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6 Things you Must Know About NRI FD in India

Fixed Deposits (FD) in India are offered by post offices, commercial banks and Non-Banking Financial Companies (NBFCs).

Fixed Deposits (FD) in India are offered by post offices, commercial banks, and Non-Banking Financial Companies (NBFCs). For a Non-Residential Indian (NRI), any investment instrument in the domestic economy must be low risk and require less monitoring. This allows them the freedom to cover. Vacation expenses in the home, the country as well as general growth of their money.

Thus, FDs become a preferred option for them to: 

  1. There are a number of things you must know about NRI FD in India. We will be covering not only the general rules and regulations but also the best way to make these investments. These include:
  2. Being NRIs; they cannot invest in Post Office FDs. This leaves them the option of investing with banks or NBFCs. 
  3. The average interest rates at banks range from 4.5-5.75% for NRIs but at Bajaj Finance NRI FD, The rate ranges from 5.60% to 6.50%. In fact, Bajaj also offers a premium of 0.25% to Senior Citizens. 

The question arises that as an NRI FD, which FDs should you look at? Following are the details of Bajaj Finance.

Features

  • Tenure: The minimum tenure is 1 year and maximum is 5 years for an FD at Bajaj
  • Interest Rates: They range from 5.65% to 6.75%
  • Deposit: A minimum deposit of Rs 25,000 only is required
  • Online Payment Options: Both, Unique Payment Interface (UPI) and Net-banking options are available 
  • Unique Selling Point: The entire process from end to end is paperless, thus it can be done from the safety of your home

Benefits

High Interest Rates: At Bajaj Finance, you receive a very lucrative interest rate of 6.50% which increases to 6.75% if you are a Senior Citizen (60 years of age or more). This is applicable even if you are an NRI. It allows you to grow your wealth at a good rate while assuring the safety of your money. 

Special offers to Senior Citizens: 4) Bajaj FDs value and understand their senior citizen account holders. Thus, along with a higher interest rate they can also avail periodic pay-outs to fund general expenses. Therefore, even if you are an NRI living abroad with your children; you can safely and conveniently invest with Bajaj Finance at the FD rates of today.

Benefits to Pravasi Bhartiyas (NRIs): 5) For Non-Residential Indians (NRIs), Overseas Citizens of India (OCIs) and Persons of Indian Origin (POIs); the NRI FD at Bajaj Finance are a great investment opportunity and alternative. With an NRO account, they can make a choice between tenures of 12 and 36 months. The interest rates are the same for them including the additional benefits given to Senior Citizens. 

Systematic Plan for Depositors: 6) The Systematic Deposit Plans (SDPs) launched by Bajaj allow people to make deposits on regular intervals, keeping in mind the erratic availability of funds. In this, the tenure still remains between 12 and 60 months. Depositors have to choose between 6 to 48, for the number of deposits they’d make in a month under their SDPs at Bajaj FD.

When it comes to the maturity, they have an option to choose a single date or a monthly maturity scheme. This way they can ascertain long term and distinguish them from short term goals while making a decision. 

High Credibility and Stability: Bajaj Finance is a safe option for FDs and any other investment instruments, irrespective of the risk involved, that you look at. It has been accredited with the highest ratings of CRISIL’s FAAA and ICRA’s MAAA, ensuring your money and funds are safe. 

Flexible Time Frames: By having a wide range of tenors between 12 and 60 months, you can plan your liquidity and generate higher cash inflows as per your requirements. Bajaj FDs allow you to suit your investments as per your individual financial status quo. 

Smaller Minimum Deposit: 7) With a cap of only Rs 25,000 you can start investing in FDs, at an early stage without being forced to accumulate a larger set of funds. This way, even with a small investment you can secure your future. 

Digitalized Application Process

Digitalized Application Process: 8)At Bajaj, the policy has always been to stay up to date with the need of the hour and to provide the most convenient service to customers. Their application prevents you the hassle of page long documents and even longer queues. It allows you to browse the best rates from the safety of your homes while completing the entire process digitally. 

Online Loan against FD: 9) The main concern of a depositor when it comes to an FD is, what if he/she has to break it. Bajaj depositors can take a loan against the FD (post the initial lock-in period of 3 months). They need to make emergency withdrawals. The only condition is that the loan value cannot exceed 75% of the FD value. 

Auto-renewal: While having automatic and unconsented renewals is scary, Bajaj gives you the option to opt for an auto-renewal to save you the time and effort of manually filling the renewal forms repeatedly.

Therefore, Bajaj Finance FD is the ideal choice for NRIs. It liquidity providers crypto to them the best FD rates of today along with convenience, safety, and growth.  Also, there are most certainly more than 6 things you need to know about FDs in India as an NRI.

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