NRO Fixed Deposits

Nro Fixed Deposits

NRO Fixed Deposits

  • Non residents usually holds Non Resident Ordinary account (NRO) and Non Resident External account (NRE) which allows term deposits to earn good rate of returns and can park their funds in India. To manage the incomes earned in India one needs to have NRO account where the interest income is taxable.
  • Minimum tenure for NRO fixed deposit is 3 months and the maximum period for the same is 10 years.
  • NRO fixed deposits attracts the tax liability as the interest earned through NRO fixed deposit is taxable.
Taxation

The interest earned on NRO fixed deposita will be subject to tax as per the Income Tax Act of 1961. Tax applicable on NRO account is quite high at 30% along with applicable surcharge and cess.

In case the interest earned is over Rs. 10 lakhs, then an additional surcharge of 10% will be added.

Bajaj Finance Ltd.

Rates (as on 10-May-2022) - Upto Rs. 5 Cr.
PERIOD OF DEPOSIT MONTHLY QUARTERLY HALF-YEARLY ANNUAL CUMULATIVE INTEREST
12-23 Months 5.60% 5.63% 5.67% 5.75% 5.75%
24-35 Months 6.22% 6.25% 6.30% 6.40% 6.40%
15 Months 5.84% 5.87% 5.91% 6.00% 6.00%
18 Months 5.94% 5.97% 6.01% 6.10% 6.10%
22 Months 6.08% 6.11% 6.16% 6.25% 6.25%
30 Months 6.31% 6.35% 6.40% 6.50% 6.50%
33 Months 6.55% 6.59% 6.64% 6.75% 6.75%
36 Months 6.79% 6.82% 6.88% 7.00% 7.00%

HDFC Ltd.

Rates (as on 02-June-2022) - Upto Rs. 2 Cr.
PERIOD OF DEPOSIT MONTHLY QUARTERLY HALF-YEARLY ANNUAL CUMULATIVE INTEREST
12-23 Months 5.45% 5.50% 5.55% - 5.65%
24-35 Months 5.95% 6.00% 6.05% 6.15% 6.15%
36-59 Months 6.30% 6.35% 6.40% 6.50% 6.50%
60-83 Months 6.50% 6.55% 6.60% 6.70% 6.70%
84-120 Months 6.60% 6.65% 6.70% 6.80% 6.80%
15 Months 5.65% 5.70% 5.75% - 5.85%
18 Months 5.75% 5.80% 5.85% 5.95% 5.95%
22 Months 5.90% 5.95% 6.00% 6.10% 6.10%
30 Months 6.10% 6.15% 6.20% 6.30% 6.30%
33 Months 6.45% 6.50% 6.55% 6.65% 6.65%
44 Months 6.55% 6.60% 6.65% 6.75% 6.75%
66 Months 6.65% 6.70% 6.75% 6.85% 6.85%
77 Months 6.65% 6.70% 6.75% 6.85% 6.85%
99 Months 6.75% 6.80% 6.85% 6.95% 6.95%

Mahindra Finance Ltd.

Mahindra Finance NRO FD Rates (as on 27-May-2022) - Upto Rs. 50 L
PERIOD OF DEPOSIT MONTHLY QUARTERLY HALF-YEARLY ANNUAL CUMULATIVE INTEREST
12 Months 5.20% 5.55% 5.65% 5.75% 5.75%
24 Months 5.80% 6.15% 6.25% 6.35% 6.35%
36 Months 6.20% 6.55% 6.65% 6.75% 6.75%
48 Months 6.30% 6.65% 6.75% 6.85% 6.85%
60 Months 6.45% 6.80% 6.90% 7.00% 7.00%

ICICI Home Finance Ltd.

Rates (as on 30-May-2022) - Upto Rs. 2 Cr.
PERIOD OF DEPOSIT MONTHLY QUARTERLY HALF-YEARLY ANNUAL CUMULATIVE INTEREST
12-24 Months 5.10% 5.15% - 5.25% 5.25%
24-36 Months 5.80% 5.85% - 5.95% 5.95%
36-60 Months 6.40% 6.45% - 6.60% 6.60%
60-84 Months 6.60% 6.65% - 6.80% 6.80%
84-120 Months 6.75% 6.80% - 6.95% 6.95%
39 Months 6.65% 6.70% - 6.85% 6.85%
45 Months 6.75% 6.80% - 6.95% 6.95%
65 Months 6.80% 6.85% - 7.00% 7.00%
Additional rate benefit upto 0.25% p.a. for senior citizens on above fixed deposits.