The State Bank of India (SBI) offers a wide range of customised fixed deposit products for Non-Resident Indians (NRIs) to help them earn good returns while enjoying other benefits such as tax exemptions on certain FDs. The various types of schemes offered by SBI for NRIs include Non-Resident External (NRE) account, Non-Resident Ordinary (NRO) account, Foreign Currency Non-Repatriable (FCNR) account, and Resident Foreign Currency (RFC) account. NRIs can open NRE fixed deposit accounts, NRO fixed deposit accounts, RFC, and FCNR term deposits. SBI fixed deposit interest rates were revised on February 28, 2018. Interest rates changed for all deposit tenures and types, including for SBI NRI fixed deposits.
Among the fixed deposits offered by SBI, the ones for NRIs include:
| Tenure bracket | Regular FD rates (per annum) | Senior Citizens FD rates (per annum) |
|---|---|---|
|
12 months to 24 months |
6.70% |
N/A |
|
24 months to 36 months |
6.75% |
N/A |
|
36 months to 60 months |
6.80% |
N/A |
|
60 months to 120 months |
6.85% |
N/A |
*The State Bank of India NRE FD rates can vary with time. The rates mentioned in the table here are applicable as of 27 November 2018.
| Tenure bracket | Regular FD rates (per annum) | Senior Citizens FD rates (per annum) |
|---|---|---|
|
12 months to 24 months |
6.70% |
N/A |
|
24 months to 36 months |
6.75% |
N/A |
|
36 months to 60 months |
6.80% |
N/A |
|
60 months to 120 months |
6.85% |
N/A |
*The State Bank of India NRE Deposit rates can vary with time. The rates mentioned in the table here are applicable as of 27 November 2018.
| Tenure bracket | Regular FD rates (per annum) | Senior Citizens FD rates (per annum) |
|---|---|---|
|
12 months to 24 months |
6.70% |
N/A |
|
24 months to 36 months |
6.75% |
N/A |
|
36 months to 60 months |
6.80% |
N/A |
|
60 months to 120 months |
6.85% |
N/A |
*The State Bank of India NRE FD interest rates can vary with time. The rates mentioned in the table here are applicable as of 27 November 2018.
| Tenure bracket | Regular FD rates (per annum) | Senior Citizens FD rates (per annum) |
|---|---|---|
|
7 to 45 days |
5.75% |
N/A |
|
Above 45 days to 6 months |
6.25% |
N/A |
|
6 months to 7 months |
6.35% |
N/A |
|
Above 7 months to 12 months |
6.40% |
N/A |
|
12 months to 24 months |
6.70% |
N/A |
|
24 months to 36 months |
6.75% |
N/A |
|
36 months to 60 months |
6.80% |
N/A |
|
60 months to 120 months |
6.85% |
N/A |
*The State Bank of India NRO FD interest rates can vary with time. The rates mentioned in the table here are applicable as of 27 November 2018.
| Tenure bracket | Regular FD rates (per annum) | Senior Citizens FD rates (per annum) |
|---|---|---|
|
7 to 45 days |
5.75% |
N/A |
|
Above 45 days to 6 months |
6.25% |
N/A |
|
6 months to 7 months |
6.35% |
N/A |
|
Above 7 months to 12 months |
6.40% |
N/A |
|
12 months to 24 months |
6.70% |
N/A |
|
24 months to 36 months |
6.75% |
N/A |
|
36 months to 60 months |
6.80% |
N/A |
|
60 months to 120 months |
6.85% |
N/A |
*The State Bank of India NRO Deposit rates can vary with time. The rates mentioned here in the table are applicable as of 27 November 2018.
| Tenure bracket | Regular FD rates (per annum) | Senior Citizens FD rates (per annum) |
|---|---|---|
|
7 to 45 days |
5.75% |
N/A |
|
Above 45 days to 6 months |
6.25% |
N/A |
|
6 months to 7 months |
6.35% |
N/A |
|
Above 7 months to 12 months |
6.40% |
N/A |
|
12 months to 24 months |
6.70% |
N/A |
|
24 months to 36 months |
6.75% |
N/A |
|
36 months to 60 months |
6.80% |
N/A |
|
60 months to 120 months |
6.85% |
N/A |
*The State Bank of India NRO FD rates can vary with time. The rates mentioned in the table here are applicable as of 27 November 2018.
| Tenure | ||||||
|---|---|---|---|---|---|---|
| FCNR (B) FD rates (per annum) | ||||||
| AUD | CAD | USD | JPY | GBP | EURO | |
|
12 months |
1.96% |
2.55% |
3.63% |
0.02% |
1.43% |
0.01% |
|
Above 12 months to 24 months |
1.96% |
2.55% |
3.63% |
0.02% |
1.43% |
0.01% |
|
24 months to 36 months |
2.04% |
2.70% |
3.55% |
0.05% |
1.62% |
0.01% |
|
36 months to 48 months |
2.11% |
2.76% |
3.58% |
0.05% |
1.72% |
0.01% |
|
48 months to 60 months |
2.37% |
2.79% |
3.61% |
0.05% |
1.80% |
0.10% |
|
60 months |
2.47% |
2.81% |
3.62% |
0.05% |
1.86% |
0.15% |
*The State Bank of India FCNR (B) FD rates can vary with time. The rates mentioned here in the table are applicable as of 27 November 2018.
Instant loans will be granted against all Fixed Deposits (FDs) held with the State Bank of India (SBI) under the NRI banking services wing.
There is no waiting period or need to provide documentation to apply for this type of loan. The interest rate offered is reasonable and is comparatively much lesser than commercial loan interest rates. Loans can be taken against all NRE and NRO deposits. NRI’s can apply for loans through SBI’s net banking facility instantly without any hassle.
4 January 2018
The State Bank of India (SBI) had made changes to interest rates on Fixed Deposits (FDs) for Non-Resident Indians (NRIs).
At present, the interest rate offered for NRIs ranges from 4.25% to 6.25%. For NRE deposits held for 2 years or less, the rate of interest offered is 6.25%. For a tenure range of 2 years to 10 years, the rate of interest is 6%.
When it comes to NRO deposits, the interest rate offered ranges from 5.25% to 6.25%. An interest rate of 6.25% is offered for a tenure of 46 days and 2 years. For all deposits held above 2 years, the rate of return is 6%. These rates are applicable for all deposits less than Rs.1 crore.
The interest rates will vary for deposits held for more than Rs.1 crore.
8 November 2017
SBI recently updated its rates for FCNR deposits. The new rates have been effective since June 1st, 2016. Given below is a list of updated rates for FCNR deposits.
The previous rate for FCNR deposits of tenure 1 year to 2 years was 1.55% whereas now, it is 1.65% in GBP.
The previous rate for FCNR deposits for a tenure between 2 years to 3 years was 1.92% whereas now, it is 2.08% in GBP.
The previous rate for FCNR deposits for a tenure between 3 years to 4 years was 2.04% whereas now, it is 2.20% in GBP.
The previous rate for FCNR deposits for a tenure between 4 years to 5 years was 2.15% whereas now, it is 2.30% in GBP.
The previous rate for FCNR deposits for a tenure of 5 years was 2.26% whereas now, it is 2.38% in GBP.
1 July 2016
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