Ever since the RBI started raising repo rates in May this year, banks have been hiking fixed deposit (FD) rates. The central bank last increased its key interest rate by 50 basis points to 5.90 percent in its MPC meet held on September 30, 2022.
Large banks have also raised Non-Resident External (NRE) fixed deposit rates. It is beneficial for NRIs who earn foreign currency outside of India and want to convert it to Indian currency denominations. Take a look at NRE fixed deposit interest rates offered by SBI, HDFC Bank, ICICI bank and PNB.
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SBI NRE deposit rates
State Bank of India (SBI) offers interest rates of up to 6.10 percent on deposits below Rs 2 crore on tenures. No interest is payable if the deposit is withdrawn one year before.
HDFC Bank NRE deposit rates
Private sector lender HDFC Bank has schemes offering interest rates ranging between 6.10 percent and 6.50 percent for tenures between one year and 10 years. The latest rates are applicable from November 7, 2022.
ICICI Bank NRE deposit rates
ICICI Bank offers interest rates ranging between 6.10 percent and 6.35 percent for tenures between one year to 10 years. These rates are effective from October 29, 2022.
PNB NRE deposit rates
Punjab National Bank gives interest rates ranging between 6.35 percent and 6.55 percent for tenures between one year to 10 years. These rates are effective from October 26, 2022.
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Premature withdrawal rules:
According to the SBI website, here are the rules for premature withdrawal–
Below Rs.1 crore – No interest is payable if the deposit is withdrawn before one year.
• Effective 1st April 2017, Penalty for Premature Withdrawal for Retail Term Deposits up to Rs.5.00 lacs will be 0.50% (all tenors).
• Description- Up to Rs.5.00 lacs
• Penalty (All Tenors : 0.50%
• Description: Above Rs.5.00 lacs but below Rs.1 Crore
• Penalty (All Tenors) : 1%
