NRE Fixed Deposit Rates - 2015By Ileana Lyardson

Most NRIs (Non Resident Indians) often face the situation of having to keep a Rupee account in India so that they can send home the money they earned abroad as well as to save the money saved or earned from India. They can opt for opening an NRE (Non Resident Rupee) bank account or NRO (Non Resident Ordinary Rupee) bank account. You can open an NRE account as Savings as well as Current accounts, but must retain at least INR 75000 in the account. NRE account money can be easily transferred without any charge and it is not taxed. This could be co-owned by another NRI but not with an Indian resident.

An NRE Fixed Deposit is the most common means of investment for Indians living and working abroad. It is beneficial if you have a lump amount and wish to capitalize in a single deposit for a definite time period. Rates of interest are dependent on the term chosen. Longer the term, higher the interest rate. Early and partial drawing are possible but you will have to pay a small fine, which is different for every bank. State-owned banks, cooperative banks, private banks and foreign banks offer NRE Fixed Deposit options. At present, there are 19 public sector banks, 15 private banks, 6 overseas banks and 3 co-operative banks that offers this in India.

Let’s take a look at the NRE Fixed Deposit Rates 2015 laid down by different banks

State Bank of India:With effect from 8th December 2014, the interest rate for an FD below INR I Cr for a period of 1 year to 5 years is 8.5%.

But if the term of deposit is more than 5 years, the interest rate is 8.25%.

You cannot avail interest if you withdraw before completing the tenure.

Yes Bank :With effect from 17th December 2014, fd interest rates can vary as per the tenure from 8.75% to 9% for deposits less than INR 1 Cr.

It is 8.85% for terms between 12 to 18 months.

The interest rate can be as low as 8.75% if the tenure is between 18 months 19 days to ten years.

Deutsche Bank:With effect from 20th February 2015, the interest rate is 7.5% for an NRE Fixed Deposit below INR 1 Cr for the tenure from 181 to 270 days.

It is 8% for a term between 4 and 5 years and 8.6% for FD with a tenure of more than 5 years.

ING Vysya Bank:With effect from 19th January 2015, the ing vysya bank fd interest rate for NRE with a tenure up to 730 days is 8.75%.

For duration from 731 days to 5 years, the interest rate goes down by .25%, which is 8.25%.

NRE Fixed Deposit schemes can help increase your savings within a time period. The above information will be helpful to choose a bank accordingly based on your goal and needs.

To Get More DetailVisit

http://www.bankbazaar.com/fixed-deposit.html