Non-Resident Indians (NRIs) and Overseas Citizens of India can open an NRE fixed deposit account with IDBI Bank to invest their foreign earnings in Indian rupees. NRE fixed deposits are offered for flexible maturity periods, ranging from 1 year to 10 years. IDBI Bank NRE FD rates vary based on the maturity slab.
IDBI Bank NRE FD Rates 2023
Listed below are IDBI Bank NRE FD rates effective from Aug 01, 2023 for deposits below Rs. 2 cr:
| Maturity Period | Interest Rate (p.a.) |
|---|---|
| 1 Year | 5.75% |
| Greater than 1 year to 2 years (except 375 Days and 444 Days) | 6.80% |
| >2 years to 5 years | 6.50% |
| 5 years to less than 10 years | 6.25% |
Note:
- Interest rates are subject to periodic changes.
- The above rates are only on fresh NRE FDs and on renewal of maturing deposits less than Rs. 2 cr.
- No interest will be paid on NRE deposits closed before 1 year from the date when the deposit was made initially.
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IDBI Bank NRO FD Rates 2023
Listed below are IDBI NRO FD rates effective from Aug 01, 2023 for deposits below Rs. 2 cr:
| Maturity Period | Interest Rate (p.a.) |
|---|---|
| 7 to 30 days | 3.00% |
| 31 to 45 days | 3.25% |
| 46 to 90 days | 4.00% |
| 91 days to 6 months | 4.50% |
| 6 months 1 day to less than 1 year | 5.75% |
| 1 year to 2 years (except 375 and 444 days) | 6.80% |
| >2 years to 5 years | 6.50% |
| >5 years to 10 years | 6.25% |
Note:
- Interest rates are subject to periodic changes.
- The above rates are only on fresh NRO FDs and on renewal of maturing deposits less than Rs. 2 cr.
Amrit Mahotsav FD Scheme of 444 days
NRIs can also invest in IDBI Bank’s Amrit Mahotsav NRE/ NRO FD scheme w.e.f. 01 April 2023. The scheme offers attractive interest rates as mentioned below:
| Term | Scheme validity | Callable |
|---|---|---|
| 375 days | Up to September 30, 2023 | 7.60% |
| 444 days | Up to September 30, 2023 | 7.65% |
IDBI Bank FCNR Deposit Rates
IDBI Bank offers attractive interest rates on FCNR deposits made in different currencies. The tenure of FCNR deposits can range from 1 year to 5 years, and the interest rates may vary. The following table features IDBI FCNR rates effective from August 01, 2023.
| Tenure | USD | GBP | Euro | JPY | CAD | AUD | HKD | SGD |
|---|---|---|---|---|---|---|---|---|
| 1 to 2 years | 5.65% | 4.93% | 3.20% | 0.20% | 4.85% | 4.10% | 1.00% | 2.80% |
| 2 to 3 years | 5.00% | 4.55% | 2.20% | 0.20% | 4.55% | 4.10% | 1.00% | 2.75% |
| 3 to 4 years | 4.61% | 4.00% | 2.00% | 0.20% | 4.52% | 4.05% | 1.00% | 1.55% |
| 4 to 5 years | 4.41% | 3.50% | 2.00% | 0.10% | 4.20% | 4.10% | 1.00% | 0.55% |
| 5 years | 4.41% | 3.50% | 2.00% | 0.10% | 4.05% | 4.15% | 1.00% | 0.55% |
- FCNR FD rates are subject to periodic changes as per the RBI guidelines.
- No interest will be paid on deposits closed prematurely in less than 1 year.
- For FCNR deposits above USD 1 million or equivalent, contact IDBI branch or NRI cell at [email protected]
IDBI Bank Resident Foreign Currency – RFC Deposit Rates
Here are IDBI Bank RFC deposit rates effective from August 1, 2023:
| Tenure | USD | GBP | Euro | JPY |
|---|---|---|---|---|
| 91 days to 6 months | 5.71% | 5.33% | 0.57% | 0.00% |
| 6 months 1 day to < 1 year | 5.66% | 5.48% | 2.00% | 0.00% |
| 1 to 2 years | 5.65% | 4.93% | 3.20% | 0.20% |
| 2 years to less than 3 years | 5.00% | 4.55% | 2.20% | 0.20% |
| 3 years | 4.61% | 4.00% | 2.00% | 0.20% |
Interest on Premature Withdrawal of Term Deposits
- In case of premature withdrawal of deposits, interest will be paid at the rate applicable for the amount and period for which the deposit remained with the bank. For example, if you open an NRI FD for 5 years but decide to close it after one year, the interest will be applicable at the rate which was applicable for one year on the original date of deposit.
- Bank will charge a penalty of 1% on the applicable rate for deposits in RTD and RD closed prematurely.
Features and Benefits of IDBI Bank NRE Fixed Deposits
You can open IDBI NRE Fixed deposits for as low as Rs.10,000/- and make your money grow. Here are some exciting features IDBI Bank NRE FDs:
- Attractive interest rates ranging from 6.25% to 6.75% per annum.
- Flexible tenure – 1 year to 10 years.
- Interest is paid on monthly basis, quarterly basis or cumulative interest credit on maturity.
- Easy loans against NRE fixed deposits.
- Automatic renewal of NRI deposits on maturity if instructed accordingly.
To ask any question related to NRI investment, fixed deposits in India, you can schedule a call by clicking the button below or download SBNRI App from the Google Play Store or App Store. You can also use the SBNRI app for investment in stock market/ mutual funds, NPS, Fixed Deposit, Pre-IPO, Asset Finance, Commercial Real Estate, Indian Startups Funds, NRI account opening, etc. To ask any questions, click on the button below. Also, visit our blog and YouTube channel for more details.
FAQs
Rate of interest on IDBI NRE fixed deposits vary based on tenure for which amount is deposited. Currently, NRE FD rate ranges from 6.25% to 6.75% per annum.
Currently IDBI Bank is offering up to 6.75% p.a. interest on NRE fixed deposits.
NRE fixed deposits are rupee deposits made from foreign currency earnings of NRIs. NRO fixed deposits, on the other hand, can be opened from income received in India by NRIs. There is no tax on NRE FD, but tax is applicable on interest earned from NRI fixed deposits.
No. NRE fixed deposit – principal amount as well as interest earned – is not taxable in India.
