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NRI Fixed Deposit

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According to the December 2018 report issued by the Ministry of External Affairs, there are around 30,995,729 NRIs residing outside India. To help these NRIs yield attractive returns on their income and investments in India several financial institutions and NBFCs offer NRI fixed deposits. These firms and NBFCs often offer competitive NRI interest rates in India and secure greater returns. Fixed deposits provide you with assured returns irrespective of the fluctuations in the market conditions and ensure that you do not lose your capital. However, despite the low risk associated, there are certain points that you should keep in mind while you invest in NRI fixed deposits. Some of which are discussed below.  Investments As an NRI, you can only make investments using your Non-Resident Ordinary or NRO account via NEFT, cheque or demand draft.  Tax Deduction at Source (TDS) While you invest in an NRI fixed deposit, a proportion…