NRIs earn in foreign currencies and therefore, the desire to convert them into Indian Rupees is always there as they fetch a higher value. The Indian economy is also grown tremendously over the years, and this has brought in more opportunities for foreign investment in the country. However, the RBI (Reserve Bank of India) has set rules and guidelines to monitor the type of investment that an NRI makes.
NRIs can open two types of account in India viz. NRE (Non-Resident External) and NRO (Non-Resident Ordinary) account. An NRE account can be used to deposit the income earned from foreign countries or sources, whereas NRO account can only be used to park the income that has been earned from Indian sources.
Among the various investment avenues for NRIs, the best one is the fixed deposit. The interest rates on fixed deposits are currently on the lower side, but corporate FDs offer attractive interest rates. Therefore, NRIs can easily invest in them through their NRO account to earn through this high return investment.
Here are some of the best features of Bajaj Finance NRI FD account:
Attractive interest rates
Bajaj Finance offers an interest rate of 8.6 percent on its three-year fixed deposit. With the same tenor, a senior citizen NRI gets an interest rate of 8.95 percent by choosing a cumulative FD. These interest rates are at least one to two percent greater than the bank FDs.
Account opening assistance
An NRI can apply for a fixed deposit account through the online portal of Bajaj Finance. After that, a representative will contact him to inform about all the details and documents that an NRI has to submit to open an FD account. He can also ask them about the investment amount, tenor, and other details from their customer executive representatives.
With a Bajaj Finance FD, you get some advanced features as well. The most impressive is the multi-deposit facility through which an NRI can open five fixed deposit accounts that can have different amounts and tenors through only one cheque. As each of the FD matures, you can re-invest it and earn an additional 0.10% interest rate on your FD.
Bajaj Finance also allows an NRI to give standing instructions for auto-renewing FDs. This proves to be a convenient NRI investment option for those individuals who are busy and do not have much time to monitor their investments. Moreover, they can pay through NEFT/RTGS or cheque for opening an FD account.
Also, Read This: Smart investment: How to Get High Returns on Investment
On the official website of Bajaj Finance, you will find an online FD calculator through which you can calculate your final returns by selecting the FD tenor and amount which are most convenient for you. There is no separate FD calculator for NRIs as the interest rates offered to an NRI is the same as those offered to resident Indians.
As an NRI, you should be even more cautious while investing. Fixed deposits are safe from market fluctuations and risks, but not all finance companies and banks are credible. Credit rating agencies such as CRISIL and ICRA rate the finance companies and their investment instruments based on their safety and stability. Bajaj Finance FD has been rated highly safe and stable by these agencies with CRISIL’s FAAA/stable rating and ICRA’s MAAA/stable rating. Therefore, these FDs prove to be the safest high return investment for NRIs.
These features make Bajaj Finance FD account the best option for NRIs who want to invest in India. However, NRIs must remember that they can invest in a Bajaj Finance FD only from the funds transferred from the NRO accounts.