NRO FD Interest Rates (as on 26 May 2024)

NRO Fixed Deposit

NRO Fixed Deposit is an excellent option to earn high returns just like those offered to resident Indians with the flexibility of deposit tenures ranging from 7 days to 10 years. NRO Fixed Deposits not only offer attractive interest rates but also provides the facility to get a loan upto 90% of your deposit value.

Key Highlights of NRO Fixed Deposit

  • Low deposit amount and easy liquidity
  • High returns on funds generated in India
  • Avail loans of up to 90% of your deposit
  • It is maintained in Indian Rupees
  • Joint holdings can be done with residents and non-residents
  • It offers provision of nomination
  • Most of the banks offer auto-renewal option on maturity
  • Multiple and flexible tenure options from 7 days to 10 years

Bank NRO Fixed Deposit Interest Rates (as on 26 May 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%

NRO FD Interest Rates (as on 26 May 2024)

Bank NameFixed Interest RatesFD RatesCalculate
Allahabad Bank5.25% to 6.75%
Andhra Bank3.50% to 5.45%
Bank Of Baroda2.90% to 5.30%
Bank Of India3.25% to 5.35%
Bank Of Maharashtra3.00% to 5.00%
Canara Bank3.00% to 5.40%
Central Bank Of India3.00% to 5.10%
Corporation Bank3.50% to 5.45%
Dena Bank2.90% to 5.30%
Idbi Bank3.00% to 5.30%
Indian Bank3.05% to 5.25%
Indian Overseas Bank3.40% to 5.35%
Oriental Bank Of Commerce3.00% to 5.30%
Punjab National Bank3.00% to 5.30%
Syndicate Bank3.00% to 5.50%
Uco Bank3.00% to 5.00%
Union Bank Of India3.50% to 5.45%
United Bank Of India4.00% to 6.50%
Vijaya Bank2.90% to 5.30%
State Bank Of India2.90% to 5.30%
State Bank Of Mysore2.90% to 5.30%
State Bank Of Patiala2.90% to 5.30%
State Bank Of Travancore2.90% to 5.30%
State Bank Of Bikaner And Jaipur2.90% to 5.30%
Axis Bank3.00% to 5.50%
Bandhan Bank Limited3.00% to 6.00%
Catholic Syrian Bank Limited3.25% to 5.75%
City Union Bank Limited3.25% to 5.75%
Dcb Bank Limited5.05% to 6.95%
Dhanalakshmi Bank3.50% to 5.60%
Federal Bank3.25% to 5.60%
Hdfc Bank3.00% to 5.50%
Icici Bank Limited3.00% to 5.50%
Idfc First Bank5.00% to 6.75%
Jammu And Kashmir Bank Limited3.00% to 5.30%
Indusind Bank3.25% to 7.00%
Karnataka Bank Limited3.50% to 5.70%
Karur Vysya Bank3.75% to 5.65%
Kotak Mahindra Bank Limited2.50% to 4.90%
Laxmi Vilas Bank3.85% to 6.00%
The Nainital Bank Limited3.50% to 5.50%
South Indian Bank3.50% to 5.60%
Tamilnad Mercantile Bank Limited4.00% to 5.90%
Yes Bank5.00% to 6.75%
Punjab And Sind Bank3.50% to 5.55%
Disclaimer: The NRO Fixed Deposit Interest Rates keep on changing. You are advised to check the interest rates with banks before making your FD.     Source: Bank Websites