SBI NRI savings account interest rates are designed to cater to the banking needs of Non-Resident Indians. SBI provides two main types of NRI savings accounts: NRE (Non-Resident External) and NRO (Non-Resident Ordinary), each with specific features and interest rates. I have shared the interest rates of both these account for your understanding.
What are the SBI NRI Interest Rates on Savings Account?
NRE Savings Account
The NRE account is suitable for NRIs who want to park their foreign income in India. The principal and interest earned on the NRE account are fully repatriable, and the interest is tax-free in India.
As of 2024, SBI offers an interest rate of 2.70% to 3.00% per annum on NRE savings accounts, depending on the balance maintained.
For balance less than Rs 10 cr, the interest rate is 2.70% p.a.
For balance above Rs 10 cr, the interest rate is 3.00% p.a.
NRO Savings Account:
The NRO account is used to manage income earned in India, such as rent, dividends, or pensions. Unlike the NRE account, the interest earned on the NRO account is taxable in India.
SBI offers a similar interest rate of 2.70% to 3.00% per annum on NRO savings accounts, with the rate applied uniformly across various balance ranges.
For balance less than Rs 10 cr, the interest rate is 2.70% p.a.
For balance above Rs 10 cr, the interest rate is 3.00% p.a.
This is the SBI NRI savings account interest rates details.
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What is SBI NRI Savings Account Interest Rate?
Ipsita
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56 days
2024-09-25T11:33:05+00:00 2024-09-26T04:30:23+00:00Comment
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