NRI deposits in India: Your guide to smart and safe investing

As an Indian expatriate, navigating the financial landscape across borders can be overwhelming. With opportunities abound, uncertainties come in– especially when it comes to safeguarding your hard-earned wealth. Enter NRI fixed deposits, a potent tool offering both attractive returns and a familiar touchstone. 

This article serves as your compass, guiding you through the NRI fixed deposit accounts in India.

Exploring the types of NRI deposit accounts
 

There are three main types of NRI deposit accounts in India -

· Non-resident external (NRE) deposits
 

Save your foreign earnings here, let them grow with tax-exempt, and bring them back anytime you please. Embrace a long-term savings strategy devoid of unnecessary complications.

· Non-resident ordinary (NRO) deposits 
 

An NRO account is ideal for you to deposit and manage Indian earnings and expenses. Also, the interest you earn on NRO accounts is taxable in India.

· Foreign currency non-resident (FCNR) deposits
 

 These deposits are held by NRIs in foreign currencies, providing them with a means to deposit and manage their funds in a foreign bank outside of India. These deposits are denominated in major foreign currencies and offer fixed interest rates for the specified term.

Benefits of NRI deposits
 

NRI fixed deposits in India offer several advantages beyond just safe returns -

· Currency flexibility

Manage your international finances seamlessly with multi-currency options.

· Repatriation freedom

You can invest in India on a repatriable basis for NRE and FCNR deposits, allowing you to take back the proceeds of the investments or sales to your home country. This freedom enables you to manage your investments and finances more effectively.

· Joint account options

Share your finances and deposits with your family, even if they are oceans away.

· Access to Indian investments

Diversify your investment portfolio by tapping into India's market potential.

Tax implications
 

As an NRI, understanding and navigating through safe investment options can be tricky, especially when it comes to taxes. Let's dive deeper into the tax implications of each -

· NRE deposits
 

 The main attraction of NRE FDs is their tax-exempt status. Both the principal amount and the interest earned are exempt from Indian income tax. This makes them ideal for parking your foreign earnings and letting them grow without any tax worries.

· NRO deposits 
 

NRO FDs attract income tax on the interest earned. However, the tax rates are generally lower than those applicable to resident Indians.

· FCNR deposits

Interest income on FCNR FDs is exempt from income tax of India. This makes them another attractive option for growing your overseas income tax-exempt. 

Metra Trust : Your NRI Banking partner
 

Metra Trust understands the unique needs of NRIs and offers a range of NRI deposit options with attractive features like -

· Fully and freely repatriable deposits for complete control over your NRE and FCNR funds

· Automatic deposit renewal for hassle-free banking

· Flexible tenures from 1 to 10 years to suit your investment goals

· Competitive interest rates, with up to 7.75% on NRE and NRO fixed deposits

How to open an Metra Trust NRI Fixed Deposit?
 

Ready to invest smartly as an NRI with Metra Trust? Here's how to open your NRI FD account in minutes -

· Gather documents
 

Passport copies, valid visa/permit, and address proofs (Indian & overseas).

· Choose your channel

Open online through net banking or visit your nearest branch.

· Select your NRI FD

Pick flexible tenures (1-10 years) and enjoy tax-exempt interest on NRE or FCNR accounts.

Also read - The ultimate guide to NRI Fixed Deposits : Debunking myths and misconceptions

Steer your financial ship toward success
 

Investing in NRI deposits in India can be a safe way to manage your finances and grow your wealth. With the variety of options available, you can choose the right fixed deposit account that best suits your needs and goals. 

Open your NRI fixed deposit account today with Metra Trust and watch your money grow. Let's make your investment journey in India seamless.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.