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- NRI Fixed Deposit
Easy paper less account opening
Flexible tenures
Low minimum investment requirement
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Features and benefits
NRI fixed deposit account is a financial service offered for Non-Resident Indians (NRIs).
NRIs have a number of fixed deposit options to choose from. There are majorly 4 types of fixed deposits which is offered by the bank for Non-Resident Indians. They are:
NRE Fixed Deposits – One of the most common options of fixed deposits to choose from is NRI deposits. This type of FD allows an NRI to deposit his or her earnings in the bank account as savings or investment and earn high rates of interest offered on the bank. In this type of FD account, deposits are accepted in Indian currency only. The tenure and interest rate differs from a domestic FD. They offer full repatriability and is tax-free.
NRO Fixed Deposits – Another type of FD for NRIs is the NRO deposit. This is similar to NRE deposits when it comes to the currency of the deposited amount. However, the interest rates of NRO deposits is the same as the domestic deposit. The money deposited in an NRO FD deposit is subjected to tax. Any NRI who has a source of income in India has to open an NRO deposit.
FCNR Fixed Deposits – A Foreign Currency Non-Repatriable (FCNR) deposit allows investors to deposit their money in foreign currencies which are accepted all over the world. Most major banks accept Great Britain Pound, United States Dollar, Euro, Canadian Dollar, Japanese Yen, and the Singapore Dollar.
RFC deposit – This type of NRI fixed deposit can be opened by the NRIs who wish to move back to India soon. In most banks, the United States Dollar, Great Britain Pound, and the Euro are accepted and the interest earned in this FD is fully repatriable.
Safety and security
The investments made in an FD for NRIs are safe and highly secure.
An ideal option
An ideal option to deposit and save money earned abroad.
Tax exemption
2 types of FDs for NRIs are exempted from tax.
Overdraft loan facilities
Overdraft and loan facilities can be taken on the FD.
Offers a higher rate of return.
NRI FD offers a higher rate of return compared to several other investment options available.
NRI Fixed Deposit eligibility criteria
Nationality
Indian
Age
21 years to 67 years*
Employment
Working at an MNC, public or private company
CIBIL score
750 or higher
Monthly salary
Starting Rs. 22,000, based on your city of residence.
Documents required
You need the following documents while applying fora MAKS Finserv NRI Fixed Deposit:
- KYC documents
- Employee ID card
- Salary slips of the previous 2 months
- Last 3 months’ bank statements of your salary account
Current NRI Fixed Deposit interest rates
| The annual rate of interest is valid for deposits from Rs. 25,000 up to Rs. 5 crore (w.e.f. Dec 01, 2021) | |||
|---|---|---|---|
| Interest rate | 12 – 23 | 24 – 35 | 36 – 60 |
| Cumulative | 5.65% p.a. | 6.40% p.a. | 6.80% p.a. |
| Monthly | 5.51% p.a. | 6.22% p.a. | 6.60% p.a. |
| Quarterly | 5.53% p.a. | 6.25% p.a. | 6.63% p.a. |
| Half-yearly | 6.30% p.a. | 6.69% p.a. | 6.69% p.a. |
| Annual | 5.65% p.a. | 6.40% p.a. | 6.80% p.a. |
Rate benefits basis customer category (w.e.f. Dec 01, 2021)
Types of personal loan interest rates
Personal loans come with two types of rates of interest: Fixed interest rate and floating interest rate.
1. Fixed interest rate
As the name suggests, the interest rate remains the same throughout the loan tenor. Thus. the loan E Ils will also remain constant.
2. Floating interest rate
A floating, adjustable, or variable interest rate is linked to an internal benchmark of a financial institution. Changes to this benchmark will affect the rates. Hence, floating rates vary throughout the loan tenor.
Both of these rates have advantages and disadvantages. Fixed rates keep ENls constant, which helps in budgeting. On the other hand, floating rates go up or come down along with the internal benchmark rate.
Methods for Interest Calculation on Personal Loan
1. Flat rate method
In this method, the applicable rate of interest is charged on the entire principal throughout the tenor.
2. Reducing balance method
In the diminishing balance or reducing balance method, the applicable rate of interest is chargeable on the outstanding principal after each EMI is paid off. Thus, the interest is calculated every month on the loan balance. Borrowers pay lower interest on the loan compared to the flat rate method.
Interest rate calculation formula
The interest rate for a personal loan through the flat rate method and the reducing balance method is calculated using the following formula:
1. Flat rate method
The rate of interest is chargeable on the entire loan principal. The formula for this method is — ENI = (principal + total interest payable) / loan tenor in months Wherein, total interest payable = P x r x n/100
Contact MAKS Finserv Customer Care
If you are a new customer who is looking for information about the
MAKS Finserv NRI Fixed Deposit
- Visit our branch by finding us on Google
- SMS HELP to +91 9717708810
