State Bank of India offers different types of fixed deposits for non-resident Indians – NRE, NRO RFC and FCNR fixed deposits. However, only an NRO fixed deposit account can be opened to deposit income earned in India by NRIs. You can open an SBI NRO fixed deposit for a tenure ranging from 7 days to 10 years. SBI NRO fixed deposit rates also vary from 2.90% to 6.00% p.a.
SBI NRO FD rates 2023
Rate of interest on non-resident ordinary (NRO) account deposits from 15th Feb, 2023 are mentioned below:
| Tenure | NRO FD below Rs. 2 cr | NRO FD Rs. 2 cr and above |
|---|---|---|
| 7 to 45 days | 3.00% | 4.75% |
| 46 to 179 days | 4.50% | 5.50% |
| 180 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 to up to 10 years | 6.50% | 6.00% |
Note: SBI NRO fixed deposit rates are subject change, without prior notice
Check the latest SBI NRI FD rates for other types of fixed deposit accounts offered by the bank.
SBI NRO FD premature withdrawal
If you choose to break the SBI NRO fixed deposit before maturity, the following conditions apply:
For FD below Rs. 2 cr
- Interest shall not be payable if the deposit is withdrawn before 7 days.
- 0.50% penalty will be applicable for premature withdrawal of an NRO FD up to Rs.5.00 lakh.
- 1% penalty will be applicable for premature withdrawal of an NRO FD above Rs. 5.00 lakh and below Rs. 1 cr.
- The interest payable will be 0.50% or 1% below the rate applicable at the time of deposits for the period the NRO deposit was with the bank, or 0.50% or 1% below the contracted rate, whichever is lower.
For FD Rs. 2 cr and above
- Interest shall not be payable if the deposit is withdrawn before 7 days.
- 1% premature penalty shall be applicable.
- If you prematurely withdraw the fixed deposit (after completion of minimum 7 days), the interest will be paid at the rate applicable for the period during which the FD was with the bank, or contracted rate, whichever is lower.
Features of SBI NRO deposits
NRO term deposits
- Rupee-denominated deposits of a fixed tenure.
- Interest is paid quarterly and can be credited to your NRO savings bank account on request.
- Minimum SBI NRO deposit:
- Rs. 1000 in general branches.
- In personal banking branches: Rs. 1 lakh for metro and urban areas and Rs. 50,000 for semi-urban rural areas.
- Up to USD 1 million or its equivalent is repatriable in a financial year.
- Nomination facility is available.
- Loan/ overdraft facility against your deposit is available.
- Premature withdrawal is allowed.
- FD will be automatically renewed on maturity for the same tenure at the current interest rate, if there are no instructions for renewal.
NRO special term deposits
- Rupee-denominated deposits of a fixed tenure.
- Interest is compounded each quarter and is paid on maturity with the principal.
- Minimum SBI NRO deposit:
- Rs. 1000 in general branches.
- In personal banking branches: Rs. 1 lakh for metro and urban areas and Rs. 50,000 for semi-urban rural areas.
- Up to USD 1 million or its equivalent is repatriable in a financial year.
- Nomination facility is available.
- Loan/ overdraft facility against your deposit is available.
- Premature withdrawal is allowed.
- FD will be automatically renewed on maturity for the same tenure at the current interest rate, if there are no instructions for renewal.
SBI tax-saving NRO deposit scheme
- You can get tax benefits under Section 80C of the Income Tax Act, 1961.
- Tenure: 5 years only.
- Premature withdrawal is not allowed.
- Loan facility against SBI TSS-NRO deposits is not available.
Eligibility for SBI NRO fixed deposit
The following individuals are eligible to open SBI NRO fixed deposit account:
- NRIs/ OCIs/ PIOs can open an SBI Non-resident ordinary account.
- NRIs can open a joint account with a resident Indian subject to conditions:
- Only on ‘former or survivor’ basis.
- The NRI/ OCI/ PIO will be the primary account holder in the joint account
Permissible credit in NRO fixed deposit account
- Credit from other resident accounts or NRE/ FCNR accounts.
- Credit from another NRO account only for payment of dues within the country.
- Fresh inward remittance via a banking channel.
- Personal cheques drawn on a foreign account.
- Traveler’s cheques deposited by an NRI/ OCI/ PIOs while visiting India. If the amount in travelers cheques is more than USD 10,000 (or equivalent) or USD 5000 in currency, it should be accompanied by a currency declaration form.
- Interest earned and maturity proceeds of an investment in India on non-repatriable basis.
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FAQs
NRI can open and maintain accounts denominated in INR or a foreign currency by opening:
– NRE/ NRO FD account (in INR)
– FCNR FD account (in a convertible foreign currency)
You can open an NRO account with SBI for a tenure ranging from 7 days to 10 years.
Yes, you can open a joint account with another NRI/ OCI/ PIO or with a resident Indian.
You can repatriate funds up to USD 1 million per financial year.
