Yes, any Indian student studying overseas for a period exceeding 182 days in the preceding financial year is deemed an NRI. Their NRI residency status makes them eligible to open an NRO FD account. In case of students under the age of 18, the FDs must be opened jointly with the NRI students’ parents/guardians, who can be either NRIs or Resident Indians. To check the detailed eligibility of NRO Fixed Deposit, you can connect with the HDFC Bank customer support team or visit the nearby HDFC Bank branch.

Yes, there are tax implications for NRIs investing in NRO fixed deposits. The interest earned on NRO fixed deposits is subject to taxation in India. Tax Deducted at Source (TDS) of 30% is also applicable to the interest earned, along with an additional surcharge and cess. However, you can reduce the tax payable by leveraging the provisions under the Double Taxation Agreement Act, if applicable to your overseas country of residence

To qualify as an NRI, you should have stayed overseas for a period exceeding 182 days in a calendar year. If you have fulfilled this requirement, you are deemed an NRI, and are eligible to open an NRO account.