Can We Do Fixed Deposit in NRO Account?

Fixed Deposits (FDs)
1

I was wondering can i open fd in nro account?

2

Hi Asha
Yes, you can open an FD in an NRO account.
In fact, you can deposit a fixed deposit in an NRO account as an individual or jointly with a resident Indian or NRI. The requirement is to have an NRO savings account to open it.
Banks have made it easier to open NRO fixed deposits with online banking facilities. All you need to do is go to the official website of the bank and explore NRO FD with them. Make sure that you meet the requirements.
Remember, if you open an NRO FD account, you will have to pay TDS on interest earned. The applicable TDS starts at 30% + surcharge and 4% cess. Of course this may vary based on your interest earnings and income slab.