary
An NRI Fixed Deposit gives Non-Resident Indians four ways to invest in India — NRE, NRO, FCNR and RFC — each suited to a different source of funds and repatriation need. Rates change periodically, so compare current NRE, NRO, FCNR and RFC rates across banks before choosing a tenure. Check the eligibility documents and opening process above, then apply with the bank offering the best NRI Fixed Deposit rate for your goals.
FAQs on NRI Fixed Deposit
1.What is an NRI Fixed Deposit?
An NRI Fixed Deposit is a term deposit that Indian banks offer to Non-Resident Indians to invest their India-based or overseas earnings at a fixed interest rate for a chosen tenure. It comes in four forms - NRE, NRO, FCNR and RFC - based on the currency and source of the funds. Each type of NRI Fixed Deposit has its own rules on taxation and repatriation.
2.What is an NRE Fixed Deposit?
An NRE (Non-Resident External) Fixed Deposit lets an NRI deposit foreign earnings in Indian rupees and is fully repatriable and tax-free in India. The deposit and the interest earned can be freely transferred back overseas. It is best suited to NRIs who want to save money earned abroad.
3.What is an NRO Fixed Deposit?
An NRO (Non-Resident Ordinary) Fixed Deposit is meant for NRIs who have a source of income within India, such as rent or dividends. Unlike an NRE Fixed Deposit, the interest earned on an NRO Fixed Deposit is subject to tax in India. It is also not fully repatriable.
4.What is an FCNR Fixed Deposit?
An FCNR (Foreign Currency Non-Repatriable) Fixed Deposit lets an NRI hold a fixed deposit in a foreign currency, such as the US Dollar or Euro, instead of Indian rupees. This protects the deposit from exchange-rate fluctuations between the foreign currency and the rupee. Both the principal and interest on an FCNR Fixed Deposit are repatriable.
5.What is an RFC Fixed Deposit?
An RFC (Resident Foreign Currency) Fixed Deposit suits NRIs who are moving back to India and wish to continue holding their foreign earnings in a foreign currency even after becoming a resident. The deposit and its interest remain repatriable. An RFC Fixed Deposit is usually opened once the NRI's residency status changes.
6.Who is eligible to open an NRI Fixed Deposit?
Any Non-Resident Indian or Person of Indian Origin can open an NRI Fixed Deposit by submitting a valid passport showing their name, address, date of birth, photograph and signature. They must also submit visa or work permit documents proving their overseas resident or employment status. Document requirements for an NRI Fixed Deposit can vary slightly by bank.
7.How is an NRO Fixed Deposit different from an NRE Fixed Deposit?
An NRO Fixed Deposit accepts income earned within India and is taxable, while an NRE Fixed Deposit holds foreign earnings converted to rupees and is tax-free. NRO Fixed Deposits are not fully repatriable, whereas NRE Fixed Deposits offer full repatriability of both principal and interest. Both types of NRI Fixed Deposit are held in Indian rupees.
8.Can an NRI open a joint NRI Fixed Deposit account?
Yes, most banks allow an NRI to open an NRI Fixed Deposit jointly with another NRI or, for some deposit types, a resident Indian relative. Joint account rules can vary between NRE, NRO, FCNR and RFC Fixed Deposits. Check the specific bank's terms before applying.
9.What are the benefits of an NRI Fixed Deposit?
An NRI Fixed Deposit offers a safe and secure way to invest money earned abroad or in India, with the option to take an overdraft or loan against the deposit. Certain NRI Fixed Deposit types, such as NRE and FCNR, are exempt from tax in India. Investors can also nominate a beneficiary for the deposit.
10.How can an NRI open an NRI Fixed Deposit account?
An NRI can open an NRI Fixed Deposit either online through the bank's NRI banking portal or by visiting a branch in person. Most investors prefer the online route since it does not require a visit to India. The exact steps and documents needed can vary by bank.
11.Can an NRI withdraw an NRI Fixed Deposit in foreign currency?
Funds from an NRE or NRO Fixed Deposit can only be withdrawn in Indian rupees, since these accounts are held in rupees. FCNR and RFC Fixed Deposits, however, are held and repaid in the original foreign currency. The withdrawal currency for an NRI Fixed Deposit therefore depends on the type chosen.
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