Wednesday, March 13, 2013

Best Bank NRE Interest Rates

Due to rupee depreciation, RBI deregulated NRE interest rates at the end of last year 2011 which allowed banks to set their own interest rates like they do for domestic or NRO savings account interest rates.

This has led to a huge jump in the NRE interest rates which will definitely attract more investment from NRIs who will want to take benefit of high interest rates in India compared to 2-4% in other parts of the world. To make it even more attractive, the interest is tax free as well.

Following are some of the top NRE interest rates from various banks as of 11 March, 2013:

Bank Tenure Interest Rate
Karur Vysya Bank 1 year to 2 years 9.50%
City Union Bank 1 year 9.50%
Tamil Nadu Mercantile Bank 1 year to less than 3 years 9.50%
Karnataka Bank 1 year to less than 2 years 9.25%
Dena Bank  1 year to less than 2 years 9.00%
IDBI Bank 500 days to 5 years 9.00%
State Bank of Travancore 500 days 9.25%
South Indian Bank 15 months 9.60%
Corporation Bank 12 months 9.00%
J&K Bank 1 year to less than 10 years 8.50%
Federal Bank  1 year only 9.25%
Indian Bank 1 year to less than 10 years 9.00%
Andhra Bank 1 year to less than 3 years 9.00%
SBI 1 year to less than 10 years 8.75%
ICICI Bank 390 days to 2 years 9.00%
HDFC Bank 1 year to 5 years 8.75%
Central Bank of India 555 days 9.25%
Vijaya Bank 1 year to less than 5 years 9.00%
Bank of Baroda 1111 days 9.15%



0 comments:

Post a Comment