Interest Rates on NRI Deposits

Interest Rates

on NRI Deposits

Interest Rates On NRI Deposits

Interest Rates on NRI deposits click here

* Rates Subject to Change as per market conditions without prior notice.
#TDS is deducted @ 30% + education cess on interest earned on NRO deposits
$NRO Fixed Deposit Cannot be booked for tenure less than six months through Internet Banking

* Terms & Conditions for foreclosure of Term Deposit :

FCNR A/c:

  • USD- No penalty for individual deposit upto USD 1 million.
  • EURO- No penalty for individual deposit upto EURO 1 million.
  • GBP - No penalty for individual deposit upto GBP 750,000.
  • JPY- No penalty for individual deposit upto JPY 125 million.
  • AUD- No penalty for individual deposit upto AUD 1.5 million.
  • CAD- No penalty for individual deposit upto CAD 1.5 million.
  • For a single deposit amount exceeding the above threshold limit, interest will be for the period upto which the deposit remained with the bank less penalty of 1% for foreclosure.
  • No interest payable for foreclosure within a year.

* Above provisions will apply to deposits accepted or renewed on or after February 01, 2003.

NRE TDs:

  • No penalty for individual deposits upto Rs.5 Crore wef- November 25, 2002.
  • No interest payable for foreclosure within a year.

Interest calculation for FCNR deposit:

Interest is calculated on a 360 days basis. The interest is calculated on a simple interest basis for deposits tenure of 1 year and for further maturity periods / tenure interest is calculated and paid on half yearly compounded basis.

*For all new Reinvestment Term Deposits to be opened on and after 1st August, 2013 and all existing Reinvestment Term Deposits that may be renewed on and after 1st August, 2013, interest reinvested would be net of TDS and hence the maturity value would vary to that extent.

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