NRI Real Estate and Property Investment in India
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More Banks Raise Interest Rates on NRI Deposits
Monday, June 11, 2007

Taking the cue from the State Bank of India, other leading public and private banks have taken the initiative to woo NRI investors by hiking the interest rates on NRI deposits with immediate effect.

The Indian Bank hiked its rates on NRI deposits with effect from June 1. The changes in the interest schedule on FCNR (B) accounts are:

  • 1 year to less than 2 years: 4.64%
  • 2 years to less than 3 years:4.57%
  • 3 years to less than 5 years: 4.55%
  • 5 years 4.57%
  • The NRE term deposits follow the same interest schedule as the SBI, and the Deutsche Bank:

  • 1 year to less than 2 years: 5.39%
  • 2 years to less than 3 years:5.32%
  • 3 years to less than 5 years: 5.30%

The Deutsche Bank, in addition, offers NRI investors starting new NRE term deposits of Rs. 2 lakh and above a new savings account with the bank without a deposit. The NRE savings account comes with several other privileges; including the right to use all VISA ATMs in India, charge-free cash withdrawal from over 3000 ATMs in 40 countries, an International Gold Debit Card and db Total Protection. Besides, the NRI customer would be at liberty to use the bank’s Advisory Services as well. Deutsche Bank also offers FCNR deposits, demat services, remittances, nri - investment and insurance services for its NRI customers.

Related Readings

Interest Rates on NRI Deposits High on MOIA’s Agend
State Bank Hikes Interest Rates on NRI Deposits

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