What are the benefits of an NRE FD?
The interest earned on NRE FDs is tax-free in India and the principal amount and interest are fully repatriable. NRE FDs also offer higher interest rates than a typical savings account.
Here’s a look at the latest NRE FD interest rate from big banks.
(NRE FD interest rates as on October 16, 2024; interest rates from banks’ websites).
SBI NRE FD Rates
SBI offers NRE FD rates between 6.80% and 7.25% for tenures ranging from 1 to 10 years. NRE term deposit with effect from July 15, 2024.
| Tenure | Interest rate |
| 1 year to less than 2 years | 6.80% |
| 400 days (Amrit Kalash) | 7.10% |
| (valid only until 09/30/2024) | |
| 444 Days (AMRIT VRISHTI) | 7.25 |
| 2 years to less than 3 years | 7.00% |
| 3 years to less than 5 years | 6.75% |
| 5 years to 10 years | 6.50% |
HDFC Bank NRE FD Rates
The minimum term for NRE deposit is 1 year. The interest rate ranges between 6.60% and 7.40% for terms of 1 to 10 years. The rates will be effective from July 24, 2024. (Senior rates are not applicable for NRIs | Minimum term for NRE deposit is 1 year).
| Interest rate (annual) | **Fees for seniors (per year) | |
| 1 year to < 15 months | 6.60% | 7.10% |
| 15 months to < 18 months | 7.10% | 7.60% |
| 18 months to < 21 months | 7.25% | 7.75% |
| 21 months – 2 years | 7.00% | 7.50% |
| 2 years 1 day to < 2 years 11 months | 7.00% | 7.50% |
| 2 years 11 months – 35 months | 7.35% | 7.85% |
| 2 Years 11 Months 1 day < = 3 Year | 7.00% | 7.50% |
| 3 Years 1 day to < 4 Years 7 Months | 7.00% | 7.50% |
| 4 years 7 months – 55 months | 7.40% | 7.90% |
| 4 Year 7 Months 1 day < = 5 Years | 7.00% | 7.50% |
| 5 Years 1 day – 10 Years | 7.00% | 7.50% |
Axis Bank NRE FD Exchange Rates
The interest rate ranges between 6.70% and 7.25% for terms of 1 to 10 years. Rates come into effect from October 9, 2024.
PNB NRE FD Rates
The interest rate ranges between 6.80% and 7.25% for terms of 1 to 10 years. Rates take effect from August 1, 2024.
| SL. No | Period | Revised (% annual) 08/01/2024 |
| 1 | 1 year | 6.8 |
| 2 | > 1 year to 399 days | 6.8 |
| 3 | 400 days | 7.25 |
| 4 | 401 days to 2 years | 6.8 |
| 5 | > 2 years to 3 years | 7 |
| 6 | > 3 years to 1203 days | 6.5 |
| 7 | 1204 days** | 6.4 |
| 8 | 1205 days to 5 years | 6.5 |
| 9 | > 5 years to 1894 days | 6.5 |
| 10 | 1895 days** | 6.35 |
| 11 | 1896 days to 10 years | 6.5 |
IDFC FIRST FD Interest Rates
The minimum tenure of NRE Deposits is 365 days in a non-leap year and 366 days in a leap year. IDFC FIRST Bank offers NRE FD rates between 6.50% and 7.25% for tenure ranging from 1 to 10 years. Rates come into effect from October 16, 2024.
Who is an NRI?
An NRI is an Indian citizen who stays outside India: (a) for the purpose of carrying on employment or any business or vocation; (b) under circumstances indicating an intention to remain outside India for an uncertain period; (c) any Indian citizen posted outside India for a temporary period in connection with employment.
Can I get loans against my NRE fixed deposits?
Yes, you can get up to 90% of your fixed deposit as a loan.
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