More Banks Raise Interest rates on NRE deposits

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 NRE
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.

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Photo: Banking Hall Entrance, Guardian Building, Griswold Street, Detroit by w_lemay, licensed under CC BY-SA 2.0, via Wikimedia Commons.