While there are different types of FD schemes for Indian residents, most banks, including HDFC, offer special FD schemes to non-residents as an investment avenue for growing their foreign income. These FD schemes come with specific features, interest rates and tenure options. This blog will walk you through the varying HDFC NRI fixed deposit rates currently prevailing in 2023.
What is HDFC NRI Fixed Deposit?
HDFC Bank, a leading private sector bank in India, offers a wide range of fixed deposits to regular as well as foreign investors. Among all FDs, the HDFC NRI FD investment plan is one such type. It consists of varying FD accounts with different interest rates and tenure options, each tailored to meet the specific financial requirements of Non-Resident Indians. Keep reading to find out more information about all the HDFC FD accounts and interest rates that the NRIs can avail in 2023.
HDFC NRI Fixed Deposit Rates 2023
Let’s look at HDFC NRI fixed deposit rates applicable to different FD accounts in 2023.
HDFC NRE Fixed Deposit Rates under ₹2 Crore
Tenure
Interest Rate
1 year to 15 months
6.60%
15 months to 18 months
7.10%
18 months to 21 months
7.00%
21 months to 2 years
7.00%
2 years 1 day to 2 years 11 months
7.00%
2 years 11 months to 35 months
7.15%
2 years 11 months 1 day to 3 years
7.00%
3 years 1 day to 4 years 7 months
7.00%
4 years 7 months to 55 months
7.20%
4 years 7 months 1 day to 5 years
7.00%
5 years 1 day to 10 years
7.00%
HDFC NRE Fixed Deposit Rates above ₹2 Crore
Tenure
Interest Rate
1 year to 15 months
7.25%
15 months to 18 months
7.05%
18 months to 21 months
7.05%
21 months to 2 years
7.05%
2 years 1 day to 3 years
7.00%
3 years 1 day to 5 years
7.00%
5 years 1 day to 10 years
7.00%
HDFC NRO Fixed Deposit Rates under ₹2 Crore
Tenure
Interest Rate
7 to 14 days
3.00%
15 to 29 days
3.00%
30 to 45 days
3.50%
46 to 60 days
4.50%
61 to 89 days
4.50%
90 days to 6 months
4.50%
6 months 1 day to 9 months
5.75%
9 months 1 day to 1 year
6.00%
1 year to 15 months
6.60%
15 months to 18 months
7.10%
18 months to 21 months
7.00%
21 months to 2 years
7.00%
2 years 1 day to 2 years 11 months
7.00%
2 years 11 months to 35 months
7.15%
2 years 11 months 1 day to 3 years
7.00%
3 years 1 day to 4 years 7 months
7.00%
4 years 7 months to 55 months
7.20%
4 years 7 months 1 day to 5 years
7.00%
5 years 1 day to 10 years
7.00%
HDFC NRO Fixed Deposit Rates above ₹2 Crore
Tenure
Interest Rate
7 to 14 days
4.75%
15 to 29 days
4.75%
30 to 45 days
5.50%
46 to 60 days
5.75%
61 to 89 days
6.00%
90 days to 6 months
6.50%
6 months 1 day to 9 months
6.65%
9 months 1 day to 1 year
6.75%
1 year to 15 months
7.25%
15 months to 18 months
7.05%
18 months to 21 months
7.05%
21 months to 2 years
7.05%
2 years 1 day to 3 years
7.00%
3 years 1 day to 5 years
7.00%
5 years 1 day to 10 years
7.00%
HDFC FCNR Fixed Deposit Rates
Tenure
Interest Rates
USD
GBP
Euro
CAD
AUD
JPY
1 year
5.55%
5.55%
3.20%
4.60%
3.95%
0.01%
1 year 1 day to less than 2 years
4.70%
4.70%
NA
4.40%
3.90%
NA
2 years to less than 3 years
4.30%
4.30%
NA
4.05%
3.75%
NA
3 years to less than 4 years
4.05%
4.05%
NA
3.65%
3.70%
NA
4 years to less than 5 years
3.70%
3.70%
NA
3.50%
3.70%
NA
5 years
3.70%
3.70%
NA
3.50%
3.70%
NA
HDFC RFC Fixed Deposit Rates
Tenure
GBP
USD
EURO
JPY
Less than 29 days
0.01%
0.01%
0.01%
0.01%
30 days to 3 months
0.01%
0.01%
0.01%
0.01%
3 months 1 day to 6 months
0.01%
0.01%
0.01%
0.01%
6 months 1 day to less than 1 year
0.01%
0.01%
0.01%
0.01%
1 year
4.85%
5.55%
3.20%
0.01%
1 year 1 day to less than 2 years
0.01%
4.70%
0.01%
0.01%
2 years to less than 3 years
0.01%
4.30%
0.01%
0.01%
3 years only
0.01%
4.05%
0.01%
0.01%
Features and Benefits of HDFC NRI Fixed Deposit
HDFC NRI fixed deposit comes with specific features and benefits designed to meet the unique requirements of Non-Resident Indians. Here are some of those key features that you need to know.
Under the HDFC NRI fixed deposit scheme, all depositors/investors are allowed to partially withdraw their FD investments before the maturity date.
By investing in this type of FD scheme, an individual can avail loan/overdraft against an FD facility, amounting to up to 90% of their investment.
Depositors can easily repatriate their entire FD investment, including the deposit amount and the interest income, to their overseas account at any time.
The initial investment in an NRE account under this scheme and the interest income are exempted from taxation.
Through HDFC NRI fixed deposit, a depositor/investor can avail additional benefits such as joint account opening, nomination and sweep-in facility.
Conclusion
So, this is a complete guide on the varying HDFC NRI deposit rates applicable to different FD schemes and their features. Before making an investment decision, it is in the best interest of investors to verify the interest rates with the bank and go through all the associated terms and conditions carefully.
FAQs
Who is eligible to open an HDFC RFC fixed deposit account?
A Non-Resident Indian who has returned to India on/after 18th April 1992 and has had a permanent settlement since then in India is only eligible to open an HDFC RFC account.
Can I deposit Indian currency in an HDFC NRE account?
No, deposits of Indian currency are not allowed in HDFC NRE accounts. Deposits made in this type of account can be transferred from abroad in foreign currency or from an existing NRE/FCNR account held in other banks.
Can my NRO Deposits with HDFC Bank be automatically renewed on maturity?
Yes, all NRO deposits made with HDFC Bank are automatically renewed on maturity of an existing tenure.
Is HDFC NRI fixed deposit taxable?
No, an HDFC NRI fixed deposit is the only type of FD investment plan that is entirely exempt from taxation.
What is the minimum deposit requirement for HDFC NRO fixed deposit?
An individual must deposit a minimum amount of ₹25,000 to open an HDFC NRO fixed deposit account. All further deposits in this account are only accepted in multiples of ₹10,000.
