SBI NRE FD Rates

State Bank of India (SBI) is one of the leading public sector banks. The Bank has launched many schemes that help the people to have financial stability. One such scheme is a fixed deposit. SBI also provides an option for Non-Resident Indian to deposit in FD using their Non-Resident Ordinary and Non-Resident External account associated with the bank.

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What is an FD?

An FD, i.e., a fixed deposit, is a financial instrument that many banks and non-banking finance companies provide. A fixed deposit provides a higher interest rate to the investors compared with the usual savings account. A maturity date will also be provided. Until the specified maturity date, the fixed deposit amount can't be withdrawn, unlike a demand deposit or a recurring deposit. It is also recognized as a term deposit. Here is some information about the State Bank of India NRI FD rates. 

Types of FD for NRI

State Bank of India allows any Non-Residential Indian to invest in fixed deposits. There are certain types of fixed deposit associated with the SBI. Here is the list of FD types and SBI NRI fixed rates.

Non-Resident External Fixed Deposit

A Non-Residential Indian can invest in a fixed deposit using their NRE account that is associated with the state bank of India. The features of the NRE account and SBI NRE FD rates include:

  • The funds that are deposited in the NRE account will be a fresh payment or a transfer from another NRO/ NRE/ FCNR accounts. 
  • The account can be opened under a zero balance.
  • The interest amount will be paid on Term Deposit Receipts, quarterly and is purely based on the State Bank of Hyderabad NRE FD rates. Considering the request of the consumer, the amount will be credited to the NRE savings bank. 
  • The minimum deposit is Rs.1000 for general branches, and for personal banking branches, the minimum deposit balance is one lakh rupees for urban or metro areas and Rs. 50,000 in the case of Rural or Semi-urban areas.
  • You can have a nominee for your fixed deposit.
  • You will be eligible to claim a loan against the deposit in accordance with the SBI NRE FD rates. 

Non-Resident Ordinary Fixed Deposit

The state bank of India provides an option to invest in a fixed deposit using the NRO account. The SBI NRI FD rates terms and features are as follows:

  • This account's down payments can be made using an NRO/NRE/FCNR account transfer or a direct payment. 
  • A minimum deposit of Rs.1000 has to be maintained for general branches.
  • For personal banking branches, the minimum deposit varies with the location. If you are in Urban or Metro areas, then one lakh rupees need to be maintained and Rs. 50,000 for Rural or Semi-urban areas. 
  • You have an option to appoint a nominee as well according to the State Bank of India NRE FD rates.
  • You are provided with an option for pre-mature withdrawal concerning the State Bank of India NRI FD rates.
  • The period of deposit for SBI NRI FD rates ranges from 7 days to 10 years for a term deposit.
  • In the case of special term deposit, the SBI NRI FD rates range from 6 months to 10 years. 

Foreign Currency Non-Resident Fixed Deposit

  • The interest amount is paid at an interval of 180 days according to the State Bank of India NRE FD rates.
  • You can deposit the foreign currency for a fixed period of time. 
  • The minimum deposit in the account should be $1000.
  • You can have a nominee for your account.
  • In FCNR (B) account, the principal amount and the interest amount are paid in foreign currency in accordance with the State Bank of India NRI FD rates. 
  • Using FCNR (B) account, you can avail of both loans in foreign currency and Indian currency based on the State Bank of India NRE FD rates. 
  • The deposition is demanded in foreign currency, and it can be USD, EURO, JPY, GBP, AUD or CAD. 
  • The period of deposits concerning the State Bank of India NRE Fixed Deposit rates ranges from a minimum of one year to a maximum of five years. 

Resident Foreign Currency Fixed Deposit

  • According to the State Bank of India NRI FD rates, the interest amount will be paid at a regulation of 180 days starting from the date of deposit.
  • You have to maintain a minimum deposit of USD 1000, EURO 1000 or GBP 1000.
  • You can have a pre-mature withdrawal option with respect to the State Bank of India NRE Fixed Deposit rates.
  • You can also have a nominee.
  • The period of deposits concerning the State Bank of India NRE Fixed Deposit rates ranges from a minimum of one year to a maximum of three years.

