Sundaram BNP Sbi forex rates in forex rates in sbi Home Finance Ltd. Sundaram BNP Paribas Fund Services Ltd. Pune Branch Godrej Millenium Park, Unit No.
Kolkata Branch Unit No 301, Office No. Hyderabad Branch Trendset Towers, Road No. Fixed Deposits are amongst the best fixed investment options for NRIs? And if you do, are you interested in the best interest rates on offer for these deposits right now? If yes, this post should help. These deposits offer much higher interest when compared to most countries that NRIs reside in. Banks have the flexibility to decide their own rates and hence the interest they offer will change from time to time.
Rates increase when they are chasing growth and they decrease if they are chasing profitability. However, an important point to note is biggest banks don’t always offer the best returns. In fact, some of the best offers come from new and upcoming banks that want your business much more than the market leaders. Also, like any other FD, the tenure of your fixed deposit is very important and will significantly impact the interest you get. For purposes of this post, let’s look at best returns on offer according to different FD durations on offer. Bandhan bank and City Union Bank follow closely. Lakshmi Vilas Bank jointly win the race for two year fixed deposits.
RBL Bank is a close second. DCB is the bank with the highest interest rate at 7. 3 year deposits, while IDFC Bank and RBL Bank follow closely. IDFC Bank is in a leadership position for 4 year fixed deposits as well at 7. Otherwise the list is more or less similar for 3 year and 4 year FDs. With 5 year FDs, Deutsche Bank offers a really attractive 7. For a duration from 5 to 10 years, IDFC Bank offers the highest returns at 7.
However, when it comes to fixed deposits, interest percentage is not the only measure that you should go by. Most fixed deposits have a pre-mature withdrawal penalty i. Non Resident External FDs are no different and most banks will charge anywhere from 0. However, there are some banks who have decided to waive it off. Axis and SBI are some notable top banks that have no pre-mature withdrawal penalty on their NRI deposits. Do note that even for those banks that have no pre-mature withdrawal penalty, you won’t get any interest if you close your account with-in one year as the minimum duration of these FDs as per RBI regulations has to be 1 year. Any Indian income you may have will go to NRO account.