NRO FIXED DEPOSITS

Why choose this product:

• Enjoy higher interest rate on your deposits
• Freely transfer interest earned on your deposit
• Avail overdraft facility for self and third party

• Enjoy higher interest rate on your deposits
• Repatriate the interest on your deposit
• Avail of overdraft up to 90% of the deposit, for self or others
• Open the deposit jointly with a resident individual
• Interest credited every 3 months
• Avail of the nomination facility
• Cluster Deposit:
  Encash part of the deposit amount while the balance continues to earn interest at the contract rate as the NRO Fixed Deposit is held in clusters of Re.1
  • Initial Fixed Deposit: Rs. 25,000/-
  • Add-on Fixed Deposits: Rs. 10,000/-
• Maintain the deposit for a tenure of minimum 7 days and a maximum of 10 years

The current interest rates on the NRO Fixed Deposits are presented below:
Notes:

• Interest rates are subject to change from time to time
• To ensure you are seeing the updated page, we request you to clear your browser cache
• Applicable interest rates will be given as on the date of receipt of the funds by the Bank

Note: As per the Terms & Conditions of Fixed Deposit Accounts of the bank, the penalty on premature closure of Fixed Deposits including sweep-in and partial closures has been fixed by the Bank at the rate of 1%. This will be applicable for deposits booked on or after 24th January 2011.

To Know More about current NRO Fixed Deposits Interest Rates, click here

Interest earned on NRO Savings Account / NRO Fixed Deposit is subject to Tax deduction at source*.W.e.f Aug 09, applicable TDS rates are:

As per section 206AA introduced by Finance (No. 2) Act, 2009 w.e.f 01.04.2010, every person who receives income on which TDS is deductible shall furnish his PAN Number to the deductor, failing which TDS shall be deducted at the maximum marginal rate or 30% whichever is higher.

The interest on NRO Accounts / Deposits and PIS transactions would be covered by the said rule

* TDS, when due and applicable will be deducted in accordance with the provisions of the Income Tax Act, 1961 and the Rules thereunder as in force. Such TDS shall be recovered from saving/current/demand deposit a/c(s).

Double Taxation Avoidance Agreement (DTAA) is an agreement entered into by India with various countries (Click here for list of DTAA Countries). Under the current DTAA provisions, you can enjoy the benefit of concessional rates for Tax Deducted at Source (TDS), providing you a higher yield as compared to the regular NRO FD offered today.

If you are desirous of availing the rate of deduction of tax as per the DTAA, the same will be applicable only on your submitting the relevant documents along with your PAN Number with us by March 15, every year for the next Financial Year.

PAN updation is mandatory to avail of DTAA. One set of the below documents is required per Customer ID.

• DTAA Annexure - Declaration that the client was an NRI during the year in which tax is sorted to be deducted & that he does not have any permanent establishment in India.
• i) Original or certified true copies of the tax residency certificate from income tax authorities to be obtained from the client OR
  
  ii) In case of non-taxpaying countries, any valid proof issued by the government, certifying that the client is a resident of that country OR
  
  iii) If the client is unable to obtain the residency certificate in (i) above, and has been assessed as a resident earlier, then he may obtain a certificate from any CA firm registered in India). However, in such cases, the CA certificate should be supported by certified true copies of documentation from tax authorities, e.g., assessment order, notice from the tax authorities clearly indicating the residential status of the customer as a 'resident' under the local tax laws. The format of the CA Certificate is attached as Annexure -C
• Self attested copy of passport & visa. (not required in case the client is submitting Tax Residency Certificate).
• For UAE and KUWAIT ONLY- photocopy of the passport pages which give the details of entry and exit.(to ascertain 183 days stay in a calendar year for UAE and 183 days in a financial year for Kuwait)

If your PAN is not updated with the Bank, then the DTAA rate or 30.9% whichever is higher will be applicable.

Click here for DTAA Annexure & Annexure - C

Kindly refer to the below link for any further details on DTAA agreements between India and other countries:
http://law.incometaxindia.gov.in/DIT/intDtaa.aspx

To deposit money in your NRO Fixed Deposit, you can:

• Transfer funds from abroad in a freely convertible foreign currency
• Tender foreign currency notes / travellers cheques brought to India by you or another NRI
• Transfer funds from an existing NRE/FCNR Account held in other banks

• RBI has made it mandatory for you to submit your PAN details to your Bank. In case your NRO Account or Fixed Deposit is not updated with your PAN details, you can update the same by sending an email from your registered email ID to nrihelp@hdfcbank.com
• If you wish to apply for a PAN Card, just click here (PDF) to download the PAN Card Application Form. Please send your application form to:
  
  HDFC Bank Ltd
  NRI Services (PAN Desk)
  Modern Center, C wing, Ground Floor, Sane Guruji Marg,
  Mahalaxmi,
  Mumbai - 400 011
  
  We bring you this service through our tie - up with G. P. Kapadia & Co.

You are eligible if you are a non-resident individual of Indian nationality or of Indian origin.

• Upon change of your status from NRI to RI, you need to inform the Bank immediately
• In case of change of status from Resident to Non-Resident, your existing Resident Fixed Deposit has to be designated as an NRO Fixed Deposit