If you are a Non-Resident Indian (NRI) earning income in India such as rent from property, dividends or a pension, an Non-Resident Ordinary (NRO) fixed deposit (FD) can be a convenient way to park your funds while earning interest. Before investing in NRO FDs, it is important to understand both- interest rates offered by banks and tax implications. Interest earned on NRO FDs is taxable in India and is subject to Tax Deducted at Source (TDS). Here's a look at the latest NRO FD interest rates offered by leading banks such as State Bank of India (SBI), HDFC Bank, Punjab National Bank (PNB), ICICI Bank, Bank of Baroda and Axis Bank.
