Fixed deposits are one of the most popular and safest form of investment of money, especially in India where many NRIs prefer to preserve their wealth rather than take on high-risk investments. The appeal of fixed deposits is further backed by the guaranteed returns they offer - the interest rate is locked in for the entire tenure, providing NRIs with a sense of financial security and certainty in their income planning.
Fixed deposits which can be maintained by Non-Residents in India can be broadly classified into three categories:
1. Non-Resident External (NRE) Fixed Deposits – Tax-free interest and free repatriation of funds are the key features of an NRE deposit which makes it a convenient and preferred mode of maintaining fixed deposits among NRIs. The only inward remittances permitted into these accounts are foreign earnings or transfers from other NRE accounts.
2. Non-Resident Ordinary (NRO) Fixed Deposits – These deposits are for earnings made by Non-Residents from India and the interest earned on such deposits are subject to tax under the Income-tax Act, 1961. These deposits are allowed to be repatriated up to a umulative limit of USD 1 million per annum.
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