NRI Schemes
(A) RATE OF INTEREST ON NON-RESIDENT EXTERNAL (NRE) TERM DEPOSITS
i) For Term Deposits less than Rs. 2.00 Crore w.e.f. 15.02.2020
| 1 |
1 Year |
6.20% |
| 2 |
Above 1 Year upto 2 Years |
6.20% |
| 3 |
Above 2 Years upto 3 Years |
6.20% |
| 4 |
Above 3 Years to Less than 5 Years |
6.15% |
| 5 |
5 Year and above |
6.15% |
ii) For Bulk NRE Term Deposits Rs. 2.00 Crore and above upto & including Rs. 5.00 Crores w.e.f 12-02-2020
T&I/MUM/NRETDR/59/2019-20
As per the decision taken by the Competent Authority rate of interest on Bulk Term deposit of Rs. 2.00 crores and above upto & including Rs. 5.00 crore stands revised as below w.e.f. 12-02-2020
|
1
|
1 year
|
4.75
|
|
2
|
Above 1 year to 2 years
|
4.75
|
|
3
|
Above 2 year but less than 3 years
|
4.75
|
|
4
|
3 year & above but less than 5 years
|
4.75
|
|
5
|
5 Years & above
|
5.00
|
- All Zonal Offices are requested to note the above mentioned interest rates for Bulk NRE Term Deposit of Rs. 2.00 Cr and above upto & including Rs. 5.00 Crore are effective from 12-02-2020.
- The above card rates are valid for single deposit (Fresh & Renewal).
- No cash deposits to be accepted.
- Rate of Term Deposit should be quoted valid for one day only and whenever quote has to be valid for more than one day, prior permission should be obtained from Treasury Mumbai.
- For premature closure penal charges shall be 2.00% less than applicable rate for which the NRE term deposit was held by the branch as on the date of deposit or the prevailing rate of interest as on the date of premature closure whichever is lower.
- Under no circumstances branches are allowed to quote beyond the rates mentioned above. Zonal offices are requested to ensure strict compliance.
- The rates mentioned above supersede all the rates of interest on Bulk NRE Term Deposit of Rs. 2.00 Crore and above upto & including Rs. 5.00 Crore circulated earlier vide our letter no. T&I/MUM/NRETDR/59/2019-20 dated 04-12-2019.
- Branches are advised to meticulously follow Policy on Accepting Bulk Deposits & Granting Loans/Advances against Bulk Deposit (circulated vide Ref No. CHO/IW/23/2016-17 dated 08-07-2016)
iii) For Bulk NRE Term Deposits above Rs. 5.00 Crores w.e.f. 12-02-2020
T&I/MUM/NRETDR/58/2019-20
As per the decision taken by the Competent Authority rate of interest on Bulk NRE Term deposit above Rs. 5.00 crores stands revised as below w.e.f. 12-02-2020
| 1 |
1 year |
4.75 |
4.75 |
4.75 |
| 2 |
Above 1 year to 2 years |
4.75 |
4.75 |
4.75 |
| 3 |
Above 2 years but less than 5 Years |
4.75 |
4.75 |
4.75 |
| 4 |
5 Years & above |
5.00 |
5.00 |
5.00 |
- All Zonal Offices are requested to note the above mentioned interest rates for Bulk NRE Term Deposit of above Rs.5.00 Crore are effective from 12-02-2020
- The above card rates are valid for single deposit (Fresh & Renewal).
- No cash deposits to be accepted.
- Rate of Term Deposit should be quoted valid for one day only. Whenever quote is to be given for more than one day, prior permission should be obtained from Deputy General Manager, Treasury Branch, Mumbai or General Manager, Treasury & Investments Mumbai.
- For premature closure penal charges shall be 2.00% less than applicable rate for which the NRE term deposit of more than 5.00 Crore 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.
- Under no circumstances branches are allowed to quote beyond the rates mentioned above. Zonal offices are requested to ensure strict compliance.
