NRI fixed deposit is a reliable FD investment option, applicable to Non-Resident Indians and Persons of Indian origin. This type of fixed deposit offers high-yielding returns on foreign income, making it an attractive choice for risk-averse investors. Several banks and financial institutions in India provide different types of NRI FD accounts, including the State Bank of India. This blog will discuss the varying SBI NRI fixed deposit rates and tenure options an eligible entity can avail of in 2023.
What is SBI NRI Fixed Deposit?
The State Bank of India offers a variety of investment avenues to NRIs, allowing them to grow their savings and manage their finances. Such investment avenues include different types of NRI fixed deposit schemes, each with varying interest rates.
Keep reading to find out the current interest rates applicable to NRI FD accounts offered by the State Bank of India.
SBI NRI Fixed Deposit Rates
The varying SBI NRI FD interest rates are listed below, applicable to different fixed deposit accounts.
1. SBI NRE Fixed Deposit Rates under ₹2 Crore
| Tenure | Interest Rate |
|---|---|
| 1 year to less than 2 years | 6.80% |
| 400 days | 7.10% |
| 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% |
2. SBI NRE Fixed Deposit Rates above ₹2 Crore
| Tenure | Interest Rate |
|---|---|
| 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% |
3. SBI NRO Fixed Deposit Rates under ₹2 Crore
| Tenure | Interest Rate |
|---|---|
| 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% |
| 400 days | 7.10% |
| 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% |
4. SBI NRO Fixed Deposit Rates above ₹2 Crore
| Tenure | Interest Rate |
|---|---|
| 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% |
5. SBI FCNR Fixed Deposit Rates
| Tenure | Interest Rates | |||||
| USD | GBP | Euro | CAD | AUD | JPY | |
| 1 year | 5.60% | 5.00% | 1.50% | 4.50% | 3.60% | 0.02% |
| Above 1 year to less than 2 years | 5.60% | 5.00% | 1.50% | 4.50% | 3.60% | 0.02% |
| 2 years to less than 3 years | 4.30% | 2.35% | 1.50% | 4.10% | 3.50% | 0.05% |
| 3 years to less than 4 years | 4.00% | 2.45% | 1.50% | 3.85% | 3.00% | 0.05% |
| 4 years to less than 5 years | 4.00% | 2.45% | 1.50% | 3.90% | 3.00% | 0.05% |
| 5 years | 4.05% | 2.45% | 1.50% | 3.95% | 3.00% | 0.05% |
6. SBI RFC Fixed Deposit Rates
| Tenure | USD | GBP | EURO |
|---|---|---|---|
| 1 year to less than 2 years | 5.60% | 5.00% | 1.50% |
| 2 years to less than 3 years | 4.30% | 2.35% | 1.50% |
| 3 years | 4.00% | 2.45% | 1.50% |
Features & Benefits of SBI NRI Fixed Deposit
Here is a list of salient features you need to know before availing of the SBI NRI fixed deposit rates.
- The minimum tenure of an FD investment made in an NRE account is 1 year. On the other hand, NRO FD has a minimum tenure of 7 days.
- All FCNR (B) and RFC deposits with a tenure of 1 year earn simple interest. However, deposits made for a tenure of more than 1 year accumulate an interest income compounded half-yearly.
- Interest is not payable to an individual if an SBI NRI fixed deposit is withdrawn before a time period of 1 year.
- All SBI NRI fixed deposit premature withdrawals made by a depositor are subject to a penalty ranging between 0.50% to 1% of the interest.
- The amount of interest earned from an NRO account under SBI NRI Fixed Deposit is subject to taxation.
Conclusion
Although it is a safe and reliable option, it is crucial to have a clear idea about the prevailing FD interest rates and tenure options before investing in an FD. Hopefully, now you are well aware of the varying SBI NRI fixed deposit rates that you can avail of in 2023.
However, such interest rates are subject to change at the discretion of the bank. Therefore, it is in your best interest to verify all the details carefully in order to make an informed decision.
FAQs
Yes, the State Bank of India allows all eligible entities to apply for loans/overdrafts against their NRO fixed deposit.
An FD investment made in either the SBI NRE or FCNR account is fully repatriable without any upper limit. However, SBI NRO deposits are partially repatriable within an overall limit of 1 million USD.
Yes, a Non-Resident Indian can jointly apply and avail the SBI NRE FD rates with an Indian Resident who is a close relative. In that case, the NRI will be the primary account holder, while his relative will apply as a second account holder.
Yes, an eligible entity can avail of nomination facilities for all accounts under the SBI NRI fixed deposit scheme, including NRE, NRO, FCNR and RFC accounts. He/she is also allowed to further change or cancel the nominee details during the tenure of an FD investment.
An eligible entity has to submit a set of documents to open a SBI NRI fixed deposit account. These include the applicant’s identity proof, non-resident status proof, overseas/communication address proof, PAN card and recent photographs.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
