Five banks offering highest interest rates on fixed deposits
By Lokmat English Desk | Published: April 20, 2023 03:17 PM2023-04-20T15:17:37+5:302023-04-20T15:17:37+5:30
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Several Indian banks including SBI, HDFC Bank, ICICI Bank, Canara Bank and Punjab National Bank have recently updated their Fixed Deposit Scheme interest rates for NRE accounts. NRE accounts are opened by Indians living abroad.
NRE account can be single or joint account and can consist of savings account, current account and FD account. Meanwhile, the interest rates of NRE accounts depend on the bank and the minimum tenure for these accounts is one year. NREs offered by some public and private banks
State Bank of India (SBI): If you invest less than Rs 2 crore for a tenure of one to 10 years with SBI, you will get 6.50 per cent to 7.10 per cent interest. On the other hand, if you invest more than Rs 2 crore, you get 6.00 percent to 6.00 percent.
HDFC Bank (HDFC): HDFC Bank offers 6.60 percent to 7.10 percent interest on investments below Rs 2 crore and 7.10 percent to 7.75 percent interest on investments above Rs 2 crore.
Punjab National Bank (PNB): Punjab National Bank has increased its NRE fixed deposit interest rates to 6.75 per cent from 5.6 per cent last year, from 6.5 per cent to 7.25 per cent now.
ICICI Bank (ICICI): For foreign accounts, ICICI Bank is offering 6.70 percent to 7.10 percent interest to the customer after investing in fixed deposits.
Canara Bank : Canara Bank is offering 6.70 percent to 7.25 percent interest on fixed deposits of one to 10 years.
Meanwhile, you need to note that NRE FD rates offer competitive interest rates for Indians living abroad, who want to invest their foreign currency in FDs in India. Compare interest rates and tenure of different banks before investing.
