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Last Updated : 06.05.2020

Interest Rates NRI & NRE

NRI Rupee savings Deposit (w.e.f. 01/05/2020 )

Revision in Slabs and RoI: The revised slabs and applicable RoI on SB deposits in the amalgamated entity w.e.f. 01.05.2020 are as under:

Sr.No.

Slab

ROI  (% p.a.)

1 For outstanding balances of less than Rs. 50 Lakh 3.00%
2 For outstanding balances of Rs. 50 Lakh and above

3.00%

 * Change in mode of payment of interest:
The existing system of Calculation of Interest on daily product basis and crediting to the SB accounts on 1st February,1st May, 1st August and 1st November every year shall continue.

Non Resident External (NRE) Term Deposits Interest Rates (w.e.f. 07/05/2020 )

SLABS

Period of Deposit/ Tenors

Rate of Interest (% p.a.)

Less than ₹ 2 cr

Rate of Interest (% p.a.)

₹ 2 cr to less than ₹ 10 cr

SLAB-1 1 year only 5.75 4.90
SLAB-2 Above 1 year to less than 2 Years 5.75 4.90
SLAB-3 2 years & above to less than 3 Years 5.75 4.90
SLAB-4 3 years & above to less than 5 Years 5.70 4.40
SLAB-5 5 years & above to 10 years 5.70 4.40

*Interest rates for bulk deposits 0f Rs. 10 Crore & above is to be obtained from Integrated Treasury Wing, Mumbai.

  • The revised interest rates are applicable to fresh NRE term deposit accounts accepted/renewed on or after 07.05.2020.
  • The maximum period for accepting NRE term deposits is 10 years and the minimum period for accepting NRE term deposits is one year
  • Senior Citizens are not eligible for additional interest rate for their NRE term deposits.
  • The deposits with maturity periods of 444 and 555 days under Canara Shikhar Deposits are discontinued.

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