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|