NRE accounts are bank accounts opened by Indians living abroad, who deposit foreign currency which can be withdrawn in Indian rupees.
Indian banks including SBI, HDFC Bank, ICICI Bank, Canara Bank and PNB have recently updated their fixed deposit scheme interest rates for NRE accounts. NRE accounts are bank accounts opened by Indians living abroad, who deposit foreign currency which can be withdrawn in Indian rupees. NRE accounts can be single or joint accounts and can include savings accounts, current accounts and FD accounts.
Note that the interest rates for NRE accounts vary depending on the bank, and the minimum tenure for these accounts is one year. Here are complete details of new FD interest rates for NRE accounts offered by some public and private banks.
These 5 banks are giving good interest
- State Bank of India (SBI): If you invest less than two crore rupees in SBI for a period of one to 10 years, you will get 6.50% to 7.10% interest. And on the other hand, if you invest more than Rs 2 crore, then you will be provided interest ranging from 6.00% to 6.75%.
- HDFC Bank: 6.60% to 7.10% for investing less than Rs 2 crore in HDFC Bank and 7.10% to 7.75% for investing more than Rs 2 crore.
- Punjab National Bank (PNB): Punjab National Bank has increased its NRE Fixed Deposit interest rates from 5.6% last year to 6.75%, which are now 6.5% to 7.25%.
- ICICI Bank: For foreign accounts, ICICI Bank is giving interest ranging from 6.70% to 7.10% to the customer for investing in fixed deposits.
- Canara Bank: Canara Bank is paying 6.70% to 7.25% interest on fixed deposits for one to 10 years.
You need to note that NRE FD rates offer competitive interest rates for Indians living abroad who want to invest their foreign currency in FDs in India. It is advised to compare the interest rates and tenure of different banks before investing.
