SBI NRI FD Rates: SBI NRE FD Interest Rates 2021

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 NRI FD Rates along with other benefits of investing in NRI FD at SBI.

Table of Contents:

SBI NRI FD Rates: Get your Deposits sorted at SBI in 2021
SBI NRI FD Rates: Get your Deposits sorted at SBI in 2021

Also Read: NRI Account Minimum Balance: Updated for 2021

SBI NRI Fixed Deposit Interest Rates 2021

  1. Non-Resident External Fixed Deposit (NRE FD) Interest Rates
TenorBelow Rs. 2 croreRs. 2 crore and above
1 year to <2 years5%3%
2 year to <3 years5.10%3%
3 years to <5 years5.30%3%
5 years and up to 10 years5.40%3%
SBI NRI FD Rates: NRE FD
  1. Non-Resident Ordinary Fixed Deposit (NRO FD) Interest Rates
TenorBelow Rs. 2 croreRs. 2 crore and above
7 days to 45 days2.90%2.90%
46 days to 179 days3.90%2.90%
180 days to 210 days4.40%3%
211 days to less than 1 year4.40%3%
1 year to less than 2 years5%3%
2 years to less than 3 years5.10%3%
3 years to less than 5 years5.30%3%
5 years and upto 10 years5.40%3%
SBI NRI FD Rates: NRO FD
  1. Foreign Currency Non-Resident (FCNR) Deposit Interest Rates
Tenure/CurrencyUSDGBPEuro CADAUDJPY
1 year0.72%0.51%0.01%0.69%0.07%0.02%
Above 1 year <2 years0.72%0.51%0.01%0.69%0.07%0.02%
2 years to <3 years 0.72%0.53%0.01%0.52%0.12%0.05%
3 years to <4 years0.74%0.60%0.01%0.62%0.01%0.05%
4 years to <5 years0.85%0.65%0.10%0.74%0.01%0.05%
5 years0.95%0.69%0.15%0.85%0.01%0.05%
SBI NRI FD Rates: FCNR Deposit
  1. Resident Foreign Currency (RFC) Deposit Interest Rates
PeriodUSDGBP  Euro
1 year to <2 years0.72%0.51%0.01%
2 years to <3 years0.72%0.53%0.01%
3 years0.74%0.60%0.01%
SBI NRI FD Rates: RFC Deposit

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 09/01/2021)

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 considerNon Resident External (NRE) Fixed DepositNon Resident Ordinary (NRO) Fixed DepositForeign Currency Non Resident (FCNR) Deposit
PurposeFor income earned outside IndiaFor income earned from India (pension, rent etc.) Foreign Currency Investment in India
CurrencyINRINRUSD, GBP, EUR, JPY, CAD, AUD, SGD, HKD and CHF
Tenure of Deposits1 year to 10 years7 days to 10 years1 year to 5 years
InterestUp to 5.40%*Up to 5.40%*Up to 0.95%*
Repatriation(transfer of money from Indian bank account to foreign bank account) Both Principal (money invested initially) and Interest completely repatriableUp to a maximum of 1 million USD per financial yearBoth Principal and Interest completely repatriable
Tax DeductionsNo taxTax on Interest earned (not on principal amount): 30% tax + surcharge + education cess will be deducted at the source of interest earned in IndiaNo tax
Minimum Deposit AmountRs. 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 yearUSD 1000
Premature WithdrawalAvailableNot AvailableAvailable
Loan against FDAvailableNot AvailableAvailable
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
NRI FD Overview

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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.
ParticularsRFCSBI Capgains Plus
Tenure1-3 years (Interest paid in foreign currency)Maximum of 2-3 years
Minimum Deposit AmountUSD 500, GBP 250 and EURO 500.Rs.1000
Premature WithdrawalAvailable; 1% penaltyAllowed (proceeds transferred to Capgains SB Account –A)
Loan against FDAvailableNot 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
NRI FD Overview
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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 5.40%*. 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.

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FAQs

What is the interest rate for NRE fixed deposit in SBI?

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.

Is NRE FD a good investment?

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.

Which bank gives the highest interest rate on NRE FD?

You can check out the latest NRE FD and Savings Account Interest Rates and choose the best bank for yourself.

What are the current FD rates in SBI?

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.

Can we have 2 NRE accounts?

Yes. NRIs can open multiple NRE savings bank accounts.

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