NRI Schemes
(A) RATE OF INTEREST ON NON-RESIDENT EXTERNAL (NRE) TERM DEPOSITS
i) For Term Deposits less than Rs. 2.00 Crore w.e.f. 13.06.2023.
We would like to advise that consequent upon revision in interest rate on domestic term deposit rates for less than Rs 2 Crs decided by ALCO in its meeting dated 12.06.2023, interest rate on NRE Term Deposit for Less than Rs 2 Crs stands revised w.e.f 13.06.2023.
Period |
Existing Rate of NRE Term Deposits Less than Rs 2 Crs |
Revised Rate of NRE Term Deposits Less than Rs 2 Crs w.e.f 13.06.2023 |
1 Year |
6.75% |
6.50% |
Above 1Year - 443 days |
6.50% |
6.50% |
445 days -2 Yrs |
6.50% |
6.50% |
Above 2 Years - 3 Years |
6.30% |
6.30% |
Above 3 Years - 5 Years |
6.20% |
6.20% |
5 Year and above |
6.10% |
6.10% |
444 days |
7.05% |
7.05% |
As per the decision taken by the Competent Authority rate of interest on Bulk Term deposit of Rs. 2.00 crores and above upto & including Rs. 10 .00 crore stands revised as below w.e.f. 24.01.2024
Sl. No. |
Deposit period |
Single NRE Term Deposit Rs. 2 Cr and above upto & including Rs. 10.00 Crore |
|
Existing |
Revised |
||
1 |
1 year |
6.75 |
6.75 |
2 |
Above 1 year to 2 years |
7.40 |
6.50 |
3 |
Above 2 years but less than 3 yearss |
5.50 |
5.50 |
4 |
3 year & above but less than 5 years |
5.50 |
5.50 |
5 |
5 year & above |
5.50 |
5.50 |
iii) Bulk NRE Term Deposit above Rs.10. Crore w.e.f. 10.03.2023 with ref. no. T&I/MUM/NRETDR/20/2022-23 dated 10.03.2023
As per the decision taken by the Competent Authority rate of interest on Bulk NRE Term deposit above Rs. 10. crores stands revised as below w.e.f. 10.03.2023
Sl. No. |
Deposit Period |
Above Rs. 10.00 Cr upto & including Rs. 50.00 Cr |
Above Rs. 50.00 Cr upto & including Rs.100.00 Cr |
Above Rs.100.00 Cr |
|||
Existing |
Revised |
Existing |
Revised |
Existing |
Revised |
||
1 |
1 year |
6.35
|
7.10 |
6.35
|
7.10 |
6.35
|
7.10 |
2 |
Above 1year to 2 years |
6.35 |
7.10 |
6.35 |
7.10 |
6.35 |
7.10 |
3 |
Above 2 year but less than 5 years |
5.00 |
5.50 |
5.00 |
5.50 |
5.00 |
5.50 |
4 |
5 year & above |
5.00 |
5.50 |
5.00 |
5.50 |
5.00 |
5.50 |
"Customers are requested to contact the nearest branch for interest rate of bulk deposit above Rs 10.00 crores"
(B) RATE OF INTEREST ON NON-RESIDENT ORDINARY (NRO) TERM DEPOSITS
C) RATE OF INTEREST ON FCNR (B) DEPOSITS (With effect from 11-03-2024)
| Tenure→ | 1 Year to less than 2 Years | 2 Year to less than3 Years | 3 Year to less than 4 Years | 4 Year to less than 5 Years | 5 Years only | ||||||
|
Currency↓
|
ROI | Yield* | ROI | Yield* | ROI | Yield* | ROI | Yield* | ROI | Yield* | |
| USD | % | 5.10 | 5.38 | 3.75 | 3.99 | 3.00 | 3.21 | 3.65 | 4.03 | 3.65 | 4.03 |
|
GBP
|
% | 3.50 | 3.65 | 2.80 | 2.94 | 2.30 | 2.43 | 2.30 | 2.46 | 2.30 | 2.46 |
|
EUR
|
% | 2.00 | 2.06 | 1.30 | 1.34 | 0.50 | 0.51 | 0.50 | 0.51 | 0.50 | 0.51 |
| JPY | % | 0.11 | 0.11 | 0.13 | 0.13 | 0.13 | 0.13 | 0.14 | 0.14 | 0.17 | 0.17 |
| CAD | % | 4.00 | 4.18 | 3.80 | 4.04 | 2.80 | 2.98 | 2.80 | 3.03 | 2.80 | 3.03 |
| AUD | % | 3.30 | 3.43 | 3.00 | 3.16 | 2.10 | 2.21 | 2.20 | 2.35 | 2.25 | 2.40 |
| CHF | % | 0.00 | 0.00 | 0.02 | 0.02 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 |
| SGD | % | 0.75 | 0.76 | 0.90 | 0.92 | 0.90 | 0.93 | 0.90 | 0.93 | 0.90 | 0.93 |
| HKD | % | 0.75 | 0.76 | 0.85 | 0.87 | 0.85 | 0.87 | 0.85 | 0.88 | 0.85 | 0.88 |
* Annualised yield at the end of the tenure
(D) RATE OF INTEREST ON RFC DEPOSITS (With effect from 22.12.2022)
SAVINGS BANK :
CURRENCY (%) - GBP (0.50%) and AUD (1.50%)
TERM DEPOSITS :
Currency |
1 Year to less than 2 Years |
2 Years to less than 3 Years |
3 Years to less than 4 Years |
4 Years to less than 5 Years |
5 Years only |
|
USD |
(%) |
5.1 |
5 |
3.6 |
3.65 |
3.65 |
GBP |
(%) |
4 |
2.8 |
2.3 |
2.3 |
2.3 |
EUR |
(%) |
2 |
1.3 |
0.5 |
0.5 |
0.5 |
JPY |
(%) |
0.11 |
0.13 |
0.13 |
0.14 |
0.17 |
CAD |
(%) |
4 |
3.8 |
2.8 |
2.8 |
2.8 |
AUD |
(%) |
3.3 |
3 |
2.1 |
2.2 |
2.25 |
CHF |
(%) |
0 |
0.02 |
0.07 |
0.07 |
0.07 |
SGD |
(%) |
0.75 |
0.9 |
0.9 |
0.9 |
0.9 |
HKD |
(%) |
0.75 |
0.85 |
0.85 |
0.85 |
0.85 |
Disclaimer: Interest Rates for FCNR(B) & RFC deposits are subject to change every month/ as & when needed by Head Office, as per guidelines issued by Reserve Bank Of India.
| NRNR and NRSR Deposits : Discontinued w.e.f. 01.04.02. The existing accounts under NRNR Deposit scheme may be continued only upto the date of maturity. The existing NRSR accounts other than Term Deposits shall not be continued after 30.09.02 |
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