NRE FD interest rates comparison: SBI vs HDFC Bank vs ICICI Bank vs PNB vs Canara Bank

SBI offers interest rates for terms of one year to ten years that range from 6.50 percent to 7.10 percent for amounts below Rs 2 crore. The new rates are applicable from February 15, 2023. No interest is payable if the deposit is withdrawn before one year. According to the SBI website, “The interest shall be 0.50% or 1% below the rate applicable at the time of Deposits for the period Deposit has remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower.”

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HDFC Bank offers interest rates in the range of 6.60 percent to 7.20 percent for amounts below Rs 2 crore to general citizens. The rates are effective from October 1, 2023. Note minimum tenor for NRE deposit is 1 year. According to the HDFC Bank website, “With effect from July 22nd, 2023, the interest rate applicable for premature withdrawal including Sweep-in/Partial Withdrawal on NRE Deposits will be the rate on the date of deposit booked for the period for which deposit remained with the bank and not at the contracted rate.”

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ICICI Bank offers interest rate between 6.70% to 7.10% on tenures ranging from 1 years to 10 years. The new rates are effective from October 16, 2023. On premature withdrawal, after 1 year & above, interest rate charged is 1%. As per the website, “Before completion of 1 year: No interest will be payable and no penalty will be levied.

After completion of 1 year: On premature withdrawal of the deposit, interest will be calculated at the rate applicable for the period for which the deposit was held with the Bank or contracted rate of the deposit whichever is lower.”

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Punjab National Bank offers NRE fixed deposit rates ranging from 6.50 percent to 7.25 percent. The term of office is one year and up to ten years. The rates are effective from June 1, 2023.

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Bank of India offers interest rate between 6% to 7.25% on tenures ranging from 1 year to 10 years for amounts below Rs 2crore. The highest interest rate is paid on 400 days (Monsoon Deposit). The rates are effective from October 1, 2023.

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Canara Bank offers interest rate between 6.70% to 7.25% on tenures ranging from 1 year to 10 years for amounts below Rs 2crore. The highest interest rate is paid on tenure of 444 days. Note that NRE Term deposits are auto renewed only once as the Non-resident status is to be confirmed.

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