NRO Fixed Deposits (FD) - Open NRO FD Account Online

NRO Fixed Deposits

*Annualized Yield for 376 Days – 540 Days at 7.72%, compounded quarterly. T&Cs apply.

NRO Fixed Deposits – An Overview

NRO fixed deposits allow you to earn interest at a competitive rate on the income earned in India while you work or live overseas.

Grow your savings with DBS Treasures NRO FDs. Earn competitive interest rates on your Indian income.

Please note that DBS Treasures NRO fixed deposits can be opened jointly with resident and non-resident Indians.

Features of NRO FD

DBS Treasures NRO Fixed Deposits come with key attributes that cater to the financial needs of NRIs managing income sources in India.

Interest earned on NRO account deposits is taxable as per the Income Tax Act
Fixed deposits with a tenure of less than 6 months earn simple interest, while those of 6 months or more have interest compounded quarterly.
While the principal amount is not fully repatriable, you can transfer the entire interest earned on the deposit to a foreign currency.
NRO fixed deposit account holders can open the FD jointly with a non-resident or resident Indian citizen.
Flexible tenure options allow you to choose a deposit period that aligns with your financial goals.

Open NRO Fixed Deposit

Key Benefits of DBS Treasures NRO FD

DBS Treasures NRO Fixed Deposits offer multiple advantages, ensuring NRIs can efficiently manage and grow their rupee income.

DBS Treasures NRO FD is ideal for NRIs with sources of regular income in India, such as rental income, fixed deposits, pension, and mutual fund dividends.
You can earn higher interest rates and returns on rupee income.
Customers can easily open and manage their fixed deposit funds through internet as well as mobile banking platforms.
Secure investment option with guaranteed returns and minimal risk.
Provides a stable way to grow your savings while maintaining financial flexibility.

For NRIs also considering options to invest foreign earnings, an NRE Fixed deposit could be another alternative with different benefits.

NRO FD Interest Rates

Rates w.e.f. 11^th December, 2023

Tenor	Regular
7 days	2.50%
8 days & up to 14 days	2.75%
15 days & up to 29 days	4.00%
30 days & up to 45 days	4.50%
46 days & up to 60 days	4.50%
61 days	5.00%
62 days & up to 90 days	5.00%
91 to 180 days	5.00%
181 to 269 days	6.00%
270 to less than 1 year	6.00%
1 year to 375 days	7.00%
376 days to 540 days	7.50%
541 days to 599 days	7.25%
600 days	7.25%
601 days to less than 2 years	7.25%
2 years to less than 2 years & 6 months	7.00%
2 years & 6 months	7.00%
2 years 6 months 1 day & less than 3 years	7.00%
3 years and less than 4 years	6.50%
4 years to less than 5 years	6.50%
5 years and above	6.50%

Simple Interest rate will be paid on fixed deposits below 6 months. For fixed deposits of 6 months or above, interest will be compounded quarterly.

For more information on rates check NRO FD Interest Rates

Eligibility Criteria to Open NRO Fixed Deposits

DBS Treasures NRO Fixed Deposits are designed for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) who wish to manage their income earned in India. To be eligible for opening an NRO Fixed Deposit with DBS Treasures, applicants must meet the following criteria:

Non-Resident Indian (NRI) or Person of Indian Origin (PIO) Status
Only individuals classified as NRIs or PIOs as per Indian regulations are eligible to open an NRO Fixed Deposit.
Source of Income in India
The applicant should have a source of income in India, such as rental earnings, pension, dividends, or any other rupee-based income.
Age Requirement
While there is no explicit age limit mentioned, the applicant is generally expected to be at least 18 years old to independently open a fixed deposit. Minors may apply under the guardianship of a parent or legal guardian.
Joint Account Holding
An NRO Fixed Deposit can be held individually or jointly with another NRI or a resident Indian, subject to regulatory guidelines.
Compliance with FEMA Regulations
The applicant must comply with the Foreign Exchange Management Act (FEMA) regulations, ensuring that the funds used for the deposit are sourced from permissible Indian earnings.

Meeting these eligibility requirements allows NRIs and PIOs to open an NRO Fixed Deposit with DBS Treasures and efficiently manage their rupee-denominated funds in India

Open NRO Fixed Deposit

Documents Required to open NRO Fixed Deposit

For NRI (Non-Resident Indian)

Indian PAN card or Form 60
A valid Indian passport
Proof of NRI status - Employment/Residence Visa copy or Work / Residence Permit
Address proof (Overseas and in India) as per Customer Identification Policy
Recent passport size colour photograph
Additionally, for Seafarers: FEMA declaration, along with the current work contract and a copy of CDC along with the last page of disembarkation stamp

For PIO (Person of Indian Origin)

A valid Indian passport
A valid PIO/OCI card or any other proof of PIO status as per Customer Identification Policy
Proof of Address (Overseas and in India) as per Customer Identification Policy
Duly signed and filled-in PIO declaration
Recent passport size colour photograph

Once a DBS Treasures NRO Savings account is opened basis above documents, NRO deposits can be booked online through DBS Treasures Mobile or Internet Banking Platform. You may also choose to submit an FD request form at the nearest DBS branch.

How to open an NRO Fixed Deposit

Open NRO Fixed Deposit

Opening a DBS Treasures Non-Resident Ordinary (NRO) Fixed Deposit is a straightforward process, offering both online and offline methods to suit your convenience.

Existing customers: Who already have an NRE or NRO account can log in to Internet or Mobile Banking, navigate to the Fixed Deposit section, and follow the steps to open an NRO FD.
New customers can apply online by providing basic details, after which a Relationship Manager will assist with the process.

NRIs seeking secure investment options can explore different types of deposits for NRI, depending on their financial goals and income sources.

Frequently Asked Questions

Why should I opt for NRO fixed deposits?

NRO fixed deposits come with attractive interest rates, which help you earn higher returns on your investment.

In what currency can I maintain my DBS Treasures NRO fixed deposit account?

You can maintain your NRO FD account in Indian rupees only.

How often will I receive interest on my NRO Fixed Deposit?

This will depend on the type of term deposit booked. For simple and cumulative deposits, interest payment is at the time of maturity. For the quarterly pay-out type of term deposit, the interest payment frequency is quarterly.

Can I opt for premature withdrawal on my NRO Fixed Deposit?

Yes, you can break the fixed deposit before its maturity date. However, you need to maintain it for a minimum period of seven days to earn interest on it. Pre-closure charges may be levied as applicable on a case-by-case basis.

What happens if I forget my FD maturity date?

If you do not withdraw your FD upon maturity, it will be renewed automatically for the same tenure and at the prevailing interest rate if you have already provided auto-renewal instructions. If the maturity instruction is 'do not renew', the amount will be credited into your NRO savings account. In the case of auto-renewal, the prevailing interest rate on the date of maturity would then apply to the new FD booked.

Can I open the FD jointly with another individual and can I assign a nominee for my fixed deposit?

Yes, NRO deposits can be opened jointly with other Non-Resident Indians or resident Indians. Nominees can also easily be assigned for the FD account.

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Is NRO FD interest taxable?

The interest rate on NRO fixed deposits is taxable in India as per the income tax laws. The interest is subject to Tax Deducted as Source (TDS) at applicable rates, which may vary depending on the depositor’s residence county and any Double Taxation Avoidance Agreements (DTAA) benefits applicable.