These are the revised rates effective July 10. SBI now offers interest rates for FCNR deposits in the range of 2.85 per cent to 3.25 per cent for the dollar currency.

Recently, after the RBI measures, several banks, including State Bank of India, HDFC Bank and ICICI Bank revised their FCNR deposits. In the case of NRE deposits, as per extant instructions, interest rates will not be higher than those offered by the banks on comparable domestic rupee term deposits. Without these relaxations, interest rates on Foreign Currency Non-Resident Bank deposits are subject to ceilings of overnight alternative reference rate (ARR) for the respective currency/ swap plus 250 basis points for deposits of 1 year to less than 3 years maturity and overnight ARR plus 350 basis points for deposits of 3 years and above and up to 5 years maturity. The decision was aimed at attracting foreign funds and bolster the rupee, which has touched multiple all-time low levels in the past few months.

This relaxation will be available for the period up to October 31. For domestic deposits worth Rs 2 crore to less than Rs 5 crore with a tenure of one year to less than 15 months, HDFC Bank currently offers 6.25 per cent.Įarlier this month, the RBI decided to temporarily permit banks to raise fresh FCNR(B) and NRE deposits without reference to the extant regulations on interest rates, with effect from July 7. The window offers an annual rate of 6.80 per cent on NRE (non-resident external) deposits worth Rs 2 crore to less than Rs 150 crore for tenures ranging from 12 months to 15 months, according to the Business Standard report quoting sources.

Now, HDFC Bank, the country’s largest private sector lender, has set up a two-day window on Wednesday and Thursday for NRE deposits offering higher interest rates, according to a media report. After the Reserve Bank of India ( RBI) recently allowed banks to accept new FCNR(B) NRE deposits from non-resident Indians (NRIs) without interest rate limits, several lenders raised their interest rate offerings to attract foreign funds.

Hdfc nre fixed deposit rates