In a time when the whole world is turning to India to invest, Indians, resident or non-resident, should definitely not miss out. Even while working abroad, NRIs can ensure that their savings thrive back home. Obviously, there are certain restrictions imposed by the Reserve Bank of India (RBI) on the kind and extent of investments that NRIs can do in India. The inflow and outflow of money to and from their accounts is monitored by the Foreign Exchange Regulation Act (FERA), and they need to comply with some of its rules while investing in India.
Best investment option for NRIs
Fixed deposits (FD) easily comply with FERA and other RBI regulations. This means fewer hassles in repatriating your money to and from the country. Also, unlike shares and other investment options, they provide guaranteed and definite returns, whose value you can calculate before you start investing. So, fixed deposits have become one of the best investment options for NRIs. Furthermore, it is better to invest with Non-Banking Financial Companies (NBFCs) than with banks so as to get higher interest rates on fixed deposits.
How to invest in NRI Fixed Deposits?
NRIs can deposit their money in India with either an NRO (Non-Resident Ordinary) or an NRE (Non-Resident External) account. The primary difference between these is that in NRO, funds can come from sources present either in India or abroad, while in an NRE account, income that is earned only abroad can be deposited.
Fixed deposit rates in India for NRIs
Banks provide around 6% to 7% interest rates while NBFCs offer 1% to 2% more than that on NRI fixed deposits. Since the start of 2019, the REPO rate cuts by RBI have led to the bank interest rates falling further. In such a situation, NBFCs like Bajaj Finance FD become the smartest option to invest as they provide some of the best Fixed Deposit rates in India for NRIs. You can check how much you will earn for different tenors and different amounts with the FD calculator.
Why is Bajaj Finance FD more profitable for NRIs?
- High-interest rate: Bajaj Finance FD offers NRIs up to 8.70% interest returns, to a new customer and up to 8.85% returns to an existing customer on an FD with a tenor of 12 to 36 months.
- Special rates for senior citizens: Senior citizens can earn an additional 0.35% interest over and above the regular fixed deposit interest rates for NRIs.
- Multiple deposits: With a single cheque, you can invest in up to five NRI fixed deposits and optimize your savings.
- Auto-renewal: A convenient facility that lets you grow your corpus by reinvesting your deposit for you.
- High credibility ratings from prestigious institutions like ICRA and CRISIL ensure high and guaranteed returns with equal safety.
Investing in NRI Fixed Deposit with Bajaj Finance
Begin investing in an NRI FD with a simple process. Visit Bajaj Finance NRI Fixed Deposit page and familiarise yourself with the different interest rates. Once you are convinced, click on “Request a call”, fill in your details, and we will get in touch with you shortly.
