SBI NRI Fixed Deposit Interest Rates

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.

SBI NRE Fixed Deposit Rates under ₹2 Crore

TenureInterest Rate
1 year to less than 2 years6.80%
400 days7.10%
2 years to less than 3 years7.00%
3 years to less than 5 years6.50%
5 years to 10 years6.50%

SBI NRE Fixed Deposit Rates above ₹2 Crore

TenureInterest Rate
1 year to less than 2 years6.75%
2 years to less than 3 years6.50%
3 years to less than 5 years6.00%
5 years to 10 years6.00%

SBI NRO Fixed Deposit Rates under ₹2 Crore

TenureInterest Rate
7 days to 45 days3.00%
46 days to 179 days4.50%
180 days to 210 days5.25%
211 days to less than 1 year5.75%
1 year to less than 2 years6.80%
400 days7.10%
2 years to less than 3 years7.00%
3 years to less than 5 years6.50%
5 years and up to 10 years6.50%

SBI NRO Fixed Deposit Rates above ₹2 Crore

TenureInterest Rate
7 days to 45 days4.75%
46 days to 179 days5.50%
180 days to 210 days6.00%
211 days to less than 1 year6.25%
1 year to less than 2 years6.75%
2 years to less than 3 years6.50%
3 years to less than 5 years6.00%
5 years and up to 10 years6.00%

SBI FCNR Fixed Deposit Rates

TenureInterest Rates
USDGBPEuroCADAUDJPY
1 year5.60%5.00%1.50%4.50%3.60%0.02%
Above 1 year to less than 2 years5.60%5.00%1.50%4.50%3.60%0.02%
2 years to less than 3 years4.30%2.35%1.50%4.10%3.50%0.05%
3 years to less than 4 years4.00%2.45%1.50%3.85%3.00%0.05%
4 years to less than 5 years4.00%2.45%1.50%3.90%3.00%0.05%
5 years4.05%2.45%1.50%3.95%3.00%0.05%

SBI RFC Fixed Deposit Rates

TenureUSDGBPEURO
1 year to less than 2 years5.60%5.00%1.50%
2 years to less than 3 years4.30%2.35%1.50%
3 years4.00%2.45%1.50%

Features and 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

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