A fixed deposit is an ideal option to preserve your savings and maximize your earnings. Financial institutions including NBFCs offer NRO fixed deposit with which NRIs can earn attractive returns at an attractive interest rate. Against such deposits, you can also avail emergency loans.
Bajaj Finance, a reputed financial in India, offers such fixed deposits for NRIs with lucrative benefits. Some of which are discussed below.
- Deposit amount
You can book your fixed deposit with a minimal deposit amount of Rs. 25,000. Such a minimal deposit amount makes it easier for you to invest at any time without having to wait for accumulating larger funds.
- Fixed returns
This NBFC offers you assured returns irrespective of market fluctuations. It ensures that your funds are secured and you do not lose your capital. They offer you a competitive return on investment of up to 8.35%, which can be extended up to 8.70%.
In the case of a senior citizen, you can enjoy an additional return of 0.35% which allows you to earn a higher return with the Bajaj Finance fixed deposit.
- Easy renewal
You can opt for the auto-renewal option to omit the hassle of filing the renewal form at the time of maturity.
- Online application process
You can apply for an NRO fixed deposit online without any hassle. To do so you will have to visit the official website of Bajaj Finserv and fill an online application form with minimal details. After you have filled up the application form, deposit the desired amount via NEFT from your NRO account. You can keep a digital copy of your filled up application form by clicking on the ‘save as PDF’ option.
After your payment is made, a representative will visit you to take you through the documentation process. Once your documents are verified your fixed deposit will be booked, and you will be informed about the same.
The fixed deposits offered by Bajaj Finance are rated by ICRA and CRISIL and are MAAA certified. Besides, the return on investment does not depend on the market value, and you will receive the amount assured at the time of opening your fixed deposit account.
- Fixed deposit calculator
With a fixed deposit calculator, you can estimate your returns, depending on which you can decide on the deposit amount. You can streamline your financial plan with Bajaj Finance FD calculator and know the returns in advance.
- Loan facility
Against your NRO fixed deposit, you can avail emergency loans of up to Rs. 4 Lakh. With such advances, you can prevent from liquidating your funds and also meet your financial urgencies at the same time.
You get to enjoy a flexible tenor that ranges anywhere between 12 months and 36 months. Some ways in which your FD tenor affects its interest rate are:
- Long tenor provides you with the opportunity to reinvest your funds to increase your return.
- With long-term fixed deposits, you can earn fixed revenue for your deposits despite fluctuating interest rates.
- Longer tenor also helps you earn attractive interest rates. Bajaj Finance offers you an additional 0.55% interest rate for fixed deposits with a tenor of 12 months or above.
- Multi deposit
You can choose variable interest payment frequency for each of your deposit depending on your financial requirements. You can also prematurely withdraw from a single fixed deposit without breaking all of your deposit.
- Minimal documentation
You are required to submit only minimum documents to open a fixed deposit account, such as-
- KYC documents: like PAN card, driving license, passport, etc.
- Address proof: such as water bills, electricity bills, gas bills, telephone bills, etc.
- Income proof: like account statement, profit, and loss balance statements, etc.
Also, you will have to provide your recent passport-sized photograph.
NRIs can enjoy tax benefits against their fixed deposits under the Double Tax Avoidance Agreement (DTAA). Besides, NRO fixed deposit will attract Tax Deductions at Source or TDS. A deduction of 31.2% will follow if the yearly interest rate on deposit is below Rs. 50 Lakh. A deduction of 34.32% will be applicable if the annual interest rate ranges between Rs. 50 Lakh and Rs. 1 Crore. Also, a deduction of 35.88% can be enjoyed if the yearly interest rate is more than Rs. 1 Crore.