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While the service and growth sectors account for most of the Indian economy, Non-Resident Indian Deposits and their contribution towards the same holds a significant portion of its overall growth. Every dollar sent to India contributes to the country's foreign exchange reserves.
NRI remittances to India is over 25% of the country's total foreign currency reserves. It is a significant contributor to the country's foreign exchange reserves. However, most of these funds are sitting in Savings Accounts, earning minimal returns. Therefore, NRIs are continuously on the lookout for good investment possibilities to help them grow their money. Reasons for FD investments Fixed Deposits are a reliable income source and one of the oldest and safest investment tools available through banks. FD interest rates are more significant than Savings or Current Account. It is one of the primary reasons everyone, including NRIs, like to diversify their investment portfolio by investing in NRI Fixed Deposit. The other reasons invest in these:
FDs are known for their assured returns and are perfect for risk-averse NRIs. They need to diversify their portfolio and grow their savings by investing in this instrument. Unlike other investment options, NRI FD profits are not influenced by market volatility. However, NRIs must remember that they should do so using their Non-Resident Ordinary or NRE Accounts. The money earned at maturity gets credited to your NRO Account as well. However, the amount depends on the issuer's interest rates. It implies customers can increase their FD rates by comparing different issuers and selecting the NRI Fixed Deposit Account with the best interest rates. The two main types of FD Accounts that permit NRIs to invest in India are:
Many financial institutions, including banks, corporations, and home financing businesses, offer FDs to NRIs. Corporate interest rates, on the other hand, are often significant than those provided by banks. The interest rate gets also affected by the amount placed and the deposit duration.
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