State Bank of India offers the following SBI NRI FD Rates Schemes for their customers:
-
SBI NRE FD Rates Scheme
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SBI NRO FD Rates Scheme
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SBI FCNR Rates Scheme
Difference Between NRE, NRO, and FCNR (B) Accounts
It is essential to know the difference between the 3 NRI FD account types before depositing the money:
| Particulars |
NRE Account |
NRO Account |
FCNR-B Account |
| Account Purpose |
Income earned in a foreign country is deposited in an SBI NRE Interest Rate account. |
Income earned in India by NRIs is deposited in an SBI NRO Interest Rate account. |
Income earned in foreign currency is deposited in SBI FCNR (B) Interest Rate account. |
| Account Type |
Savings account, Recurring, or Current |
Savings, Recurring, or Current |
Fixed Deposit accounts with a 1-year minimum tenure |
| Currency denomination |
INR |
INR |
AUD, CAD, CHF, EUR, GBP, HKD, JPY, SGD, USD |
| Joint holding facility |
It can be held with other NRI. |
It can be held with other Indian residents or NRI. |
It can be held with other NRI. |
| Repatriation Facility |
Balance is fully repatriable. |
Interest earned is fully repatriated. |
Interest earned, and principal amount are fully repatriable. |
| Taxability |
Tax is exempted on the interest income. |
Interest income is taxable. |
Tax is exempted on the interest income. |
SBI NRE FD Rates for Less Than 2 Crores
| Tenure |
General Citizens |
| 1 year to less than 2 years |
6.80% |
| 2 years to less than 3 years |
7.00% |
| 3 years to less than 5 years |
6.50% |
| 5 years to 10 years |
6.50% |
Rates are effective as of 1st Jan 2024.
SBI NRE FD Rates for Rs. 2 Crores and Above
| Tenure |
General Citizens |
| 1 year to less than 2 years |
6.75% |
| 2 years to less than 3 years |
6.50% |
| 3 years to less than 5 years |
6.00% |
| 5 years to 10 years |
6.00% |
Rates are effective as of 1st Jan 2024.
SBI NRO FD Rates for Less Than 2 Crores
| Tenure |
General Citizens |
| 7 days to 45 days |
3.00% |
| 46 days to 179 days |
4.50% |
| 180 days to 210 days |
5.25% |
| 211 days to less than 1 year |
5.75% |
| 1 year to less than 2 years |
6.80% |
| 2 years to less than 3 years |
7.00% |
| 3 years to less than 5 years |
6.50% |
| 5 years and up to 10 years |
6.50% |
Rates are effective as of 1st Jan 2024.
SBI NRO FD Rates for Rs. 2 Crores and Above
| Tenure |
General Citizens |
| 7 days to 45 days |
4.75% |
| 46 days to 179 days |
5.50% |
| 180 days to 210 days |
6.00% |
| 211 days to less than 1 year |
6.25% |
| 1 year to less than 2 years |
6.75% |
| 2 years to less than 3 years |
6.50% |
| 3 years to less than 5 years |
6.00% |
| 5 years and up to 10 years |
6.00% |
Rates are effective as of 1st Jan 2024.
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SBI FCNR Rates
| Tenure |
USD |
GBP |
EURO |
CAD |
AUD |
JPY |
| 1 year |
5.25% |
4.50% |
1.50% |
4.30% |
3.60% |
0.02% |
| Above 1 year to less than 2 years |
5.25% |
4.50% |
1.50% |
4.30% |
3.60% |
0.02% |
| 2 years to less than 3 years |
4.20% |
2.35% |
1.50% |
4.10% |
3.50% |
0.05% |
| 3 years to less than 4 years |
4.05% |
2.45% |
1.50% |
3.85% |
3.00% |
0.05% |
| 4 years to less than 5 years |
4.10% |
2.45% |
1.50% |
3.70% |
3.00% |
0.05% |
| 5 years |
4.15% |
2.45% |
1.50% |
3.60% |
3.00% |
0.05% |
Rates are effective as of 1st Jan 2024.
In the End!
All the 3 SBI NRI Interest Rate accounts, that are, Non-Resident External (NRE), Non-Resident Ordinary (NRO), and Foreign Currency Non-Resident (FCNR), allow the NRIs to deposit their income efficiently and hassle-free in India. These accounts are completely safe for saving income and earning decent returns on the invested amount. The type of account should be chosen wisely that best suits the depositor’s needs (type of account will also be dependent on the account held by the customer).
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