Indian Bank NRE FD Rates

Indian bank is a Chennai-based Public Sector Bank, incorporated in 1907 to establish a pan India presence with over six thousand domestic and three overseas branches. It is considered among the top Indian performing banks with the total deposit touching Rs 9.3 Lakh crores (USD 130 billion) as of 31 March 2021. Apart from its overseas operations, it boasts 227 foreign correspondent banks in 75 countries. With the amalgamation of Allahabad Bank in April 2020, it is now the seventh-largest Indian Bank.

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Indian Bank FD for NRIs

Apart from the global links, Indian Bank’s overseas branches in Singapore and Sri Lanka cater to a vast NRI clientele, especially for their Fixed Deposit investments. Fixed Deposit is designed to harbour investments for a defined period to earn higher yields, primarily due to compounding. The Indian Bank NRE Fixed Deposit Rates provide NRIs with an attractive option to contemplate substantial investments. These rates are reviewed periodically and revised according to the emergent scenario in the different FD flavours. 

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Indian Bank NRE Fixed Deposit Rates

Indian Bank offers competitive interest rates in NRI accounts for the primary reason that the fund stays invested for a stipulated tenure. The returns are guaranteed for specified periods. However, the applicable rates are reviewed periodically depending on the emerging scenarios. 

Let us check out the Indian Bank NRE FD Rates in various accounts. It is essential to remember that the NRE interest rates cannot be higher than quoted for Domestic Term Deposits. 

NRE FD Interest Rates (Above Rs. 1 Crore)

Rates with effect from 19th April 2022:

Tenure Interest Rates (Per Annum)
1 Year 4.95%
2 Years 5.10%
3 Years 5.20%
4 Years 5.20%
5 Years 5.25%
5+ Years 5.15%

NRE Term Deposit Rates (Below Rs. 2 Crores)

Rates with effect from 1st April 2021:

Tenure Interest Rates (Per Annum)
12 months 5.00%
12 months 1 day to 24 months 5.10%
24 months to 36 months 5.10%
36 months to 60 months 5.25%
60 months 5.25%
Above 60 months 5.15%

NRE Term Deposit Rates (Above Rs. 2 Crores but less than Rs. 5 Crores)

Rates with effect from 1st April 2021:

Tenure Interest Rates (Per Annum)
12 months 3.55%
12 months 1 day to 24 months 3.25%
24 months to 36 months 3.25%
36 months to 60 months 3.25%
60 months 3.25%
Above 60 months 3.25%

Indian Bank NRE FD Rates for Bulk Deposits 
Sl No Period  ROI in % Amount in Rs.
5C- 25C 25C-100C   100C-500C 500C +
1 7 to 14 days 3.00 3.00 3.00 3.00
2 15 to 29 days  3.00 3.00 3.00 3.00
3 30 to 45 days  3.00 3.00 3.00 3.00
4 46 to 90 days  3.00 3..00 3.00 3.00
5 91 to 120 days  3.10 3.10 3.10 3.10
6 121 to 180 days 3.20 3.20 3.20 3.20
7 181 to < 9 months 3.20 3.20 3.20 3.20
8 9 months < 1 year 3.20 3.20 3.20 3.20
9 1 year  3.50 3.50 3.50 3.50
10 1 year < 2 years 3.50 3.50 3.50 3.50
11 2 years < 3 years 3.50 3.50 3.50 3.50
12 3 years < 5 years 3.50 3.50 3.50 3.50
13 5 years  to 10 years 3.50 3.50 3.50 3.50

ROI = Rate of Interest, PA = Per Annum

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FCNR(B) Foreign Currency Non-Resident Deposits

Rates with effect from 1st April 2021:

Currency Tenure
1 to 2 years (%) 2 to 3 years (%) 3 to 4 years (%) 4 to 5 years (%) Only 5 years (%)
USD 0.88 0.85 1.02 1.28 1.73
-0.77 -0.81 -0.94 -1.15 -1.37
GBP 0.55 0.71 0.84 0.98 1.1
-0.52 -0.67 -0.79 -0.91 -1.02
EUR 0 0.01 0.06 0.12 0.2
-0.01 -0.03 -0.01 -0.01 -0.01
JPY 0 0 0 0.01 0.03
0 0 0 -0.02 -0.04
CAD 0.67 0.68 0.98 1.26 1.48
-0.67 -0.73 -0.97 -1.23 -1.45
AUD 0.28 0.34 0.51 0.81 1.07
-0.3 -0.37 -0.52 -0.8 -1.07
CHF 0 0 0 0.01 0.1
0 0 0 -0.01 -0.16
SGD 0.65 0.77 0.96 1.2 1.42
-0.62 -0.72 -0.9 -1.09 -1.27

*The rate of interest is expressed in percentage per annum

Investment Plans for NRIsInvestment Plans for NRIs

About Indian Bank Fixed Deposit Interest Rate Calculator

Indian Bank Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps in quick calculation of the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:

  • The amount that is invested

  • The Rate of Interest offered

  • The tenure of the Fixed Deposit Account

  • The compounding period, that is, yearly, half-yearly, quarterly, or monthly

  • The FD Amount

Once entered the following details, an investor will come to know:

  • The maturity value of the FD

  • The total interest earned during the complete tenure

Investment Plans for NRIsInvestment Plans for NRIs

Types of Indian Bank FD for NRI

Indian Bank FDs have long been the chosen investment option for NRIs wishing to invest in the country. There are several products tailored to their specific requirements either in designated foreign currencies or Indian Rupees (INR). Repatriation of the corpus built over time with interest earned through Indian Bank NRE FD Rates makes the product extremely attractive. 

