Withdrawing money from NRO FDs can be done only in Indian currency. However, one can transfer money from an NRE account to an NRO account to invest in an NRO FD.
However, the interest amount can be transferred to a foreign account.Īn NRO FD can be opened only by using funds originating in India. Moreover, the principal is non-repatriable. Also, the interest earned on the FD is taxable in India. The interest rates for NRO FDs vary for different banks. You can open an NRO FD account only with your NRO Account.Īn NRO FD guarantees returns in the form of interest at very low risk. The account can be jointly held along with any resident in India. NRIs can open this account to manage their income in India. What is NRO FD?Īn NRO account or Non-Resident Ordinary account is a savings account or a deposit account denominated in Indian Rupee. This article covers NRO FD Rates, its features and benefits in detail. An NRO FD allows NRIs to invest their Indian income in fixed deposits and earn guaranteed returns. It is opened by NRIs to manage their income in India. Difference between an NRO FD and NRE FDĪn NRO account or Non-Resident Ordinary account is a savings account or a deposit account denominated in Indian Rupee.
