A Fixed Deposit is a financial service provided by most banks in the country for Non-Resident Indians and domestic citizens. An NRI FD is an excellent way to invest money when living abroad. Depending on the investment type, the returns might be tax-free as well. Some NRI FDs also protect foreign currency investments from currency fluctuations. NRIs have various FD options to choose from.

However, there is a complete process for opening an NRI Deposit. It is simple and can be done in many ways.

Go online

You can open an NRI FD directly from your preferred bank’s website or app. Go to the ‘apply now’ link and choose the FD type you want to open from the dropdown button. Once you click the type, you are directed to a form where you need to fill out some basic details. After adding all the details, submit your form and wait to connect to a bank executive. They then visit your doorstep to get the necessary paperwork done.

Ways to open an NRI FD

Customer care: You can call your bank’s customer care number and speak to a representative to get assistance to open NRI Fixed Deposit Account. The representative helps with the process and assists you with your document submissions.

Online Banking: If you have an existing NRI Account with your bank, you can log into their website or app and open an NRI FD online.

Offline: If you wish to open the FD offline, you can do that too. Firstly, you need to download the form and fill it up. Then, visit your nearest bank branch and submit it. The account opening process starts. If you live outside India, you can submit your documents to one of the partner bank branches in your country of residence or drop the documents at a bank mailbox in your locality.

Documents needed

The primary documents needed to open an NRI Fixed Deposit Account are:

For NRIs

  • A valid Indian PAN card or Form 60
  • NRI status proofs like Work/ Residence Permit or Employment/Residence Visa copy
  • Indian passport
  • Recent passport-size photos
  • Address proofs (Both overseas and in India)

For PIO (Person of Indian Origin)

  • A valid Indian passport
  • A valid PIO card or any other PIO status proof as per Customer Identification Policy
  • Address proofs (Both overseas and in India)
  • Duly signed and filled in PIO declaration
  • Recent passport-size photos