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NRI > Interest Rates

Interest Rates


Interest rates on the range of NRI products are listed below:
Senior Citizens are not given the facility of additional interest rate on investment made in any NRI Fixed Deposit (NRE / NRO / RFC / FCNR).

Non Resident Ordinary - NRO Deposit rates (Effective September 1, 2014)

Tenor Interest rate (% p.a.) for deposit less than Rs 1 Cr
15 - 45 days 6.00
46 days to 6 months 8.00
6 months 1 day 9.00
6 months 2 days to 499 days 9.00
500 days 9.05
501 days to < 5 years 9.00
5 years 9.10
> 5 yrs - 7 yrs 9.00
> 7 yrs - 10 yrs 9.00

Non Resident (External) - NRE Deposit Rates (Effective September 1, 2014)

Tenor

Interest rate (% p.a.) for deposit less than Rs 1 Cr

1 year to 499 days

9.00

500 days

9.00

501 days to < 5 yrs

9.00

5 years

9.10

> 5 yrs - 7 yrs

9.00

> 7 yrs - 10 yrs

9.00

Note:-
• The above rates are applicable only on Fresh NRE / NRO deposits and on renewal of maturing deposits for amounts less than Rs. 1 crore. For the interest rate on NRE / NRO deposit for amount Rs 1 Crore and above, kindly refer to “RATES FOR BULK DEPOSITS ( Rs. 1 cr. and Above )” under URL http://www.idbi.com/interest-rates.asp

• No interest will be paid on NRE deposits closed pre-maturely in less than 1 year.
Interest Rate on Savings Accounts ( Effective March 1, 2011)

Account Type

Interest Rate (% p.a.)

Details

NRE

4.00 %

Interest is compounded Quarterly and paid Half Yearly

NRO

4.00 %

Resident Foreign Currency – RFC Deposit rates ( % p.a.)(Effective November 1, 2014)

Maturity Slab

USD

GBP

EURO

JPY

Less than 30 days 1.37 1.73 1.22 0.06
30 days - 90 days 1.41 1.76 1.26 0.08
91 days – 6 months 1.48 1.80 1.31 0.11
6 months 1 day - < 1 year 1.58 1.94 1.40 0.16
1 year < 2 years 2.34 2.71 2.21 0.17
2 years  < 3 years 2.72 3.11 2.24 0.16
3 years only 4.14 4.39 3.29 0.17
Note:-
Minimum tenure for RFC Term Deposit is 6 months
Interest Rate on RFC Savings Accounts (Effective from August 1, 2014 )

Currency

Interest Rate (% p.a.)

USD

0.50%

GBP

0.75%

EUR

0.75%

Foreign Currency Non Resident (Bank) - FCNR (B) deposit rates ( % p.a.)(Effective November 1, 2014)
Slab USD GBP EUR AUD CAD JPY SGD HKD CHF
  1 Year - less than 2 Years 2.34 2.71 2.21 4.72 3.46     2.17     2.40     2.48     2.07
  2 Years - less than 3 Years 2.72 3.11 2.24 4.77 3.46     2.16     2.71     2.80     2.02
3yrs to less than 4yrs     4.14       4.39     3.29     5.86     4.63       3.17       4.10       4.18       3.07  
4yrs to less than 5yrs   4.48     4.61   3.36     6.08   4.81     3.20       4.44     4.51       3.14
5yrs only   4.76 4.79 3.47     6.17   4.97     3.24       4.68       4.75       3.21
Note:-
• No interest will be paid on FCNR deposits closed pre-maturely in less than 1 year.

• FCNR(B) deposit above USD 1 million or equivalent should be placed with prior consultation of Branch or NRI Cell at nri@idbi.co.in
NRO Recurring deposits : (Effective February 1, 2014)

Maturity Slab

Interest Rate (% p.a.)

1 year – 15 months

9.00

> 15 months  – 5 yrs

9.00

> 5 yrs – 7 yrs

9.00

> 7 yrs – 10 yrs

9.00

NRE Recurring deposits: (Effective February 1, 2014)

Maturity Slab

Interest Rate (% p.a.)

1 year – 15 months

9.00

> 15 months  – 5 yrs

9.00

Interest payable on Premature Withdrawal of Term Deposits

There is no penalty on premature closure of term deposits. Interest payable on prematurely withdrawn deposits will be the contracted rate or the rate applicable for which the deposit remained with the Bank (rate applicable for that tenure on the original date of the deposit) whichever is lower.

Disclaimer: Interest rates on FCNR and RFC deposits are subject to change on the 1st of every month and as per the guidelines issued by the Reserve Bank of India from time to time.

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