Higher interest rates on FCNR(B) deposits for NRIs: Check latest NRE FD rates in SBI, HDFC Bank, Axis Bank, PNB For NRIs looking to invest and retain their foreign currency while simultaneously earning high returns, FCNR (B) accounts can be a great choice
In its Monetary Policy Committee (MPC) meeting last week, the Reserve Bank of India (RBI) raised the cap on FCNR (B) deposit rates for the 1-3 year tenor from Alternate reference rate (ARR) + 200 bps to AAR + 400 bps to stimulate foreign currency inflows. The cap will remain in place until March 2025.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} A ‘Non-Resident Indian’ (NRI) is a citizen of India who resides outside India. An NRI account can be opened jointly with a resident Indian on a former or survivor basis. There are different types of NRI accounts, including Non-Resident External (NRE), Non-Resident Ordinary (NRO), and Foreign Currency Non-Resident (FCNR) accounts.
For NRIs looking to invest and retain their foreign currency while simultaneously earning high returns, FCNR (B) accounts can be a great choice. Most banks book FCNR deposits in the US Dollars, Pounds Sterling, Euro, Japanese Yen, Australian Dollars, Canadian Dollars.
Here is a look at the FCNR (B) rates of prominent banks like ICICI Bank, SBI, Canara Bank and Union Bank of India.
SBI FCNR rates
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CURRENCYUSDGBPEUROCADAUDJPYPERIOD OF THE DEPOSITRATERATERATERATERATERATE1 year5.24.853.7544.50.15Above 1 year to less than 2 years5.24.853.7544.50.152 years to less than 3 years4.54.751.53.754.40.153 years to less than 4 years4.253.751.53.54.30.154 years to less than 5 years3.83.751.53.554.20.055 years3.93.651.53.64.10.05
ICICI Bank FCNR rates
CurrencyUSD USD >= 400000 to USD >=50000000SGDGBPAUDCAD12 months 4.755.255.53.254.754.43.75>= 24 months 4442.7543.753.3>= 36 months 3.653.653.65NANANANA>= 48 months 3.33.33.3NANANANA60 months3.33.33.3NANANANA
Indian Bank FCNR rates
RENCY
PERIOD 1 Yr to 2 Yrs & above to 3 Yrs & above to 4 Yrs & above to Exactly5 YearsUSD5.50*4.33.953.953.95-5.8-4.3-3.95-3.95-3.95GBP4.753.23.253.253.25-4.95-3.2-3.25-3.25-3.25EUR1.51.91.61.61.65-2-1.9-1.6-1.6-1.65JPY00.130.120.130.14-0.11-0.13-0.12-0.13-0.14CAD44.13.93.73.5-4.5-4.1-3.9-3.7-3.5AUD3.63.52.052.32.45-4.4-3.5-2.05-2.3-2.45CHF00.010.020.030.050-0.01-0.02-0.03-0.05SGD3.60.40.490.550.61-3.95-0.4-0.49-0.55-0.61*Additional interest of 0.1% for single deposit of USD 1 million and above for 1 yr to
Canara Bank FCNR rates
CURRENCY OF DEPOSIT PERIOD OF DEPOSITUSD USD>=100000GBPEUROCADAUD1 year to less than 2 years5.355.4534.542 years to less than 3 years443243.53 years to less than 4 years3.73.72.51.53.8534 years to less than 5 years3.53.52.51.53.535 years3.53.52.51.53.53
Here is a look at the latest NRE FD interest rate of big banks.
(NRE FD interest rates as on December 9, 2024; interest rates from bank websites.)
SBI NRE FD rates
SBI offers NRE FD rates between 6.80% to 7.25% for tenure ranging from 1 year to 10 years. NRE term deposit with effect from July 15, 2024.
HDFC Bank NRE FD rates
The minimum tenor for NRE Deposit is 1 year. The interest rate ranges from 6.60% to 7.40% for tenure from 1 year to 10 years. The rates are effective from July 24, 2024.
Axis Bank NRE FD rates
The interest rate ranges from 6.70% to 7.25% for tenures from 1 year to 10 years. The rates are effective from December 9, 2024.
PNB NRE FD rates
The interest rate ranges from 6.80% to 7.25% for tenures from 1 year to 10 years. The rates are effective from August 1, 2024.
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This story originally appeared on: India Times - Author:Faqs of Insurances
