With the right investments, Non-Resident Indians (NRIs) can earn sizeably from India too. These earnings can help build a better future for your family – abroad and back home. While investing in India, it is better to look for options that are safe and non-risky as it reduces the need for your constant supervision.
Hence fixed deposits (FD) are a great investment option for NRIs. You choose the right product for your needs, put in your money once, and let it grow. But to make the most of your savings, you need to invest in deposits with the best NRI interest rates in India. The interest rates that most banks provide are not more than 6% to 7%, and they are also subject to change by the order of the Reserve Bank of India (RBI). Whereas, Non-Banking Financial Companies (NBFCs) like Bajaj Finance are offering a 1% to 2% more than this as they need not follow RBI regulations for interest rates.
Investing in India
As an NRI, you cannot legally hold a savings account in India. NRE and NRO accounts are the two places where your wealth can rest in your home country. There are some differences in both these accounts. A Non-Resident External or NRE account can be used to deposit your earnings only from your resident country. You can open a joint NRE account with another NRI. On the other hand, you can use an NRO account to deposit income generated in India as well as that in your resident country. You can open this account not only with an NRI but also a close relative residing in India. Both accounts can be utilized to make investments in India. The account you choose will further depend on your personal necessities and income sources.
NRO account for best FD interest rates
If you are looking for a stable ground to nurture your savings which are earned from sources like rent or dividends in India, you can put them in an NRO account for fixed deposit. But different FD service providers will give you different returns. So before investing, it is important to research and find the one that suits you best.
You can go for Bajaj Finance Fixed Deposit with an NRO account. Currently, it is giving some of the best NRI interest rates in India. New customers earn up to 8.60% interest returns, existing customers earn up to 8.95%, where senior citizens can get an additional 0.35% interest over and above the regular fixed rate. You also have the option to go for a cumulative or non-cumulative FD. A cumulative FD let your corpus grow over a long period of time and lets you withdraw your savings only at the time of maturity while you can get regular interest payouts (monthly, quarterly, half-yearly or annual) with a non-cumulative one. You get higher returns with a cumulative FD.
Bajaj Finance FD is awarded the highest safety ratings in the industry by ICRA and CRISIL. NRIs can take advantage of convenient and zero-risk investing with Bajaj Finance FD right from their country of residence.
Additionally, you can use features such as multi-deposit facility, auto-renewal, loan against FD, and more to benefit from your FD investments with Bajaj Finance. With Experia- your online fixed deposit account, you can easily manage multiple FD accounts at your fingertips.