Vijaya Bank NRE FD Rates

Vijaya Bank is providing the fixed deposit account option for NRIs (Non- Resident Indian’s)/ PIO’s (Person of Indian Origin) at a good interest rate. To opt for the opportunity of Vijaya Bank’s NRE FD interest rates, one needs to open the NRE (Non- Resident External) account and deposit the amount at a specified interest rate and tenure.

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What is the Vijaya Bank NRE FD Account?

The NRE fixed deposit scheme will enable the account through instruments like demand drafts, telex, mail money transfers, etc. Also, the bank provides the option of reimbursement and quarterly interest plans.

The option of keeping the deposit receipt for free of cost in the Vijaya Bank's custody is given to the NRE FD account holder. Option of reinvestment plans with the cumulative interest and the quarterly interest plans are offered to the NRIs / PIOs by the Vijaya Bank.

The facility of loan granting and the overdrafts limit against the deposit receipts to the NRE FD account holder. Bank will give the assurance of confidentiality regarding the customer’s accounts and their transactions, auto-renewal of the deposits, the option of the prepayment proceedings, and currency of the customer’s choice, etc. The payment of the proceedings will be in the currency of the customer’s choice. There is a nomination provision provided by the bank to the customer.

It offers attractive interest rates with the option of convertibility of currency through the banking channels from overseas by the way of demand drafts, SWIFT, Telegraphic transfers, foreign currency/traveller’s cheques (during their visit to India). Also, NRI can transfer the amount from any NRE FD account or the foreign currency non-resident deposit to the existing bank.

The NRE FD deposits are ranging from 12 months to 120 months, the interest will be paid accordingly. If the deposits are with the bank for less than 12 months, then the bank will not pay the interest on the deposited amount.

Features of the Vijaya Bank NRE FD Account 

Some of the features of the Vijaya Bank NRE FD account are listed below:

  1. Premature Withdrawal

    Bank will impose a penalty on premature withdrawal of the deposits after 12 months of the FD in the account. The interest rate on the deposits will be applied with 1% less than the specified interest rate that is payable by the bank for a period for which the deposits in the account has to run prevailing date of receipt or on the date of premature withdrawal (whichever is less), but the deposits must run for a period of a minimum of one year.

  2. Auto-Renewal

    The matured fixed deposits of the maturity period of one year and above one year will be auto renewed on the due date of the maturity period. For the deposits for a further period of one year, the customer needs to instruct the bank regarding the renewal. In the absence of any instruction from the customer on the due date of the maturity period, the bank will renew the account by applying the interest rates the same as the prevailing specified rates.

  3. Penalty Waiver

    The option of waiving the premature withdrawal penalty is best provided by the bank. Where, the bank is offering this option with a condition to renew the NRE FD account for better interest rates, provided the customer is ready to renew the account for the tenure more than the specified maturity period at the time of depositing. The NRE FD account has to run in the bank for at least one year from such renewal. For the Vijaya Bank NRE FD account, the period of renewal has to be more than the opted tenure by a minimum of one year.

How Can Customers Benefit from Vijaya Bank NRE Account?

The NRI/ PIO customers benefit from various services of the Vijaya Bank such as:

  • Interest on the deposits in the NRE FD account will be paid every quarter (March, June, September, and December) for the cumulative deposits only.
  • Availability of option of premature withdrawal, nomination, auto-renewal etc.
  • Joint accounts between NRI and other NRI/ PIO or the Indian residents. 
  • The account holder can avail of the benefit of tax exemption in India.

An Overview- Vijaya Bank Fixed Deposit Interest Rates

The fixed deposits or the term deposits of the NRE (Non- Resident Indian) in Vijaya Bank are given below:

The interest rate of the NRE FD account for deposits above Rs 1 crore is:

Vijaya Bank Non- Resident Indian Fixed Deposit Interest rates for deposits above Rs 1 crore (w.e.f. 16th July 2021)

Tenure  

Interest rate (% per annum)

Up to 1 year

5.10%

Up to 2 years

5.10%

Up to 3 years

5.10%

Up to 4 years

5.30%

Up to 5 years

5.30%

Above 5 years

5.30%

Disclaimer: The interest rates of the Vijaya Bank NRE fixed deposit account will change from time to time due to the market conditions and due to the discretion of the Vijaya Bank.

The interest rates of the NRE FD account for deposits less than Rs 2 crore are:

Vijaya Bank Non- Resident Indian Fixed Deposit Interest rates for the deposits less than Rs 2 crore (w.e.f. 16th July 2021)

Tenure  

Interest rate (% per annum)

 Up to 1 year 

5.10%

Up to 2 years

5.10%

Up to 3 years

5.10%

Up to 4 years

5.30%

Up to 5 years

5.30%

5 years to 10 years

5.30%

Disclaimer: The interest rates of the Vijaya Bank NRE fixed deposit account will change from time to time due to the market conditions and due to the discretion of the Vijaya Bank.

The interest rates of the NRE FD account for deposits more than Rs 2 crore are:

Vijaya Bank Non- Resident Indian Fixed Deposit Interest rates for the deposits more than Rs 2 crore (w.e.f. 16th July 2021)

Tenure  

Interest rate (% per annum)

1 year to 3 years

3.80%

3 years to 5 years

3.80%

5 years to 10 years

3.80%

Disclaimer: The interest rates of the Vijaya Bank NRE fixed deposit account will change from time to time due to the market conditions and due to the discretion of the Vijaya Bank.

Who Can Open the NRE FD Account in Vijaya Bank?

The following can open the NRE FD account in Vijaya Bank:

  • The NRE FD account holder must be a Non- Resident Indian (NRI) or Person of Indian Resident (PIO).
  • NRI account holders must open the NRE (Non- Resident External) Fixed Deposit/ Term Deposit account in Vijaya Bank.
  • An NRI wants to transfer the money to India in the form of Indian currency from overseas. 

Wrapping it Up

Vijaya Bank offers reasonable NRE FD rates of interest to its customers who are looking for safe and low-risk deposits. Interested customers can check with the bank for more information.

Written By: PolicyBazaar - Updated: 01 September 2021
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