NRO FD Interest Rates (as on 29 Mar 2024)
Bank NRO Fixed deposit Interest Rates (as on 29 Mar 2024). The NRO interest rates for below 1 crore and above 1 crore on fixed deposit depend on which category for example 1 year, 2 year, 3 year ... 5+ year, you fall under and your choice between different banks. To see all fixed deposit interest rates for selected bank, click on "All FD Rates" button listed below.
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Who Can Open NRO Fixed Deposit Account?
A Non-Resident Ordinary Fixed Deposit can be opened by an Individual NRI (other than a person resident in Nepal and Bhutan). The major objective of opening this account is to invest his/ her foreign income to earn higher returns. This account is denominated in Indian Rupees. RBI allows repatriation only for current income upto US Dollar 1 million per financial year for any bonafide purpose after payment of applicable taxes. It can be opened jointly with other NRI(s). One can use internet banking facility with 24-hour accessibility to his/ her account with the highest level of security. You can calculate the interest earned on NRO FD account using NRO FD Interest Calculator.
Minimum tenure of investment is usually 7 days and the maximum tenure is 10 years under NRE Fixed Deposit Accounts. With regard to taxation, the interest earned is fully taxable in India and the depositor is required to pay any income tax on that as per Indian Income Tax Act. Further, interest earned is subject to tax deduction at source (TDS). Note that the Income Tax at the rate of 30.00% will be deducted at source by the Bank on interest earned in NRO accounts irrespective of the amount of Interest if the Tax Residency Certificate (TRC) and PAN number are not submitted to the Bank. If the TRC and PAN number are submitted & updated with the bank then the tax will be deducted as per the DTAA (Double Taxation Avoidance Agreement) rates.
An important point to note is that the additional rate of interest of 0.50% p.a. payable on fixed deposits to senior citizens does not apply to NRO Fixed Deposits. Know the steps to open NRO FD Account.
Premature Withdrawal of NRO Fixed Deposit Account
- Before completion of 7 Days: No interest
- After completion of 7 Days: Interest will be calculated at the rate applicable for the period for which the deposit was held with the Bank or contracted rate of the deposit, whichever is lower, plus penalty of 0.5% to 1%