NRI Fixed Deposit options at SBI is one of the safest avenues for NRI Investment in India. Your residential status and financial requirements can be easily catered to within their multiple options of Fixed Deposits: NRE FD, NRO FD, FCNR Deposits and RFC Deposit. In this article, we will browse through the latest SBI NRE FD Rates along with other benefits of investing in NRI FD at SBI.
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Table of Contents:
- SBI NRI Fixed Deposit Interest Rates 2023
- Types of NRI FD Schemes by State Bank of India
- Premature Withdrawal of SBI NRE FD
- Loan against SBI NRI FD
- Documents Required to apply for SBI NRI FD Schemes
- SBI NRE FD Rates: The Golden Ticket to savings for NRIs!
- How to apply for SBI NRI Fixed Deposit Account at SBNRI
- SBI NRE Fixed Deposit Rate Calculator
- FAQs
Also Read: NRI Account Minimum Balance: Updated for 2021
SBI NRI Fixed Deposit Interest Rates 2023
| Tenor | Below Rs. 2 crore | Rs. 2 crore and above |
|---|---|---|
| 1 year to <2 years | 6.80% | 6.75% |
| 400 Days (AMRIT KALASH) | 7.10% | – |
| 2 year to <3 years | 7.00% | 6.50% |
| 3 years to <5 years | 6.50% | 6.00% |
| 5 years and up to 10 years | 6.50% | 6.00% |
Note:
- The rates are effective from 15 Feb, 2023 and are subject to periodic changes
- No interest is payable if the deposit is withdrawn before one year.
SBI NRO fixed deposit rates are given below in the table.
| Tenor | Below Rs. 2 crore | Rs. 2 crore and above |
|---|---|---|
| 7 days to 45 days | 3.00% | 4.75% |
| 46 days to 179 days | 4.50% | 5.50% |
| 180 days to 210 days | 5.25% | 6.00% |
| 211 days to less than 1 year | 5.75% | 6.25% |
| 1 year to less than 2 years | 6.80% | 6.75% |
| 400 Days (AMRIT KALASH | 7.10% | – |
| 2 years to less than 3 years | 7.00% | 6.50% |
| 3 years to less than 5 years | 6.50% | 6.00% |
| 5 years and upto 10 years | 6.50% | 6.00% |
- The rates are effective from 15 Feb, 2023 and are subject to periodic changes
- No interest is payable if the deposit is withdrawn before 7 days.
Don’t have an NRE/NRO bank account? Open it right away.
NRIs can open an FCNR account with SBI to earn attractive interest on the fixed deposits. FCNR account can be opened in any of the convertible foreign currency without converting in INR. Hence, there is no risk of fluctuation in currency exchange rate. Latest SBI FCNR rates (effective from 10 June 2023) for different currencies are listed below:
| Tenure/Currency | USD | GBP | Euro | CAD | AUD | JPY |
|---|---|---|---|---|---|---|
| 1 year | 5.50% | 4.75% | 1.50% | 4.30% | 3.60% | 0.02% |
| Above 1 year <2 years | 5.50% | 4.75% | 1.50% | 4.30% | 3.60% | 0.02% |
| 2 years to <3 years | 4.20% | 2.35% | 1.50% | 4.10% | 3.50% | 0.05% |
| 3 years to <4 years | 4.05% | 2.45% | 1.50% | 3.85% | 3.00% | 0.05% |
| 4 years to <5 years | 4.10% | 2.45% | 1.50% | 3.70% | 3.00% | 0.05% |
| 5 years | 4.15% | 2.45% | 1.50% | 3.60% | 3.00% | 0.05% |
| Period | USD | GBP | Euro |
|---|---|---|---|
| 1 year to <2 years | 5.50% | 4.75% | 1.50% |
| 2 years to <3 years | 4.20% | 2.35% | 1.50% |
| 3 years | 4.05% | 2.45% | 1.50% |
Note: All the interest rates mentioned above are subject to change without prior notice. We update the latest interest rates on NRE FD and Savings Bank Account as well as the interest rates for FCNR Deposit every month with the banks on our blog. You can head there to check out the latest rates. (The above tables were updated on 11/07/2023)
Types of NRI FD Schemes by State Bank of India
There are 6 different types of Fixed Deposit Schemes that you can choose from at the State Bank of India (SBI). The 6 options are:
- NRE FD
- NRO FD
- FCNR Deposit
- FCNR Premium Deposit
- RFC Deposit
- CapGains Plus
Use the grids below to understand these options in detail.