Let us check what the Indian Bank FD Schemes have to offer:

  1. Indian Bank NRE FD

    The Non-Resident FD for the NRI is an INR term deposit opened through overseas earnings in foreign currency. Its flexible features are described below:

    • Account Opening

      • The account is opened using foreign remittance or transfer from the existing NRE / FCNR Account.

      • An NRI opens the account either under single or joint operation with another NRI or a close resident relative. 

      • The joint account with the close resident relative is operated with the “Former (NRI) or Survivor (Resident)” clause only. 

      • The NRI can execute a Power of Attorney in favour of a resident to operate the NRE FD account. 

    • Account Balance: The account is maintained in INR and the foreign remittance for account opening is converted at the prevailing exchange rate. 

    • Repatriation: The account balance, including the accrued interest, is freely repatriable. 

    • Tenure: The minimum deposit period is 1 year and the maximum is 10 years.

    • Interest Payable: Indian Bank NRE FD Rates are attractive after deregulation by the RBI. 

    • Nomination: The NRI can nominate a resident either in India or abroad.  

    • Loan Facility: As per RBI guidelines, the NRI may loan up to the balance in the account subject to the applicable margins.

    • Tax Implication: The interest earned on NRE FD is tax-free as per extant Income tax laws, amended from time to time. 

  2. Indian Bank RFC FD

    RFC stands for Resident Foreign Currency. The FD of this class is specially designed to meet the needs of Returning Indians - people who lived in another country for a designated period and now have returned to reside in India. 

    The critical features in the RFC FD account are:

    • Account Opening 

      • The account is opened through foreign remittance, traveller’s cheques, currencies, or transfer from an existing NRE / FCNR account.

      • Foreign currency assets brought by the Returning Indian are eligible for credit in the RFC account.

      • Similarly, foreign currency superannuation benefits and pensions are freely credited. So also, foreign currency gifts or inheritance when abroad are credited into the account.

    • Account Balance: The RFC FD account is maintained through a clutch of designated foreign currencies listed below:

      • US Dollar (US-$)

      • GB Pound Sterling (GB-£)

      • Euro

      • Swiss Franc (CH-F)

      • Canadian Dollar (CAD-$)

      • Australian Dollar (AUD-$).

      • Singapore Dollar (SGD-$). 

      • Japanese Yen (JP¥ or JPY)

    • Conversion: The NRE FD can be prematurely closed and converted into RFC FD without levying any penalty. 

    Investment Plans for NRIsInvestment Plans for NRIs
  3. Indian Bank NRO FD

    The NRI opens the Non-Resident Ordinary FD using the earnings from immovable assets or investments in India. For all practical purposes, the NRO account is similar to any other domestic FD. The salient features of the NRO FD are:

    • Account Opening

      • The account is opened under a single or joint operation with another NRI or a resident Indian. 

      • The NRI can appoint a resident to operate the NRO account through a suitable Power of Attorney. 

      • As per RBI guidelines, local payments and withdrawals are permitted through the NRO account. 

      • A standing instruction may be executed for such local payments.

    • Account Balance: The NRO FD account is maintained in INR.

    • Nomination: The facility is offered by the bank. 

    • Repatriation

      • As per RBI guidelines, the NRI is entitled to repatriate up to US$ 1 Million after paying applicable taxes. 

      • Funds can be transferred to the NRE account after paying applicable taxes within the overall limit of US$ 1 Million in a financial year. 

    • Loan Facility: Loans are granted against NRO FD security.

    • Tax Implication: interest earned on the NRO FD is taxable as per extant Income Tax laws.

  4. Indian Bank FCNR (B) FD

    The Foreign Currency Non-Resident FD is implicit about the account maintained in foreign currency. It is a term deposit with a stipulated maturity date. The FCNR (B) account replaced the earlier FCNR (A) in 1993 as per RBI guidelines without an exchange rate guarantee.  

    The critical features in this FD account are:

    • Account Opening: 

      • Any NRI or a PIO can open an FCNR (B) FD account with Indian Bank.  

      • Opening an NRE or NRO account first is mandatory. 

      • The opening balance is transferred from an existing NRE or FCNR account. It is also opened through a wire transfer from an overseas account. 

      • The account is opened under a single or joint operation with one or more NRIs.

    • Account Balance: The FCNR FD account is maintained in the designated foreign currencies listed below.

      • US Dollar (US-$)

      • GB  Pound Sterling (GB-£)

      • Euro

      • Swiss Franc (CH-F)

      • Canadian Dollar (CAD-$)

      • Australian Dollar (AUD-$)

      • Singapore Dollar (SGD-$) 

      • Hong Kong Dollar (HK-$)

    • Repatriation: The holding in the FCNR FD, including the principal and interest, is repatriable. Since the account is denominated in foreign currency, it is not exposed to the risk of exchange fluctuations.

    • Tenure: The account has tenure from 1 year to 5 years. 

    • Interest Payable: Indian Bank NRE FD Rates are competitive. 

    • Nomination: Any NRI nominee may be added to the account. 

    • Premature Closure: The FCNR account can be closed prematurely with the application of closure charges. No interest is paid if the account is closed within one year. 

    • Permissible Debits: Debit to the account is permitted for remittances outside India, local payments, Indian investments, or transferring money to NRE and FCNR account.

    • Tax Implication: The entire FCNR account balance is tax-free. 

SIP Investment for NRIsSIP Investment for NRIs

Conclusion

Indian Bank’s FD is one of the popular investment options for NRI, intending to create holdings in India. The Indian Bank NRE Fixed Deposit Rates have become competitive after RBI deregulated the regime. It guarantees the NRI steady investment growth during the stipulated deposit tenure. 

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