NRE FD Rates 2023: New rates of fixed deposit of NRE account have come into force. SBI, HDFC Bank, ICICI Bank, Canara Bank and PNB have started benefiting their account holders with new interest rates.
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 The amount is withdrawn from these accounts in the form of Indian currency rupees.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.