| Factors to consider | Non Resident External (NRE) Fixed Deposit | Non Resident Ordinary (NRO) Fixed Deposit | Foreign Currency Non Resident (FCNR) Deposit |
|---|---|---|---|
| Purpose | For income earned outside India | For income earned from India (pension, rent etc.) | Foreign Currency Investment in India |
| Currency | INR | INR | USD, GBP, EUR, JPY, CAD, AUD, SGD, HKD and CHF |
| Tenure of Deposits | 1 year to 10 years | 7 days to 10 years | 1 year to 5 years |
| Interest | Up to 6.75%* | Up to 6.75%* | Up to 5.00%* |
| Repatriation(transfer of money from Indian bank account to foreign bank account) | Both Principal (money invested initially) and Interest completely repatriable | Up to a maximum of 1 million USD per financial year | Both Principal and Interest completely repatriable |
| Tax Deductions | No tax | Tax on Interest earned (not on principal amount): 30% tax + surcharge + education cess will be deducted at the source of interest earned in India | No tax |
| Minimum Deposit Amount | Rs. 1,000 (In general branches)Rs. 50,000 (Semi-Urban/ Rural areas)Rs. 1 lakh (Metro/Urban areas) | Rs. 10,000 – Rs. 1.5 lakh per financial year | USD 1000 |
| Premature Withdrawal | Available | Not Available | Available |
| Loan against FD | Available | Not Available | Available |
| Features | – Nomination facility available – Principal (deposit amount) and Interest fully repatriable (i.e. can be withdrawn in a foreign country) – NRI Family Card provided – International or Domestic Debit Card available- – Loan available in Indian Rupee | – Deposits to be made in INR – Principal and interest fully repatriable – Nomination facility available – TDS deducted on maturity or accrual basis, whichever is early – DTAA benefit to applicable depositors on submission of Tax Residency Certificate, Self-Declaration and Form 10F | Option to continue the account on RBI’s approval |
FCNR Premium Deposits: They can be extended for another 1-5 years. The minimum deposit amount is USD 25,000 or equivalent. Some other benefits:
- No charges for forwarding the tenure of the FD.
- Forwarded tenure can be cancelled on payment of cancellation charges.
- Premature Withdrawal and Loan against FD available.
| Particulars | RFC | SBI Capgains Plus |
|---|---|---|
| Tenure | 1-3 years (Interest paid in foreign currency) | Maximum of 2-3 years |
| Minimum Deposit Amount | USD 500, GBP 250 and EURO 500. | Rs.1000 |
| Premature Withdrawal | Available; 1% penalty | Allowed (proceeds transferred to Capgains SB Account –A) |
| Loan against FD | Available | Not Available |
| Features | – FD can be opened in USD, EURO or GBP – No loss on interest or principal as there is no conversion of currency – Option to convert into FCNR (B) or NRE account if the depositor regains NRI status – Can be opened individually or jointly – No interest payable on premature withdrawal before 1 year | – Nomination facility available – Intra-branch account transfer available – Operative in all branches except for Rural branches – No upper ceiling on the deposit amount – Note: Auto renewal not allowed |
Premature Withdrawal of SBI NRE FD
There are certain rules that need to be kept in mind while opting for a NRE FD. Check out:
- No interest is payable if you withdraw the amount before 1 year from the date of booking
- In case of a Premature withdrawal after 1 year; it will attract interest at the applicable rate for the period for which the FD remained with the bank
Loan against SBI NRI FD
NRIs at SBI can get loans against their deposits at an interest rate of 10% of the amount (principal + interest earned). Find more details below:
- Purpose: to cope with a financial emergency or acquire a flat or house in India
- The loan can’t be availed for re-lending or to carry out agro-based or plantation activities
- You can not repatriate the loan
- The loan is granted only to the depositor (primary account holder in case of a joint account)
- The interest charged on the loan is calculated on a monthly basis (for both Indian Rupee and Foreign Currency loans)
- Types of Loans:
- NRE/NRO: Demand Loan and overdraft facility
- FCNR: Demand loan, overdraft facility and foreign currency loan
- Loan Currency:
- NRE/NRO: Indian Rupee
- FCNR: Indian Rupee, USD, GBP, EURO
- Loan Limit:
- NRO: No limit
- NRE: No limit
- FCNR: USD 25,000, GBP 15,000, EURO 20,000 (no max. limit)
- Loan Repayment:
- Fresh inward remittance
- Adjustment in the account itself
- From other NRO account (NRO)
- From other NRO/NRE account within USD 1 million/Financial Year (NRE & FCNR)
Documents Required to apply for SBI NRI FD Schemes
You can either apply online (using net-banking and PAN Card if required) or through the offline method. The documents required for offline mode are:
- Photograph
- Residence Proof (Eg. Passport)
- Photo ID Proof (Eg. Aadhar, Voter ID)
- PAN Card
SBI NRE FD Rates: The Golden Ticket to savings for NRIs!
SBI NRE FD Rates present one of the most grand ways to maximize your savings as an NRI. With tax-free interest on deposits, it becomes lucrative in many ways. You can also opt for a loan against these NRI Fixed Deposits. SBI NRI Interest Rates can be availed up to 5.10%*. To keep a tab of the SBI NRI Fixed Deposits Rates, visit Latest NRE FD and NRI Savings Account Interest Rates
How to apply for SBI NRI Fixed Deposit Account at SBNRI
Download the SBNRI App and apply for an NRI Bank Account in just 5 minutes. Book an FD instantly and even avail a loan against it by simply using the app.
SBI NRE Fixed Deposit Rate Calculator
Calculate your returns on FD and much more with an expert. At SBNRI, you get direct access to field experts who will take care of your individual process personally and assist you throughout the way. Just click on the button below to get in touch with our expert now. Also, visit our blog and YouTube Channel for more details.
FAQs
You can find the latest interest rates for NRE FD and Savings Account in SBI Bank on our blog. The table is updated every month.
Unlike other investment options, NRI Fixed Deposit offers guaranteed returns that are not affected by market fluctuations. As a result, you earn guaranteed returns, even as your principal amount grows steadily, without risk. For NRIs seeking smart investment avenues, NRI FD is the best option.
You can check out the latest NRE FD and Savings Account Interest Rates and choose the best bank for yourself.
You can find the latest interest rates for NRE FD and Savings Account in SBI Bank on our blog. The table is updated every month.
Yes. NRIs can open multiple NRE savings bank accounts.
