The SBI NRE fixed deposit rates are attractive options for Non-Resident Indians (NRIs) looking to invest their foreign earnings in India. As of June 2024, the interest rates for SBI NRE fixed deposits for amounts below Rs 2 crore. However, it can vary depending on the tenure of the deposit.
What are the State Bank of India NRE Fixed Deposit Rates?
The SBI NRE FD rates varies as follows:
For a tenure of 1 year, the interest rate is 6.80% per annum.
For a special tenure of 400 days under the "AMRIT KALASH" scheme, the rate is 7.10% per annum.
For deposits of 2 to less than 3 years, the rate is 7.00% per annum.
For tenures ranging from 3 to 10 years, the rate is 6.50% per annum.
These interest rates are highly competitive and provide a solid return on investment for NRIs. One of the significant benefits of SBI NRE fixed deposits is that the interest earned is tax-free in India, and both the principal and interest are fully repatriable, which means NRIs can transfer the money back to their country of residence without any restrictions.
SBI also allows account holders to take loans against their NRE fixed deposits. Borrowers can avail loans up to 90% of the deposit amount, with the interest rate being just 1% higher than the fixed deposit rate, and without any processing charges or prepayment penalties.
Investing in SBI NRE fixed deposits can be done easily through both online and offline methods. NRIs can open these deposits using SBI’s online banking platform or mobile app, or they can visit an SBI branch in India or an overseas office. Required documents typically include proof of identity, non-resident status, and address, along with a PAN card.
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What is SBI NRE Fixed Deposit Rates?
amaan
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4 months
2024-06-24T12:38:25+00:00 2024-06-28T21:25:14+00:00Comment
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