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
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