NRI Fixed Deposits: An Overview

*Annualized Yield for 1 year – 375 Days at 7.19%, compounded quarterly. T&Cs apply.

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NRI Fixed Deposits: An Overview

An NRI fixed deposit is a great way to invest money for Indians who live overseas. Depending on the type of investment, the returns may be tax-free as well. Some NRI fixed deposits also allow for investment in foreign currency that protects them from currency fluctuations.

Non-resident Indians have several Fixed Deposit Options to choose from with DBS Treasures and each of the following accounts allow you to earn interest at competitive rates.

Types of Fixed Deposit for NRI

NRIs can choose from different types of fixed deposit accounts based on their financial goals, currency preferences, and tax considerations. The three main types of NRI fixed deposits are:

NRE Fixed Deposit:

DBS Treasures’ NRE Fixed Deposit accounts let you deposit your foreign income in Indian rupees and earn attractive interest on it. Both the principal and the interest are fully repatriable, and the interest earned is exempt from tax in India.

NRO Fixed Deposits:

You can grow your savings with competitive interest rates on DBS Treasures NRO fixed deposits on income that's earned in India while you live overseas. DBS Treasures NRO fixed deposits can be opened jointly with resident or non-resident Indians.

FCNR Deposits:

While working or living overseas, you can still have tax-free income in India. A great NRI fixed deposit option is a Foreign Currency Non-Resident Fixed Deposit, commonly known as FCNR deposits or FCNR account. Deposit funds across six foreign currencies and earn interest at competitive interest rates with an FCNR FD.

NRI Fixed Deposits Interest Rates

DBS Treasures provides Non-Resident Indians (NRIs) with competitive interest rates across various fixed deposit options:

NRE Fixed Deposits:

• Interest Rates: Up to 7% per annum, depending on the tenure*
• Features: Tax-free interest and full repatriability of both principal and interest.

NRO Fixed Deposits:

• Interest Rates: Up to 7.30% per annum, based on the deposit duration.
• Features: Suitable for income earned in India; interest is subject to applicable taxes.

FCNR Deposits:

• Interest Rates: Vary by currency and tenure.
• Features: Maintain deposits in foreign currencies, safeguarding against exchange rate fluctuations.

Note: Interest rates are subject to change. For the latest rates and detailed information, please visit the official DBS Treasures interest rates page.

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Benefits of FD for NRI

NRI Fixed Deposits offer a secure and reliable investment option for NRIs looking to grow their savings.

• They provide multiple opportunities to invest through NRE Fixed Deposits, NRO Fixed Deposits, and FCNR Deposit Accounts.
• Certain NRI FD accounts, such as NRE and FCNR deposits, are 100% tax-free in India.
• All types of NRI deposit accounts come with a nomination facility for added security.
• Investors can benefit from competitive NRI FD interest rates, ensuring high returns on their savings.

Eligibility of an NRI FD

To open a DBS Treasures NRI Fixed Deposit, individuals must meet specific eligibility criteria based on their residency and documentation.

Eligible Individuals

• Non-Resident Indians (NRIs): Indian citizens residing abroad for employment, business, or studies.
• Persons of Indian Origin (PIOs): Individuals of Indian origin with a valid PIO card.
• Overseas Citizens of India (OCIs): Foreign citizens of Indian descent holding an OCI card.

Required Documents

For NRIs applying for an NRE Fixed Deposit, NRO Fixed Deposits, or an FCNR Deposit Account:

• Valid Passport: Copy of the current passport.
• Proof of NRI Status: Employment or residence visa, work permit, or residence permit.
• Address Proof: Valid proof of overseas and Indian addresses, as per the Customer Identification Policy.
• PAN Card or Form 60: A copy of the Permanent Account Number (PAN) card or Form 60 if PAN is unavailable.
• Photograph: Recent passport-sized color photograph.
• For Seafarers: Current work contract, Continuous Discharge Certificate (CDC) with the last disembarkation stamp, and a FEMA declaration.

For PIOs/OCIs opening an NRI Deposit Account:

• Valid Passport: Copy of the current passport.
• PIO/OCI Card: Valid PIO or OCI card, or other proof of PIO status.
• Address Proof: Valid proof of overseas and Indian addresses.
• PIO Declaration: Duly signed and filled-in PIO declaration form.
• Photograph: Recent passport-sized color photograph.

By meeting these criteria, NRIs, PIOs, and OCIs can seamlessly open an NRI Fixed Deposit and benefit from secure, high-interest savings options.

Documents Required to open NRI Fixed Deposit

To open an NRI Fixed Deposit, applicants must provide essential documents for identity verification and compliance with banking regulations. The requirements vary based on the applicant's status as an NRI, PIO, or OCI. Submitting the correct documentation ensures a smooth account opening process, whether for an NRE Fixed Deposit, NRO Fixed Deposits, or an FCNR Deposit Account. Below are the necessary documents:

For NRI (Non-Resident Indian):

• A valid Indian PAN card or Form 60
• Your Indian passport
• Documents to prove NRI status - Work / Residence Permit or Employment/Residence Visa copy
• A recent passport size colour photograph
• Address proof (overseas and in India)
• Additionally for seafarers: Your FEMA declaration, along with the current work contract and a copy of CDC along with the last page that features your disembarkation stamp

For PIO (Person of Indian Origin):

• A valid Indian passport
• A valid PIO/OCI card or any other proof of PIO status as per Customer Identification Policy
• Proof of Address (overseas and in India) as per Customer Identification Policy
• Duly signed and filled-in PIO declaration
• Recent passport size colour photograph

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How to Open an NRI Fixed Deposit

Opening an NRI Fixed Deposit with DBS Treasures is a straightforward process that can be completed online.

To get started, you can:

• Contact your DBS Treasures Relationship Manager, who will assist you with the account setup and help you choose the most suitable fixed deposit option.
• Use the DBS Treasures website or mobile app to initiate the process. Simply log in, select the deposit type, enter the investment amount, and confirm your request.

With flexible tenure options and competitive interest rates, DBS Treasures makes it easy for NRIs to invest securely and manage their deposits from anywhere in the world.

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