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A quick look at NRE Deposit rates in India
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In an economic environment, when government along with RBI are leaving no stone unturned to attract foreign currency into the Indian market, interest rates on NRE deposits have also been revised upwards to woo investments from NRI community. As such owing to tax-free interest income, NRE deposits prove to be a lucrative investment option for NRIs who can remit their foreign savings to India.
While earlier NRE deposits were linked to LIBOR, it was freed last year to attract dollar inflows into the country.
For the convenience and quick analysis by NRI population, table here forth lists interest rate offered by different private and public sector banks on NRE deposits for different maturity term.
Bank | Tenure of NRE deposit | Interest rate |
IDBI Bank | 3-5 years | 9.50% for deposits less than Rs. 1 crore |
SBI | 1 year and up to 10 years |
8.75% for all deposits including bulk deposits |
Union Bank | 3- 5 years maturity | 9.5% for deposits under Rs. 1 crore |
9.25% for deposits from Rs. 1 crore- Rs 10 crore | ||
Karnataka Bank | 3- 5 years maturity | 9.50% |
5-10 years tenor | 9.25% | |
ICICI Bank | 3- 5 years maturity | 9.50% for deposits less than Rs. 1 crore |
HDFC Bank | 3- 5 years maturity | 8.75% for all deposit amounts |