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Invest in NRO Fixed Deposits for high growth returns on your savings. Maintained in Indian Rupees, the Deposits are an ideal long-term investment option for you.

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  • Features & Benefits

    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 tenor of minimum 7 days and a maximum of 10 years
  • Interest Rates

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

    • 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

  • Tax Deductions

    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:

    Interest on Deposit Tax Rate Surcharge Education Cess Total
    NRO 30% - 3% 30.90%

    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)

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

    As per the recent amendment to the Indian Income Tax Act as announced in Union Budget 2012, NRIs who wish to avail DTAA benefit have to mandatorily provide 'Tax Residency Certificate (TRC)' to the deductor (Bank). This is applicable for all NR customers who wish to avail DTAA benefit with effect from 1st April 2012.

    If you are desirous of availing the tax rate deduction as per the DTAA, the same will be applicable once you submit the relevant documents along with your PAN Number. Please note, that PAN updation is mandatory to avail of DTAA.

    A fresh tax declaration (i.e. DTAA Annexure) has to be submitted to the bank upon the expiry of the period for which DTAA rate is being applied for the NRO deposits. The DTAA rate will be applicable for the period mentioned on the Tax Residency Certificate (TRC).

    Hence, the below mentioned documentation is required per Customer ID to avail DTAA benefit:-

    • DTAA Annexure in original
    • Tax Residency Certificate (TRC) latest copy duly self-attested by the client
    • PAN Card copy duly self-attested by the client

    In case you have registered for DTAA benefit earlier or wish to register for the same, kindly provide latest copy of TRC to avail the DTAA rate for the Financial Year, failing which the bank will deduct TDS on interest earned on your NRO deposits at the rate of 30.90%.

    Click here for DTAA Annexure

    Click here for Tax Residency Certificate Format

    Click hereto download the format of a request letter that can be used by you to submit to your tax/government authority to obtain a TRC.
    Disclaimer: This letter format is being provided to you by the Bank for your convenience so that you do not miss out any of the mandatory details required to be mentioned in the TRC. You should check in your country if there is any format prescribed for applying for a TRC and use the same instead of the above letter format.

    Kindly refer to the below link for any further details on DTAA agreements between India and other countries:

  • Depositing money to your account

    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

  • Update your PAN details

    • 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 updated the same through Netbanking.

      Click here to Add / Update your PAN Details:

      Note :
      1.Enter your customer id and log in to the netbanking.
      2.Once you are logged in, click on 'Add/Update PAN Number' under the 'Request' tab left side

    • If you do not hold a PAN Card and wish to apply for a PAN Card, we are offering this service through our Professional Service Provider M/s G. P. Kapadia & Co. For more details, please write to nri[at]hdfcbank[dot]com

  • Eligibility

    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

  • FAQs

    Expand All Collapse All

    In what currency can my NRO Fixed Deposit be maintained?

    Your NRO Fixed Deposit is maintained in Indian Rupees.

    What is the minimum amount with which I can open an NRO Fixed Deposit?

    The minimum amount with which you can open an NRO Fixed Deposit is INR 25,000/- and the amount required for Add-on Fixed Deposit is INR 10,000/-.

    What is the frequency of interest payment on my NRO Fixed Deposit?

    Interest is credited in your NR0 Savings Account every quarter of the year.

    Will I get a cheque book and/or an ATM / Debit Card when I open an NRO Fixed Deposit?

    No. You will not get a cheque book and/or an ATM / Debit Card with your NRO Fixed Deposit.

    Can I avail of a loan against my NRO Deposit?

    Yes. You can avail of a loan against your NRO Deposits. The loan/overdraft can be used for personal purposes or for carrying on business activities other than

    • Relending
    • Agricultural/plantation activities
    • Real estate business

    Can I break my NRO Deposit before the maturity period?

    Yes. You can break your NRO Deposit before the maturity period. The Deposit would qualify for interest only if it has been held for a period of 7 days.

    Can my Deposits with the Bank be automatically renewed on maturity?

    If you provide specific auto renewal instructions, the Deposit will be renewed on maturity in accordance with the instructions. In the absence of any instructions, Deposit will be renewed for the same period at the rates prevailing on the date of maturity.

    What taxes am I liable to pay if I have an NRO Fixed Deposit?

    TDS is deducted on the interest at the following rate:

    Interest on Deposit Tax Rate Surcharge Education Cess Total
    NRO 30% - 3% 30.90%

    Can I have a nominee for my NRO Fixed Deposit?

    Yes. You can have a nominee for the NRO Fixed Deposit.

You can:

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