New FD rates for NRE accounts are now in effect. The account holders of SBI, HDFC Bank, ICICI Bank, Canara Bank, and PNB have begun to gain from new interest rates.

How do NRE accounts work?

Indians who reside overseas can also open bank accounts there. These folks make deposits into their Indian bank accounts in foreign currencies. These individuals’ bank accounts are referred to as non-resident external accounts. Rupees, the Indian rupee, are taken as payment from these accounts. Both a single account and a joint account may be opened here.

NRE FD Rates

Savings, current, and fixed deposit accounts are included in non-resident external accounts. Banks have different interest rates for NRE accounts. These accounts have a one-year minimum tenure requirement.

Details of Banks

Here are specifics regarding NRE fixed deposit interest rates from both public and private banks.

SBI – NRE FD Rates

State Bank of India offers interest rates between 6.50 percent and 7.10 percent for sums under two crores for a duration of one to ten years. In addition, SBI is paying interest on amounts over two crores in the range of 6.00 percent to 6.75 percent. The revised rates went into effect at the bank on February 15, 2023.

HDFC Bank

For amounts under two crores, NRE account holders will receive interest ranging from 6.60 percent to 7.10 percent; for amounts beyond two crores, they would receive interest ranging from 7.10 percent to 7.75 percent on behalf of HDFC Bank. These updated prices are effective as of February 21, 2023.

PNB

The NRE FD rates have been raised at PNB Punjab National Bank. Whereas in the previous year, rates were between 5.6 and 6.75 percent. Additionally, PNB raised these rates from 6.5 percent to 7.25 percent this year. With these rates, PNB officially launched on January 1, 2023.

Axis Bank – NRE FD Rates

For NRE accounts, ICICI Bank has maintained FD rates in the range of 6.70–7.10%. These rates will be in effect starting on February 24, 2023.

Canara Bank

For fixed deposits with terms ranging from one to ten years, Canara Bank has set an interest rate that ranges from 6.70 percent to 7.25 percent. Rates for Canara Bank are effective as of April 5, 2023.

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