NRE TERM DEPOSITS Interest rate on NRE Term Deposits with effect from 14th June 2022

Period Single Deposit less than Rs.2 crore
1 year to less than 30 months
5.30%p.a
30 months to less than 3 years 5.35%p.a
3 year to less than 5 years 5.50%p.a
5 years to up to and including 10 years 5.80%p.a

  • The revised rates will apply only to fresh deposits and on renewal of maturing deposits.
  • No interest will be paid if closed within one year.
  • No additional interest will be paid for Senior Citizens under NRE Term deposit schemes.
  • Penalty for premature withdrawal will be applicable for Retail Term Deposits (including NRE & Recurring Deposits) opened/ renewed from 01.06.2022 at the rate of 0.50% for deposit amounts below Rs. 5 lakhs and 1% for deposit amounts of Rs. 5 lakhs and above. The effective rate will be the net of applicable rate to the amount and period for which the deposit remained with the bank (less the penal rate) or the net of original contracted rate (less penal rate) whichever is less.