Latest NRE FD interest rates: SBI vs HDFC Bank vs ICICI Bank vs PNB vs Bank of India

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NRI to invest their foreign income is a Rupee deposit dubbed as NRE Fixed Deposits. In such deposits, overseas income is fully repatriable, and you can borrow up to 90% of your deposit at competitive interest rates. You can also earn substantial tax-free income with this type of account. While the minimum tenor starts from 1 year in most banks. Here is a quick comparison of NRE fixed deposits 2023 of banks such as SBI, HDFC Bank, ICICI Bank, Canara Bank and PNB.

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SBI NRE fixed deposit interest rates

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 No interest is payable if the deposit is withdrawn before one year.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.”

HDFC Bank NRE fixed deposit interest rates

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.”

ICICI Bank FD fixed deposit interest rates

ICICI Bank offers interest rate between 6.70% to 7.10% on tenures