Latest NRE FD interest rates: SBI vs HDFC Bank vs ICICI Bank vs PNB vs Bank of India Here is a quick comparison of NRE fixed deposits 2023 of banks such as SBI, HDFC Bank, ICICI Bank, Canara Bank and PNB
One high-return alternative for an NRI to invest their foreign income is a Rupee deposit dubbed as NRE Fixed Deposits. In such deposits, overseas income is fully repatriable, and you can borrow up to 90% of your deposit at competitive interest rates. You can also earn substantial tax-free income with this type of account. While the minimum tenor starts from 1 year in most banks. Here is a quick comparison of NRE fixed deposits 2023 of banks such as SBI, HDFC Bank, ICICI Bank, Canara Bank and PNB.Over 9% FD interest rates for senior citizens: Check these 7 banks
SBI NRE fixed deposit interest rates
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 crore. The new rates are applicable from February 15, 2023. No interest is payable if the deposit is withdrawn before one year. According to the SBI website, “The interest shall be 0.50% or 1% below the rate applicable at the time of Deposits for the period Deposit has remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower.”HDFC Bank NRE fixed deposit interest rates
HDFC Bank offers interest rates in the range of 6.60 percent to 7.20 percent for amounts below Rs 2 crore to general citizens. The rates are effective from October 1, 2023. Note minimum tenor for NRE deposit is 1 year. According to the HDFC Bank website, “With effect from July 22nd, 2023, the interest rate applicable for premature withdrawal including Sweep-in/Partial Withdrawal on NRE Deposits will be the rate on the date of deposit booked for the period for which deposit remained with the bank and not at the contracted rate.”ICICI Bank FD fixed deposit interest rates
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 October 16, 2023. On premature withdrawal, after 1 year & above, interest rate charged is 1%. As per the website, “Before completion of 1 year: No interest will be payable and no penalty will be levied.After completion of 1 year: On premature withdrawal of the deposit, interest will be calculated at the rate applicable for the period for which the deposit was held with the Bank or contracted rate of the deposit whichever is lower.”
PNB NRE fixed deposit interest rates
Punjab National Bank offers NRE fixed deposit rates ranging from 6.50 percent to 7.25 percent. The term of office is one year and up to ten years. The rates are effective from June 1, 2023.Bank of India NRE FD rates
Bank of India offers interest rate between 6% to 7.25% on tenures ranging from 1 year to 10 years for amounts below Rs 2crore. The highest interest rate is paid on 400 days (Monsoon Deposit).
Canara Bank NRE FD rates
Canara Bank offers an interest rate between 6.70% to 7.25% on tenures ranging from 1 year to 10 years for amounts below Rs 2crore. The highest interest rate is paid on tenure of 444 days. Note that NRE Term deposits are auto renewed only once as the Non-resident status is to be confirmed.
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This story originally appeared on: India Times - Author:Faqs of Insurances