Rates Associated with the FD Types

Here is a rundown of the rates associated with the types of fixed deposits:

Non-Resident External Fixed Deposit

The SBI NRI FD rates in accordance with the NRE FD for a sum of below 2 Crore are:

  • One year to lower than two years – 5%
  • Two years to lower than three years – 5.10%
  • Three years to lower than five years – 5.30%
  • Five years to lower than 10 – 5.40%

The SBI NRI FD rates for an NRE fixed deposit for a sum of above 2 Crore are:

  • One year to lower than two years – 3%
  • Two years to lower than three years – 3%
  • Three years to lower than five years – 3%
  • Five years to lower than 10 – 3%

Premature Withdrawal

For a sum below 2 Crore

  • There is no need to pay any penalty amount if the deposit amount has been withdrawn within one year according to the State Bank of India NRE Fixed Deposit rates.  
  • When five lakh rupees are withdrawn, the penalty rate would be 0.5% considering the State Bank of Hyderabad NRE FD rates.
  • When an amount is withdrawn between five lakh and 1 Crore, then the rate for penalty is 1% with respect to the State Bank of India NRI FD rates.

For a sum above 2 Crore

  • There is no need to pay any penalty amount if the deposit amount has been withdrawn within one year based on the State Bank of Hyderabad NRE FD rates.  
  • With the pre-mature withdrawal of completing one year, the interest rate will be calculated depending on the period that the amount is associated with the bank or will be subjected to the lower rate possible within 1% in accordance with the State Bank of India NRE FD rates. 

Non-Resident Ordinary Fixed Deposit

The interest rates for NRO fixed deposit corresponding to the SBI NRE FD rates for a deposit below 2 Crore are:

  • Seven to 45 days – 2.90%
  • 46 to 179 days – 3.90%
  • 180 to 210 days – 4.40%
  • 211 days to lower than one year – 4.40%
  • One year to lower than two years – 5%
  • Two years to lower than three years – 5.10%
  • Three to five years – 5.30%
  • Five to ten years – 5.40% 

The interest rates for NRO fixed deposit corresponding to the SBI NRE FD rates for a deposit above 2 Crore are:

  • Seven to 45 days – 2.90%
  • 46 to 179 days – 2.90%
  • 180 to 210 days – 3%
  • 211 days to lower than one year – 3%
  • One year to lower than two years – 3%
  • Two years to lower than three years – 3%
  • Three to five years – 3%
  • Five to ten years – 3% 

Premature Withdrawal

For deposit below 2 Crore

There is no need to pay any penalty amount if the deposit amount has been withdrawn within seven days based on the State Bank of India NRE FD rates.  

When five lakh rupees are withdrawn, the penalty rate would be 0.5% corresponding to the State Bank of Hyderabad NRE FD rates.

When an amount is withdrawn between 5 Lakh and 1 Crore, then the rate for penalty is 1% according to the State Bank of India NRE Fixed Deposit rates.

For a sum above 2 Crore

  • There is no need to pay any penalty amount if the deposit amount has been withdrawn within seven days by the SBI NRE FD rates.  
  • With the pre-mature withdrawal of completing seven days, the interest rate will be calculated depending on the period that the amount is associated with the State Bank of India NRI FD rates or will be subjected to the lower rate possible within 1%. 

Foreign Currency Non-Resident Fixed Deposit

The interest rates for FCNR fixed deposits according to the SBI NRI FD rates are:

Period of time

USD

EURO

JPY

GBP

AUD

CAD

Up to one year

0.72

0.01

0.02

0.60

0.15

0.62

One to lower than two years

0.72

0.01

0.02

0.60

0.15

0.62

Two to lower than three years

0.76

0.01

0.05

0.75

0.22

0.68

Three to lower than four years

0.94

0.01

0.05

0.88

0.37

0.92

Four to lower than five years

1.15

0.10

0.05

1.00

0.65

1.18

For five years

1.37

0.15

0.05

1.11

0.92

1.40

Premature Withdrawal

  • According to the State Bank of Hyderabad NRE FD rates, there is no interest to be paid when the deposited amount is withdrawn within one year.
  • There is no penalty for pre-mature withdrawal after completing one year of deposit. But interest will be paid for the remaining deposit period at the SBI NRE FD rates. 

Resident Foreign Currency Fixed Deposit

With respect to the SBI NRE FD rates, the rates for RFC FD's are as follows:

Period of time

USD

EURO 

GBP

One to lower than two years

0.72

0.01

0.60

Two to lower than three years

0.76

0.01

0.75

For three years

0.94

0.01

0.88

Premature Withdrawal

  • Considering the State Bank of India NRE Fixed Deposit rates, there is no need to pay interest if the amount deposited is withdrawn within one year.
  • If the amount is withdrawn after one year, then the interest will be 1% below the applicable rate that the amount is associated with the State Bank of Hyderabad NRE FD rates for the remaining tenure. 

Conclusion

The State Bank of India provides an option for the NRIs to invest in India's fixed deposits. The SBI NRI FD rates and the State Bank of India NRE FD rates will be determined by SBI and are changeable. 

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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Written By: PolicyBazaar - Updated: 27 July 2021
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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