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Interest Rates on Deposits

Interest rates on the range of NRI products are listed below:

The Non Resident External (NRE) Deposits rates stand revised as under w.e.f. 1st May, 2008

Maturity SLAB	Deposits upto Rs 2 crore
1yr to less than 2yrs	3.08%
2yrs to less than 3yrs	3.18%
3yrs only	3.45%

NRE Savings Deposit

The interest rate on NRE Savings Deposit is 3.50% pa.(w.e.f. November 18, 2005)

RFC deposit rates w.e.f. 1st May, 2008

Maturity Slabs	USD	GBP	EURO	JPY
Less than 29days	1.99	4.51	3.55	0.62
30days – 90days	2.05	4.72	3.64	0.68
91days– 6mth	2.10	5.09	4.11	0.92
181days– 1yr	2.22	5.09	4.13	0.98
1yr 1 day --2yrs	2.33	5.06	4.21	1.10
2yrs 1 day – <3yrs	2.43	4.65	3.78	1.11
3yrs only	2.70	4.62	3.68	1.19

RFC Savings Account (Effective from 5 January 2004)

The interest rates for USD RFC Savings Account is 0.50% pa irrespective of the deposit amount.

FCNR (B) deposit rates w.e.f. 1st May, 2008

Maturity Slabs	USD	GBP	EUR	AUD	CAD
1yr to less than 2yrs	2.33	5.06	4.21	7.51	2.91
2yrs to less than 3yrs	2.43	4.65	3.78	6.91	2.64
3yrs to less than 4yrs	2.70	4.62	3.68	6.82	2.79
4yrs to less than 5yrs	2.93	4.59	3.65	6.86	2.91
5yrs only	3.11	4.54	3.64	6.78	3.03

Note: Fixed deposit withdrawn before completion of 1 year will not be applicable for any interest as per RBI regulations. There is no penalty on premature withdrawal of NRE fixed deposits for deposit amounts upto Rs.1 crore. Deposits greater than Rs.1 crore will carry a penalty of 1% on premature withdrawal.

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