What are NRE accounts?

Bank accounts of Indians living abroad are also opened in India. These people deposit foreign currency in their bank accounts in India. These bank accounts of these people are called non-resident external accounts. The amount is withdrawn from these accounts in the form of Indian currency rupees. This account can be opened both individually and jointly.

NRE FD Rate

Non-resident external account includes savings account, current account and fixed deposit account. The interest rate for NRE account varies from bank to bank. The minimum tenure on these accounts is one year.

Details of banks

Here are the details of fixed deposit interest rates for NRE accounts ranging from government to private banks.

SBI

For a period of one to ten years, interest ranging from 6.50 percent to 7.10 percent is being given by State Bank of India on an amount of less than two crores. At the same time, SBI is giving interest ranging from 6.00 percent to 6.75 percent for the amount of more than two crores. The bank has implemented the new rates from February 15, 2023.

HDFC bank

On behalf of HDFC Bank, interest ranging from 6.60 percent to 7.10 percent is being given to NRE account holders for an amount of less than two crores and interest ranging from 7.10 percent to 7.75 percent for an amount of more than two crores. These new rates have been included from February 21, 2023.

PNB

Punjab National Bank has increased the NRE FD rate. Where last year the rates ranged from 5.6 percent to 6.75 percent. At the same time, this year PNB has increased these rates from 6.5 percent to 7.25 percent. PNB has come into existence with these rates from January 1, 2023.

ICICI Bank

ICICI Bank has kept the fixed deposit rates for NRE accounts in the range of 6.70 per cent to 7.10 per cent. These rates are applicable from February 24, 2023.

Canara Bank

Canara Bank has fixed the interest rate for fixed deposits ranging from 6.70 percent to 7.25 percent for a period of one to ten years. Canara Bank rates have come into effect from April 5, 2023.

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These banks include Small Finance Bank, Ujjivan Bank, Jana Small Finance Bank, Fincare Small Finance Bank, Utkarsh Bank and Suryoday Bank and many smaller banks that promise better returns.

Investment amount is insured in small banks

Small Finance Banks (SFBs) continue to offer highest interest rates ranging from 8 percent to 9 percent on Fixed Deposits (FD) to common citizens. Remember that deposits under small finance banks are also covered by Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance. Simply put, your FD deposits up to Rs 5 lakh are covered under the insurance scheme if the small finance bank fails or is placed under moratorium. So there is no loss of your money.

Fixed Deposit Rates of Unity Small Finance Bank

Unity Small Finance Bank is offering FDs of tenure ranging from 7 days to 10 years to its customers. The bank has increased the interest rates on FDs of all tenures from 15 February. Unity Small Finance Bank is paying 9.25% interest to senior citizens and 8.75% to general customers on 181-201 days and 501 days fixed deposits. Small Finance Bank is giving 9.00 percent interest rate to general customers on investment for 1001 days, while on the same tenure it has offered 9.50 percent interest rate to senior citizens.

Jana Small Finance Bank FD Rates

Jana Small Finance Bank offers interest rates between 3.75 percent and 8.10 percent to common citizens for FDs maturing between 7 days to 10 years. The interest rate for senior citizens on the same tenure ranges from 4.45 per cent to 8.80 per cent. The bank is offering the highest interest rate of 8.10 per cent (for general citizens) and 8.80 per cent (for senior citizens) on fixed deposits maturing between two years and three years.

Fincare Small Finance Bank FD Interest Rate

Fincare Small Finance Bank offers interest rates ranging from 3 percent to 8.11 percent for general customers and up to 8.71 percent for senior citizens investing on FDs maturing between 7 days and 10 years . Common citizens are given the highest interest rate of 8.11 percent on FDs maturing in 750 days. At the same time, for senior citizens, the interest on FD maturing in 750 days can go up to 8.71 per cent.

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank gives interest rate between 3.75% to 8% to common citizens on FDs maturing between 7 days to 10 years. For common citizens, the highest interest rate on FD maturing in 560 days is 8 percent. At the same time, the bank offers the highest interest rate of 8.75 percent to senior citizens for investment on FDs maturing in 560 days.

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