If you are a Non-Resident Indian (NRI), investing your savings in fixed deposit (FD) in India can be a great way to grow your money.
FD for NRIs
NRIs often keep their money in a savings account, where it stays securely but generates low returns. Thus, it is time for you to consider investing the money in FDs. Even though there are multiple investment avenues, FD can be your best bet, as it offers guaranteed income. FDs’ interest rates do not depend on the market situation, ensuring that you do not lose money.
Additionally, FDs are reliable and offer flexible investment options. If you want to learn how to invest in NRI FDs, here are a few details related to Mahindra Finance FDs. Read on to know more.
How to invest in NRI FDs
The first thing you require to invest in an NRI Fixed Deposit is a Non-Resident Ordinary (NRO) account. You need to submit specific documents proving your identity and NRI status. An important piece of information to remember is that you have to pay taxes in India on the earnings from NRI FDs when using an NRO account.
Here are the documents you must submit to invest in NRI FDs.
- Passport and a valid visa
- PAN card
- A Person of Indian Origin (PIO) card establishing Indian origin if you are a foreign passport holder
- Overseas employment letter for confirming the residential status and address
- Passport copy
- Tax Residency Certificate from the Income Tax department of the nation where you live
- Local address proof including bank passbook or account statement, driver’s license or voter ID card, and local property papers
NRI FD interest rate
The fixed deposit interest rates for NRIs depend on the investment tenure. Check the below table to get an idea about the rates on Mahindra Finance Samruddhi Cumulative/Non-Cumulative Schemes.
|Minimum amount||Tenure (months)||Yearly effective yield|
Mahindra Finance offers multiple schemes with flexible periods. You can choose an FD depending on the investment amount and enjoy long-term returns. The FD rates from Mahindra Finance ensures that your hard-earned savings have every opportunity to grow.
You can invest in an NRI FD from a Mahindra Finance branch office when visiting India or apply online using the website right from the comfort of your home. So, without any further delay, visit the Mahindra Finance website and make a wise investment.