Rather than leaving their earnings parked in savings account balances, NRIs could consider investing in fixed deposits.
With the Indian diaspora sending a whopping USD 80 billion home, India has retained its position as the world’s top recipient of remittances. This massive amount often remains parked in savings account balances, earning low returns. Instead of leaving their savings in these accounts, NRIs could consider investing in fixed deposits, which help them gain higher returns.
Unlike other investment options, NRI Fixed Deposit offers guaranteed returns that are not affected by market fluctuations. As a result, you earn guaranteed returns, even as your principal amount grows steadily, without risk. For NRIs seeking smart investment avenues, NRI FD is the best option. Read along to know more about Bajaj Finance FD for NRIs.
How to invest in Bajaj Finance FD?
To invest in a Bajaj Finance Fixed Deposit for NRIs, you must have an NRO account. The returns earned via an NRO FD are taxable within the country. You can start investing immediately, if you have a valid identity proof, and documents validating your NRI status, such as work permit, residence permit, permanent resident visa and employment visa.
Interest rates on NRI FD
A fixed deposit is known for its guaranteed returns, but the quantum depends on the interest rate offered by the issuer. This means that you can maximise your FD earnings only when you compare several issuers and pick the best FD.
Bajaj Finance offers one of the highest NRI FD interest rates in India. Based on your investment profile and tenor, you can earn returns as follows.
NRI FDs are subject to TDS on the basis of the interest earnings for the financial year. The following table explains the applicable rate.
Despite TDS, you can still maximise returns by planning your investments beforehand. One of the best ways of doing this is by laddering your FDs using the NRI FD calculator. To enhance your investment experience, Bajaj Finance also offers multi-deposit and auto-renewal facilities.
Multi-deposit facility enables you to invest in several FDs of varying duration and amounts via a single cheque and by choosing auto-renewal facility at the time of booking your FD, you can reinvest without any hassle.
Bajaj Finance FD has the highest credibility ratings of FAAA by CRISIL and MAAA by ICRA, which makes it one of the safest investment options. Staying invested in this NRI FD for the long run is hence, one of the most profitable moves.
So, put off any delay and invest in an NRI FD today to make the most of your income! Simply fill an online form to authorise a Bajaj Finance executive to get in touch with you to help you book an NRI Fixed Deposit.
Disclaimer: This content is distributed by Bajaj Finserv. No HT Group journalist is involved in the creation of this content.