SBI NRI Fixed Deposits

The State Bank of India (SBI) values its customers not only in India but overseas as well and hence offers a wide range of investment options for NRIs (Non Resident Indians). SBI NRI Interest Rate Fixed Deposits are one of the safe and secure investment options available for NRIs that help earn decent returns and tax exemption benefits under some FDs. The interest rate ranges from 3.00% - 7.50% on NRE / NRO FD’s depending on the investment amount and tenure of the FD.

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Maximum returns Offered by Guaranteed

6.5%**

Fixed Deposits

(by SBI bank)

(5-10 Years)

7.1%***

Public Provident Fund

(other popular options)

(15 Years)

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We are rated~
rating
58.9 Million
Registered Consumer
51
Insurance Partners
26.4 Million
Policies Sold

State Bank of India offers the following SBI NRI FD Rates Schemes for their customers:

  • SBI NRE FD Rates Scheme

  • SBI NRO FD Rates Scheme

  • SBI FCNR Rates Scheme

Difference Between NRE, NRO, and FCNR (B) Accounts

It is essential to know the difference between the 3 NRI FD account types before depositing the money:

Particulars NRE Account NRO Account FCNR-B Account
Account Purpose Income earned in a foreign country is deposited in an SBI NRE Interest Rate account. Income earned in India by NRIs is deposited in an SBI NRO Interest Rate account. Income earned in foreign currency is deposited in SBI FCNR (B) Interest Rate account.
Account Type Savings account, Recurring, or Current Savings, Recurring, or Current Fixed Deposit accounts with a 1-year minimum tenure
Currency denomination INR INR AUD, CAD, CHF, EUR, GBP, HKD, JPY, SGD, USD
Joint holding facility It can be held with other NRI. It can be held with other Indian residents or NRI. It can be held with other NRI.
Repatriation Facility Balance is fully repatriable. Interest earned is fully repatriated. Interest earned, and principal amount are fully repatriable.
Taxability Tax is exempted on the interest income. Interest income is taxable. Tax is exempted on the interest income.

SBI NRE FD Rates for Less Than 2 Crores

Tenure General Citizens
1 year to less than 2 years 6.80%
2 years to less than 3 years 7.00%
3 years to less than 5 years 6.50%
5 years to 10 years 6.50%

Rates are effective as of 4th April 2023.

Guaranteed return plan Guaranteed return plan

SBI NRE FD Rates for Rs. 2 Crores and Above

Tenure General Citizens
1 year to less than 2 years 6.75%
2 years to less than 3 years 6.50%
3 years to less than 5 years 6.00%
5 years to 10 years 6.00%

Rates are effective as of 4th April 2023.

SBI NRO FD Rates for Less Than 2 Crores

Tenure General Citizens
7 days to 45 days 3.00%
46 days to 179 days 4.50%
180 days to 210 days 5.25%
211 days to less than 1 year 5.75%
1 year to less than 2 years 6.80%
2 years to less than 3 years 7.00%
3 years to less than 5 years 6.50%
5 years and up to 10 years 6.50%

Rates are effective as of 4th April 2023.

SBI NRO FD Rates for Rs. 2 Crores and Above

Tenure General Citizens
7 days to 45 days 4.75%
46 days to 179 days 5.50%
180 days to 210 days 6.00%
211 days to less than 1 year 6.25%
1 year to less than 2 years 6.75%
2 years to less than 3 years 6.50%
3 years to less than 5 years 6.00%
5 years and up to 10 years 6.00%

Rates are effective as of 4th April  2023.

Want to Earn Better Returns Than FDs?

Max Life has come up with an all-new "Max Life Smart Fixed-Return Digital Plan" that provides a combination of higher fixed returns, life coverage, and tax savings, making it a preferred choice for investors looking for guaranteed fixed returns.

Why Smart Fixed Return Digital Plan?

Details Guaranteed Savings Fixed Deposits
Tax savings on premiums paid

(Under Sec 80 C up to Rs. 1.5 lakh per annum)

Yes Only on the Invested amount with 5-year lock-in 80C
Tax Saving on returns (Sec 10(10D)) Yes No
Life cover (Death Benefit) Yes No
Option to invest monthly Yes No
Interest Rate Guarantee Yes Every new investment may have a different interest rate.
Option to invest through Credit Card Yes No

SBI FCNR Rates

Tenure USD GBP EURO CAD AUD JPY
1 year 5.25% 4.50% 1.50% 4.30% 3.60% 0.02%
Above 1 year to less than 2 years 5.25% 4.50% 1.50% 4.30% 3.60% 0.02%
2 years to less than 3 years 4.20% 2.35% 1.50% 4.10% 3.50% 0.05%
3 years to less than 4 years 4.05% 2.45% 1.50% 3.85% 3.00% 0.05%
4 years to less than 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%

Rates are effective as of 4th April 2023.

In the End!

All the 3 SBI NRI Interest Rate accounts, that are, Non-Resident External (NRE), Non-Resident Ordinary (NRO), and Foreign Currency Non-Resident (FCNR), allow the NRIs to deposit their income efficiently and hassle-free in India. These accounts are completely safe for saving income and earning decent returns on the invested amount. The type of account should be chosen wisely that best suits the depositor’s needs (type of account will also be dependent on the account held by the customer).

* Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy male of 18 years old paying Rs. 30,000/- monthly (exclusive of all applicable taxes)
** Fixed deposit rate applicable for 5 year's 1 day to 10 years for investment amount less< 2 Crore ( Not for senior citizens).
*** PPF interest rate applicable for 15 years for investment amount upto 1.5 Lac
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
#Discount offered by insurance company
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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