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      Interest Rates / NRI Schemes

      NRI Schemes


      (A) RATE OF INTEREST ON NON-RESIDENT EXTERNAL (NRE) TERM DEPOSITS

      Rates with effective from - 10.04.2014:

      T&I:MUM-NRETDR:001:2014-15

      i) For Term Deposits less than Rs. 1.00 Crore

      Sr. No. Time Period Less than Rs. 1.00 Crore
      01. 1 year 9.10%
      02. More than 1 Year but upto 2 Year 9.00%
      03. Above 2 year and upto 3 Year 9.00%
      04. Above 3 year and less than 5 year 9.00%
      05 5 year and Above 8.75%

      ii) For Term Deposits Rs. 1.00 Crore and above to Rs. 5.00 Crores

      Sr. No. Period Existing rates Revised rates
      01. 1 Year 9.10 % 9.00%
      02. Above 1 Year up to 2 Year 8.75 % 8.50 %
      03. Above 2 Year less than 3 year 8.75 % 8.25 %
      04. 3 Years and above but less than 5 years 8.50 % 8.25 %
      05. 5 years and above 8.25 % 8.25 %

      1. NRE term deposits can be accepted for a minimum period of one year and a maximum period of ten years.
      2. Preferential rate of interest is not available on NRE and NRO deposits .
      3. No interest will be payable on premature closure, before completion of 1 year.
      4. Pre-mature closure of the Deposit after 1 year- penal charges shall be 1% less than applicable rate for which the term deposit was held by the branch as on the date of deposit or the present rate as on the date of premature closure whichever is lower.
      5. NRE Recurring Deposits can be accepted for a minimum tenure of 12 months (and in multiples of 3 months thereafter) up to a maximum tenure of 10 years.
      6. The above card rates are valid for single deposits and indicative only, please contact your nearest branch for latest Rate of Interest (Fresh & Renewal).
      7. No cash deposits will be accepted for deposits above Rs.1.00 crores.

      iii) For Term Deposits above Rs. 5.00 Crores

      Sr. No. Period Existing rates Revised rates
      01. 365 Days to 375 Days 9.20 % 9.00 %
      02. 376 Days to less than 2 years 8.50 % 8.50 %
      03. 2 years but less than 3 years 8.50 % 8.50 %
      04. 3 Years but less than 5 Year 8.25 % 8.25 %
      05. 5 Years and above 8.25 % 8.25 %

      * Above rates are subject to change without prior notice.


      (B) RATE OF INTEREST ON NON-RESIDENT ORDINARY (NRO) TERM DEPOSITS


      (C) Rate of Interest on FCNR (B) Deposits (with effect from 01-04-2014)

      Tenure 1 Year to less than 2 Years 2 Year to less than3 Years 3 Year to less than 4 Years 4 Year to less than 5 Years 5 Years only
      Currency ROI Yield* ROI Yield* ROI Yield* ROI Yield* ROI Yield*
      USD % 1.56 1.60 1.59 1.65 3.05 3.27 3.48 3.82 3.85 4.27
      GBP % 1.91 1.97 2.49 2.61 3.82 4.15 4.07 4.53 4.29 4.80
      EUR % 1.55 1.59 1.49 1.54 2.64 2.81 2.82 3.05 3.01 3.27
      JPY % 1.34 1.37 1.20 1.24 2.22 2.34 2.27 2.42 2.34 2.50
      CAD % 2.47 2.55 2.40 2.51 3.61 3.90 3.86 4.28 4.09 4.56
      AUD % 3.71 3.87 3.96 4.22 5.23 5.82 5.53 6.37 5.74 6.65
      CHF % 1.19 1.22 1.11 1.14 2.21 2.33 2.35 2.51 2.51 2.70
      SEK % 1.92 1.98 2.11 2.20 3.34 3.59 3.60 3.97 3.83 4.24
      SGD % 1.36 1.39 1.68 1.74 3.09 3.31 3.50 3.85 3.82 4.23
      HKD % 1.50 1.54 1.81 1.88 3.23 3.47 3.65 4.03 3.98 4.42

      * Annualised yield at the end of the tenure


      (D) Rate of Interest on RFC Deposits (with effect from 01-04-2014)

      SAVINGS BANK:

      CURRENCY (%) - GBP (0.50%) and AUD (3.00%)

      TERM DEPOSITS:

      Currency 1 year to less than 2 years 2 years to less than 3 years 3 years to less than 4 years 4 years to less than 5 years 5 years only
      USD (%) 1.56 1.59 3.05 3.48 3.85
      GBP (%) 1.91 2.49 3.82 4.07 4.29
      EUR (%) 1.55 1.49 2.64 2.82 3.01
      JPY (%) 1.34 1.20 2.22 2.27 2.34
      CAD (%) 2.47 2.40 3.61 3.86 4.09
      AUD (%) 3.71 3.96 5.23 5.53 5.74
      CHF (%) 1.19 1.11 2.21 2.35 2.51
      SEK (%) 1.92 2.11 3.34 3.60 3.83
      SGD (%) 1.36 1.68 3.09 3.50 3.82
      HKD (%) 1.50 1.81 3.23 3.65 3.98

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

       

      NRNR and NRSR Deposits : Discontinued w.e.f. 01.04.02. The existing accounts under NRNR Deposit scheme may be continued only upto the date of maturity. The existing NRSR accounts other than Term Deposits shall not be continued after 30.09.02

       

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