NRI deposit is among the most popular investment options for Indian residents residing outside the country. As per the latest data released by the Reserve Bank of India, the total NRI deposits in India stand at over $130 billion. Plus, the Financial Year 2020 will alone see approximately $94 billion maturing as NRI deposits.

Another analysis also indicates the NRI deposits in India rising steadily over the years. Although most of these deposits are short-term, the Indian financial market also offers long-term deposit schemes at attractive rates of interest. Also, various financial institutions offer these schemes to suit the investment needs of Non-Resident Indians.

NRIs are thus faced with a challenge of selecting the best NRI deposit scheme that not only offers high returns but also comes with other attractive features. Plus, easy fund management is another concern with these investors.

So, check out the features you can look for when choosing the best deposit scheme like a fixed deposit for NRIs. Also, you can utilize an FD return calculator to compare interest earnings offered by various financial institutions.

Things to look for in the best deposit scheme for NRIs

  • Competitive interest rates for high returns

Assured high returns safeguarded from market fluctuations are one of the most reasonable benefits that NRI deposits offer. When selecting the best NRI deposit scheme, it is thus ideal to check whether the chosen financier offers returns at competitive rates of interest or not.

You can thus compare the interest rates offered by various financial institutions to decide on an investment option that maximizes returns. Utilize an FD return calculator to make a closely accurate comparison of returns on various fixed deposit schemes.

  • Additional returns for specific customer profiles

Some of the renowned financiers also offer returns at a higher margin than regular NRI deposits. For example, a senior citizen can earn higher returns on an NRI FD than a regular investor with the best financial institutions. It would thus make these a suitable investment scheme to plan your post-retirement life.

Also, some NBFCs offer returns at a 0.10% higher rate than the regular ones for their existing NRI customers opting for fixed deposit investments. Look for such features to maximize returns on your FD investment.

  • Flexibility in investment tenor

NRIs can opt for fixed deposit investments to meet various long or short term financial goals, both personal and professional. It is thus essential that they have an option to choose an investment tenor as per their funding requirements.

The best NRI deposit scheme in India would thus also include flexibility in tenor options, both at the lower and higher ends.

  • Ease of deposit renewal

Making adjustments to existing investments is another requirement NRIs look for to generate returns as per their changing financial goals. Thus, an easy deposit renewal option is a preferable feature to look for when selecting the best deposit for NRIs.

You can hence look for additional features like easy renewal options at the time of investment. It allows for the automatic renewal of your fixed deposit without you needing to go through the hassles of applying for the same once your investment matures.

  • Option for multiple deposits

A multiple deposit option allows you to create more than one account with a single cheque. It comes with a unique benefit of premature withdrawal from a single deposit. You can thus effectively meet immediate funding needs without risking the entire investment.

Options like these with an NRI deposit provide you accessibility to a part of total funds invested without intervening in return generation from the remaining amount.

  • Financier’s credibility

The credibility of the financier you are investing with is as essential as any other feature or facility. A credible financier gives you the confidence of assured returns along with the safety of the invested amount.

Investment options like the Bajaj Finance Fixed Deposit not only provide an interest rate of over 8% but also extend the safety of investment via highest credibility and stability ratings like FAAA from CRISIL, MAAA from ICRA, etc.

Along with these features, the ease of account-opening is another facility to look for. A simplified online application process with minimum eligibility and documentation should be the ideal lookout for an easy account-opening process for an NRI FD. Also, fixed deposit options like cumulative and non-cumulative FDs offer differential returns. You must, therefore, make sure to utilize an FD return calculator to understand the difference and choose a suitable deposit scheme.

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