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There are many investment options in the market for Non-Resident Indians (NRIs) seeking to grow their wealth and diversify their investment portfolio. Fixed Deposit (FD) is a suitable investment avenue for NRIs as it offers reliable returns at a predetermined rate.

Many banks and NBFCs offer FD options for NRIs. Let us look at some of the best NRI FD interest rates in 2021.

Best NRI Fixed Deposit interest rates

●Nature of NRI Fixed Deposit accounts

NRI fixed deposit accounts facilitate NRIs to convert foreign currency earnings into Indian rupee denominations and earn interest income on converted savings. They are also useful for managing and investing income earned in Indian currency.

As an NRI, you can make investments only through an NRO (Non-Resident Ordinary) account. The following TDS rates are applicable to NRI deposits in India.

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●NRI FD interest rates

Currently, most of the banks are offering interest rates in the range of 3.00% – 6.75% per annum on NRI Fixed Deposit accounts. Most nationalized banks offer above 5% on NRI deposits.

Bajaj Finance offers higher interest rates on NRI fixed deposit accounts than traditional banks. Bajaj Finance NRI FD rate table is shown below.

You will get additional returns of 0.10% if you apply for an FD online. If you are a senior citizen, then you will get 0.25% additional returns. Bajaj Finance senior citizen FD rate on NRI deposits is one of the best in the market.

The senior citizen FD rate is as high as 7.25% p.a. on NRI fixed deposit accounts for an investment tenor of 36 months and above. Non-senior citizens can earn up to 7% p.a. if they invest offline and 7.10% p.a. if they invest online for investment periods above 36 months.

Bajaj Finance FD rates on NRI deposits of shorter tenors are also competitive. However, the thumb rule is, the longer the investment period, the higher will be the rate of return. Similarly, the lower the interest payout frequency, the higher will be the rate of return.

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As an NRI investor, you can auto-renew your FD online and gain additional returns of 0.10%. You can also use the FD calculators on Bajaj Finance website to compute your returns before undertaking an investment. You just need to plug in some basic details and your returns will be instantly displayed.

If you wish to open multiple deposits with different durations and interest payout frequencies, then the multi-deposit scheme is open to NRIs as well.

●Additional benefits of Bajaj Finance NRI FD

Bajaj Finance NRI FD has a wide range of other benefits apart from attractive returns.

You can book an FD online even if you are physically residing abroad. You just need to fill an online FD form and upload scanned copies of necessary documents. Within 2-3 working days, your KYC formalities are completed and an NRI FD account is opened.

You can also request a callback after filling in some basic details. A client-service executive will get in touch with you and help you with the FD application procedure.

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The deposit amount can be easily transferred from your NRO account through NEFT/RTGS. Thus, Bajaj Finance NRI fixed deposit account is a good option for Indians residing abroad