There are many reasons why non-resident Indians should grow their savings in India, including the possibility of currency appreciation and alluring interest rates. In particular, there are tax benefits associated with FCNR (Foreign Currency Non-Resident) and NRE (Non-Resident External) deposits. But how to increase NRI deposits? To increase NRI deposits in India, especially through Fixed Deposits (FDs), banks and financial institutions can adopt several strategic approaches, which I shared below.
Tips to Increase NRI Deposits through FD
Firstly, offering attractive interest rates on NRI FDs compared to savings accounts or deposits in foreign banks can be a key driver.
NRIs often look for stable, high-yield investment avenues with low risk, and Indian banks typically offer better rates on NRE and FCNR FDs.
For example, NRE FDs are tax-free in India and fully repatriable, making them appealing for wealth accumulation.
Simplifying the onboarding and documentation process through digital platforms can significantly improve participation. Banks should offer seamless online account opening, FD booking, and KYC submission tailored for NRIs living in various time zones.
Promoting customised FD schemes like flexible tenures, auto-renewal options, and overdraft facilities against FDs can make the product more user-friendly.
Offering multi-currency FCNR deposits also attracts NRIs who wish to avoid exchange rate risk.
Additionally, creating awareness through targeted marketing in regions with high NRI populations (like the Middle East, the US, the UK, and Canada) can increase visibility.
Finally, trust and security play a vital role. So, ensuring that deposits are well protected under RBI regulations builds investor confidence.
I hope you found these strategis helpful.
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How to Increase NRI Deposits?
ravi
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2025-07-15T07:59:32+00:00 2025-07-15T07:59:34+00:00Comment
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