Latest NRE FD interest rates: SBI Vs HDFC Bank Vs ICICI Bank Vs Yes Bank vs PNB No interest is payable if the deposit is withdrawn before one year
Non Resident India (NRIs) can build your foreign currency funds in India with Non Resident External (NRE) fixed deposits while earning tax-free interest at attractive interest rates. Under NRE Fixed deposit, partial withdrawal of the deposits is allowed, and one can avail of overdraft up to 90% of the deposit depending on the bank.Note that NRE FDs tenure starts from one year, unlike regular FDs which can be opened starting from 7 days. No interest is payable if the deposit is withdrawn before one year.
Interest rates on NRE FDs vary with each bank and amount of deposit. Here is a quick comparison of interest rates of top banks such as SBI, ICICI, HDFC Bank, PNB, and Yes Bank offering NRE term deposits
SBI NRE fixed deposit interest rate
SBI offers interest rates for terms of one year to ten years that range from 6.50 percent to 7.10 percent for amounts below Rs 2 crores. The new rates are applicable from February 15, 2023.
SBI NRE FD interest rates
TenureBelow Rs.2 CroreRs.2 Crore & above1 year to less than 2 years6.80%6.75%400 Days (AMRIT KALASH)7.10%-2 years to less than 3 years7.00%6.50%3 years to less than 5 years6.50%6.00%5 years to 10 years6.50%6.00%
HDFC Bank NRE fixed deposit interest rate
HDFC Bank offers interest rates in the range of 6.60 percent to 7.10 percent for amounts below Rs 2 crore to general citizens. The rates are effective from February 21, 2023. Note minimum tenor for NRE Deposit is 1 year.
HDFC Bank NRE FD interest rates
TenureGeneral citizen1 year to 6.60%15 months to 7.10%18 months to 7.00%21 months - 2 years7.00%2 years 1 day - 3 years7.00%3 year 1 day to - 5 years7.00%5 year 1 day - 10 years7.00%
ICICI Bank FD fixed deposit interest rate
ICICI Bank offers interest rate between 6.70% to 7.10% on tenures ranging from 1 years to 10 years. The new rates are effective from February 24, 2023. On premature withdrawal, after 1 year & above, interest rate charged is 1%.
ICICI Bank NRE FD rates
Maturity PeriodLess than Rs 2 cr1 year to 389 days6.70%390 days to 6.70%15 months to 7.10%18 months upto 2 years7.10%2 years 1 day upto 3 years7.00%3 years 1 day upto 5 years7.00%5 years 1 day upto 10 years6.90%
PNB NRE fixed deposit interest rate
Punjab National Bank offers NRE fixed deposit rates ranging from 6.30 percent to 7.25 percent. The term of office is one year and up to ten years. The rates are effective from January 1, 2023.
PNB NRE FD rates
PeriodInterest rates1 year6.75above 1 year to 665 days6.75666 days7.25667 days to 2 years6.75above 2 year & upto 3 years6.75above 3 year & upto 5 years6.5above 5 years & upto 10 years6.5
Yes Bank NRE FD rates
Yes Bank offers NRE fixed deposit rates ranging from 7 percent to 7.50 percent. The term of office is one year and up to 120 months. The rates are effective from February 21, 2023. On a special rate window, the bank offers interest rate of 7.75% on tenure of 35 months.
Yes Bank NRE FD rates
PeriodRates for 1 Year to 7.25%15 months to 7.50%35 months 1 day 7.50%36 months to 7.00%Special window35 Months7.75%
How NRI’s can deposit money
According to the HDFC Bank website, to deposit money in your NRE Fixed Deposit, you can:
Transfer funds from abroad in a freely convertible foreign currency
Present foreign currency notes/travellers cheques brought in by you or another NRI during a visit to India
Directly remit the amount to bank
Transfer funds from an existing NRE/FCNR Account held in other Banks
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This story originally appeared on: India Times - Author:Faqs of Insurances