- The rates mentioned above supersede all the rates of interest on Bulk NRE Term Deposit above Rs. 5.00 Crore circulated earlier vide our vide our letter No. T&I/MUM/NRETDR-58/2019-20 dt. 04-12-2019.
- For quoting rate of interest of any deposit above Rs.5.00 Crore, Branches should make prior reference to Treasury Branch.
- Branches are advised to meticulously follow Policy on Accepting Bulk Deposits & Granting Loans/ Advances against Bulk Deposit (circulated vide Ref No.CHO/IW/23/2016-17 dated 08-07-2016)
(C) RATE OF INTEREST ON FCNR (B) DEPOSITS (With effect from 17.10.2019)
| Currency |
ROI |
Yield* |
ROI |
Yield* |
ROI |
Yield* |
ROI |
Yield* |
ROI |
Yield* |
| USD |
(%) |
2.68
|
2.78
|
2.50
|
2.62
|
2.42
|
2.56
|
2.39
|
2.56
|
2.38
|
2.54
|
| GBP |
(%) |
1.53
|
1.57
|
1.52
|
1.57
|
1.49
|
1.55
|
1.47
|
1.55
|
1.47
|
1.54
|
| EUR |
(%) |
0.43
|
0.44
|
0.39
|
0.40
|
0.40
|
0.40
|
0.42
|
0.43
|
0.45
|
0.46
|
| JPY |
(%) |
0.76
|
0.77
|
0.72
|
0.73
|
0.70
|
0.72
|
0.70
|
0.72
|
0.71
|
0.73
|
| CAD |
(%) |
2.96
|
3.07
|
2.73
|
2.86
|
2.67
|
2.84
|
2.63
|
2.83
|
2.60
|
2.80
|
| AUD |
(%) |
1.71
|
1.76
|
1.65
|
1.71
|
1.64
|
1.72
|
1.75
|
1.85
|
1.78
|
1.88
|
| CHF |
(%) |
0.11
|
0.11
|
0.07
|
0.07
|
0.09
|
0.09
|
0.12
|
0.12
|
0.17
|
0.17
|
| SEK |
(%) |
0.78
|
0.80
|
0.77
|
0.79
|
0.77
|
0.79
|
0.80
|
0.82
|
0.84
|
0.86
|
| SGD |
(%) |
2.49
|
2.57
|
2.45
|
2.56
|
2.43
|
2.57
|
2.43
|
2.60
|
2.43
|
2.60
|
| HKD |
(%) |
2.95
|
3.06
|
2.75
|
2.89
|
2.65
|
2.82
|
2.60
|
2.79
|
2.58
|
2.78
|
* Annualised yield at the end of the tenure
(D) RATE OF INTEREST ON RFC DEPOSITS (With effect from 17-10-2019)
SAVINGS BANK :
CURRENCY (%) - GBP (0.50%) and AUD (1.50%)
TERM DEPOSITS :
| USD |
(%) |
2.68
|
2.50
|
2.42
|
2.39
|
2.38
|
| GBP |
(%) |
1.53
|
1.52
|
1.49
|
1.47
|
1.47
|
| EUR |
(%) |
0.43
|
0.39
|
0.40
|
0.42
|
0.45
|
| JPY |
(%) |
0.76
|
0.72
|
0.70
|
0.70
|
0.71
|
| CAD |
(%) |
2.96
|
2.73
|
2.67
|
2.63
|
2.60
|
| AUD |
(%) |
1.71
|
1.65
|
1.64
|
1.75
|
1.78
|
| CHF |
(%) |
0.11
|
0.07
|
0.09
|
0.12
|
0.17
|
| SEK |
(%) |
0.78
|
0.77
|
0.77
|
0.80
|
0.84
|
| SGD |
(%) |
2.49
|
2.45
|
2.43
|
2.43
|
2.43
|
| HKD |
(%) |
2.95
|
2.75
|
2.65
|
2.60
|
2.58
|
Disclaimer: Interest Rates for FCNR(B) & RFC deposits are subject to change every month/ as & when needed by Head Office, as per guidelines issued by Reserve Bank Of India.
