NRE fixed deposit interest rates 2024: Which bank is offering highest NRE FD rate?
A Non-resident Indian (NRI) can open a fixed deposit at a bank in India denominated in rupees. These FDs are funded by an NRI's overseas earnings, which are tax-free in India. Both the principal and interest of the NRE FD are completely repatriable. Additionally, several banks provide loans on NRE fixed deposits.As interest rates differ with banks and tenure, here is a quick comparison of top banks NRE FD interest rates.
NRE FD interest rates
Interest rates on NRE FD differ depending on the bank and tenure. In India, banks offer NRE FD from 1 year to 10 years.
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SBI NRE FD rates
SBI offers NRE FD rates between 6.80% to 7.10% for tenure ranging from 1 year to 10 years. The highest interest rate of 7.10% is offered on 400 Days (AMRIT KALASH). The rates are effective from December 27, 2023.
HDFC Bank NRE FD rates
HDFC Bank offers NRE FD rates between 6.60% to 7.20% for tenure ranging from 1 year to 10 years. The highest interest rate of 7.20% is offered on 4 Year 7 Months - 55 months tenure. The rates are effective from October 1, 2023.
ICICI Bank NRE FD rates
ICICI Bank offers NRE FD rates between 6.70% to 7.10% for tenure ranging from 1 year to 10 years. The highest interest rate of 7.10% is offered on 15 months to 2 years tenure. The rates are effective from October 16, 2023.
PNB Bank NRE FD rates
PNB Bank offers NRE FD rates between 6.75% to 7.25% for tenure ranging from 1 year to 10 years. The highest interest rate of 7.25% is offered on 400 days tenure. The rates are effective from January 8, 2024.
IDFC FIRST FD interest rates
IDFC FIRST Bank offers NRE FD rates between 6.75% to 7.25% for tenure ranging from 1 year to 10 years. The highest interest rate of 7.25% is offered on 400 days tenure. The rates are effective from January 8, 2024.
Can NRI have a joint account holder for this account?
According to the ICICI Bank website, “You can hold this Account jointly with other Non-Resident Indian(s) and Resident Indians*.You can also register nomination for this account*This can be opened only with relatives and mode of operation shall be as Former or Survivor as per which only the Primary applicant shall have rights for Financial and Non-Financial transactions.”
Who is an NRI
An NRI is an Indian citizen who stays outside India:
(a) for purposes of carrying out employment or any business or vocation;
(b) under circumstances indicating an intention to stay outside India for an uncertain duration;
(c) any Indian citizen deputed outside India for a temporary period in connection with employment.
Following types of bank accounts can be opened:
- Non-resident External (NRE)
- Non-resident Ordinary (NRO)
- Foreign currency Non-resident (FCNR)
This story originally appeared on: India Times - Author:Faqs of Insurances
