Rates for the NRE FD in 2023: Indian banks, including SBI, HDFC Bank, ICICI Bank, Canara Bank, and PNB, have as of late refreshed their proper store financing costs for NRE accounts. NRE accounts are ledgers opened by Indians living abroad, who store unfamiliar cash that can be removed in Indian rupees.
Savings, current, and fixed deposit accounts are all options for NRE accounts, which can be joint or individual. The minimum tenure for NRE accounts is one year, and the interest rates for these accounts vary by bank.
The new fixed deposit interest rates offered by some government and private banks for NRE accounts are as follows:
State Bank Of India (SBI): SBI is offering interest rates ranging from 6.50 percent to 7.10 percent for amounts less than two crores, and from 6.50 percent to 6.75 percent for amounts greater than two crores, for periods of one to ten years. On February 15, 2023, these brand-new rates went into effect.
ICICI Bank: Interest rates at HDFC Bank range from 6.60 percent to 7.10 percent for loans with a balance of less than two crores and from 7.10 percent to 7.75 percent for loans with a balance of more than two crores. On February 21, 2023, these brand-new rates became available.
PNB: Punjab National Bank PNB’s NRE FD rates have increased from 5.6% to 6.75 percent this year to 6.5% to 7.25 percent. On January 1, 2023, these new rates came into effect.
ICICI Bank: ICICI Bank’s decent store rates for NRE accounts range from 6.70% to 7.10%. The effective date of these rates was February 24, 2023.
Canara Bank: For one to ten years, Canara Bank offers fixed interest rates for fixed deposits that range from 6.70 percent to 7.25 percent. Canara Bank’s new rates happened on April 5, 2023.
Indians who reside overseas and wish to invest their foreign currency in fixed deposits in India can take advantage of these updated NRE FD rates, which provide competitive interest rates. Before making an investment, it is advisable to compare the tenure and interest rates of various banks.
