HDFC Bank offers several Non-Resident Indian (NRI) fixed deposit accounts. These accounts are available in different tenure options and offer competitive HDFC NRI FD rates. These fixed deposits can be held by Non-Resident Indians (NRIs) and Person of Indian Origin (PIO). Read further to know the prevailing HDFC Bank NRI fixed deposit interest rates along with the types of NRI FD available.
HDFC NRI Fixed Deposit Interest Rates 2020
- Non-Residential External Fixed Deposit Interest Rates (NRE FD)
| Tenure | HDFC Bank NRE FD Rates (p.a) | |
| Deposit – Less than Rs. 2 crore | Deposit – Rs. 2 crore to less than Rs. 5 crore | |
| 1 year | 4.90% | 3.75% |
| 1 year 1 day – 2 years | 4.90% | 3.75% |
| 2 years 1 day – 3 years | 5.15% | 4.25% |
| 3 years 1 day- 5 years | 5.30% | 4.25% |
| 5 years 1 day – 10 years | 5.50% | 4.25% |
(Interest rates are effective from 13th November 2020)
- Non-Residential Ordinary Fixed Deposit Interest Rates (NRO FD)
| HDFC Bank NRO FD Rates (p.a.) | ||
| Tenure | Deposits < Rs. 2 crore | |
| Days/Years | Regular Citizens | Senior Citizens |
| 7 – 14 days | 2.50% | 3.00% |
| 15 – 29 days | 2.50% | 3.00% |
| 30 – 45 days | 3.00% | 3.50% |
| 46 – 60 days | 3.00% | 3.50% |
| 61 – 90 days | 3.00% | 3.50% |
| 91 days – 6 months | 3.50% | 4.00% |
| 6 months 1 day – 9 months | 4.40% | 4.90% |
| 9 months 1 day < 1 year | 4.40% | 4.90% |
| 1 year | 4.90% | 5.40% |
| 1 year 1 day – 2 years | 4.90% | 5.50% |
| 2 years 1 day – 3 years | 5.15% | 5.65% |
| 3 years 1 day- 5 years | 5.30% | 5.80% |
| 5 years 1 day – 10 years | 5.50% | 6.25%* |
(Interest rates are effective from 15th October 2020)
Note: *An Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May’20 to 31st Dec’20.
- Foreign Currency Non-Repatriable Fixed Deposit Rates (FCNR FD)
| Tenure | GBP | USD | EURO | JPY | AUD | CAD |
| 1 year to less than 2 years | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| 2 years to less than 3 years | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| 3 years to less than 4 years | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| 4 years to less than 5 years | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| 5 years | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
(Interest rates are effective from 1st November 2020)
- Residential Foreign Currency Fixed Deposit Rates (RFC FD)
| Tenure | GBP | USD | EURO | JPY |
| Less than 29 days | 0.01% | 0.01% | 0.01% | 0.01% |
| 30 days – 3 months | 0.01% | 0.01% | 0.01% | 0.01% |
| 3 months 1 day – 6 months | 0.01% | 0.01% | 0.01% | 0.01% |
| 6 months 1 day – less than 1 year | 0.01% | 0.01% | 0.01% | 0.01% |
| 1 year – less than 2 years | 0.01% | 0.01% | 0.01% | 0.01% |
| 2 years – less than 3 years | 0.01% | 0.01% | 0.01% | 0.01% |
| 3 years | 0.01% | 0.01% | 0.01% | 0.01% |
(Interest rates are effective from 1st November 2020)
Types of NRI FD Schemes by HDFC Bank
1. Fixed Deposit Rupee Accounts –
2. Fixed Deposit Foreign Currency Accounts –
|
Let’s understand the features & benefits of the stated types of HDFC NRI Fixed Deposits in detail:
1. Types of HDFC Fixed Deposit Rupee Accounts
- NRE Fixed Deposit
An account designed to help NRI customers manage their foreign income in Indian banks. Funds in this account are withdrawable in Indian National Rupee (INR) and can be used to settle finances in India. It is not taxable in India and the entire fund value is fully repatriable, i.e. transferable.
| Particulars | Details |
| Tenure | 1 – 10 years |
| Eligibility | Non-resident Indian or Person of Indian Origin (NRI or PIO) |
| Min. Deposit Amount | Initial Deposit: Rs. 25,000 Add-On: Rs. 10,000 |
| Taxable in India | No |
| Premature Withdrawal | Allowed |
| Loan against FD | Overdraft up to 90% of the deposit amount |
| Features |
|
- NRO Tax Saver Fixed Deposit
This is a type of fixed deposit by HDFC bank for its Non-Resident Indian customers to help them save tax in India on deposits while multiplying their funds. Details about the scheme are stated below:
| Particulars | Details |
| Tenure | 5 years (lock-in) |
| Eligibility | NRIs, PIOs, Returning Indians |
| Min. Deposit Amount | Rs. 100 |
| Taxable in India | Yes |
| Premature Withdrawal | Not allowed |
| Loan against FD | Not allowed |
| Features |
|
- NRO Fixed Deposit
It is an option provided to NRIs to deposit their foreign earnings in Indian fixed deposit account without converting into INR. Detailed information about the same is tabulated below:
| Particulars | Details |
| Tenure | 7 days – 10 years |
| Eligibility |
|
| Min. Deposit Amount | Rs. 25,000 Add-Ons: Multiples of Rs. 10,000 |
| Taxable in India | Yes |
| Premature Withdrawal | Allowed (1% penalty) |
| Loan against FD | Overdraft of up to 90% of the deposit (only for NRO CASA Account) |
| Features |
|
- RupeeMax
This is a cover provided for customers of FCNR fixed deposit. It provides shield to the customers from foreign exchange risk.
- The fund value is not compromised at the time of withdrawal if this cover has been booked in advance
- Higher HDFC FD rates offered to customers with RupeeMax cover in comparison to normal FCNR and NRE deposits
- Available for FD booked for 1 to 5 years
- Premature withdrawal may be available; subject to T&C
2. Types of HDFC Fixed Deposit Foreign Currency Accounts
- FCNR Fixed Deposits
Non-residents are given the option to deposit their foreign earnings without having to convert into INR. Below are the features as well as benefits extended to the customers under this scheme:
| Particulars | Details |
| Tenure | 1 – 5 years |
| Eligibility | NRIs and/or PIOs (Non-Resident Indians and/or Persons of Indian Origin) |
| Min. Deposit Amount | USD/ AUD/ CAD: 1,000 JPY: 7,50,000 GBP & Euro: 2,500 Add-Ons: 1,000 for all currencies |
| Taxable in India | No |
| Loan against FD | Overdraft facility available with Super Saver Facility |
| Features |
|
- RFC Fixed Deposit
HDFC Bank has extended foreign currency deposit facility for residents of India to better manage their foreign earnings in fixed deposit accounts. This is specially made for Returning Indians. Check the details provided in the table further:
| Particulars | Details |
| Tenure | 29 days – 3 years |
| Eligibility |
|
| Taxable in India | Yes |
| Premature Withdrawal | Available (1% penalty) |
| Features |
|
Premature Withdrawal Facility for HDFC NRI FD Account
- For NRI deposits, there is a penalty of 1% on premature withdrawals including sweep-in or partial closure. This implies the interest shall be paid at the applicable FD rates minus 1%
- No interest shall be paid on withdrawals made within 7-14 days of opening the deposit account
- In case of FCNR deposits, paid interest shall be adjusted against the initial deposit made if withdrawn prematurely in less than 1 year
- In the case of RFC deposits, interest to be paid on premature withdrawals will be lower of the following:
- Applicable base rate at the time of booking the FD or
- The applicable base rate for the period for which deposit was kept with the bank, i.e. period from the date of booking to the date of premature withdrawal
HDFC Bank Loan against NRI FD
Customers of HDFC Bank NRI deposits are given the option to take loan or avail overdraft facility against their fixed deposits made with the bank. This lets the depositors keep their FD intact in times of need.
| Types of NRI Fixed Deposit | Overdraft Limit (% of the deposit amount) |
| NRE | 90% |
| NRO | 90% |
| FCNR | 70% |
- Deposit continues to earn interest
- Interest is charged only on the drawn amount till it is repaid
- NRI fixed deposit cannot be closed prematurely if there is outstanding overdraft against it
Documents Required to Apply for HDFC Bank NRI FD Schemes
The following documents must be checked when opening an NRI deposit with the HDFC Bank:
- Passport (photocopy to be submitted, original for verification)
- Valid Visa (resident or permit visa, work visa or dependent visa
- Residence proof in the foreign land
- Passport-sized photograph(s)
How to Apply for HDFC Bank NRI Fixed Deposit Schemes?
To open a NRI fixed deposit account with HDFC Bank, customers can choose either of the two options, viz. offline mode or online mode (HDFC Netbanking / HDFC Mobile Banking).
Offline Mode:
Collect all the required documents mentioned above. Search the nearest branch of HDFC Bank to your residence. Walk into the branch office and ask the branch personnel to open the preferred NRI fixed deposit account. The concerned bank personnel shall walk you through the application process.
Online Mode:
- Go to the official website of HDFC Bank
- Click on NRI from the top menu bar
- Fill the form on the top right side of the page with the product type and product name and click on ‘Apply Online’
- A form will open. Fill it with your basic identification details (name, email ID, mobile no. and current country of residence)
- Choose whether you’re an existing customer or new
- For existing customer, provide PAN, the home branch and city
- Enter the Captcha correctly and click on ‘Submit’
- Adhere to the instructions that follow next
Frequently Asked Questions (FAQs)
Q. What is the highest HDFC NRE Fixed Deposit rate?
A. The highest NRE FD rate one can fetch with HDFC Bank is 5.50% for deposits less than Rs. 2 crores on tenure 5 years 1 day – 10 years.
Q. Who can open an NRE FD with HDFC Bank?
A. Non-resident Indians with a valid visa and passport can apply for NRI deposits with HDFC Bank.
Q. What is the penalty charged by HDFC Bank on premature withdrawal of NRI deposits?
A. There is a penalty of 1% charged on premature withdrawal of NRI FD.
Q. Is there any tax on HDFC NRE Fixed Deposit?
A. No. NRE FD with HDFC Bank does not attract any taxes in India. However, it shall be chargeable in the residence country of the depositor.
Q. What are the online facilities available with HDFC Bank to manage NRI fixed deposit accounts?
A. The following facilities are available online for HDFC NRI FD:
- Registration for Net Banking facility
- Registration for E-Statements
- A download of TDS Certificate
- Add or Change Nominee to the existing fixed deposit
- Breaking of fixed deposit
- Changing contact details
- PAN Updation
