Sunday, January 22, 2012

Comparison of NRE Fixed Deposit Interest Rates of Banks

rest rates on Non-Resident (External) Rupee (NRE) Term Deposits have been deregulated by Reserve Bank of India on 16-12-2011. After the deregulation almost all the banks have hiked their interest rates on Non-Resident (External) Rupee (NRE) Term Deposits in December 2011/ January 2012.
A comparison of Non Resident (External) Rupee Term Deposit Account (NRE) Interest Rates of Banks for an amount of below Rs. 1 crore (Updated as on 04-01-2012) is as under.   (For more details click on the respective Name of the Bank)
Sr. No.Name of the Bankw.e.f.Tenor/Period ROI
Public Sector Banks
1Allahabad Bank04-01-20121 Year to < 2 Years9.50
2 Years to < 3 Years9.00
3 Years only8.75
2Andhra Bank01-01-20121 Year9.40
> 1 Year upto 2 Years9.25
> 2 Years upto 3 Years9.00
3Bank of Baroda29-12-20111 Year & above but < 2 Years9.25
2 Years & above but < 3 Years9.25
3 Years & above but < 5 Years9.00
4Bank of India01-01-20121 Year to < 2 Years9.00
2 Years to < 3 Years8.00
3 Years and above7.00
5Bank of Maharashtra01-01-20121 Year to < 2 Years9.00
2 Years to < 3 Years8.75
3 Years to < 5 Years8.75
5 Years to 10 Years8.50
6Canara Bank29-12-20111 Year & above to < 2 Years9.25
2 Years & above to < 3 Years9.25
3 Years & above to < 5 Years9.25
5 Years & above to 10 Years9.00
7Central Bank of India01-01-20121 Year to < 2 Years9.25
2 Years to < 3 Years9.00
3 Years only8.75
8Corporation Bank30-12-20111 Year to < 2 Years9.50
2 Years to < 5 Years9.25
9Dena Bank23-12-20111 Year only9.60
> 1 Year to < 2 Years9.25
> 2 Years to < 3 Years9.25
3 Years only9.25
10Indian Bank  @28-12-20111 Year & above to < 2 Years9.50
2 Years & above to < 3 Years9.50
3 Years & above & upto 5 Yrs9.00
11Indian Overseas Bank01-01-20121 Year to < 2 Years9.25
2 Years to < 3 Years9.25
3 Years to < 5 Years9.25
12Oriental Bank of Commerce02-01-20121 Year to < 2 Years9.75
2 Years to < 3 Years9.25
3 Years to < 5 Years9.25
5 Years only9.25
13Punjab & Sind Bank02-01-20121 Year to < 2 Years9.50
2 Years to < 3 Years9.25
3 Years & upto 5 Years9.25
14Punjab National Bank01-01-20121 Year to < 2 Years9.25
2 Years to < 3 Years9.25
3 Years to 5 Years9.25
15Syndicate Bank29-12-20111 Year & above to < 2 Years9.35
2 Years & above to < 3 Years9.35
3 Years & above upto 5 Years9.25
16UCO Bank #02-01-20121 Year to < 2 Years9.50
2 Years to < 3 Years9.25
3 Years to upto 5 Years9.25
17Union Bank of India27-12-20111 Year to < 3 Years9.25
3 Years to < 5 Years8.75
5 Years & above8.50
18United Bank of India02-01-20121 Year to < 2 Years9.25
2 Years to < 3 Years9.25
3 Years to upto 5 Years9.25
19Vijaya Bank01-01-20121 Year to < 2 Years9.25
2 Years to < 3 Years9.00
3 Years to < 5 Years9.00
5 Years & above8.75
SBI & Associates
20State Bank of Bik & Jaipur01-01-20121 Year & above to < 2 Years9.50
2 Years & above to < 3 Years9.50
3 Years to 5 Years9.50
21State Bank of Hyderabad03-01-20121 Year to < 2 Years9.40
2 Years to < 3 Years9.25
3 Years & upto 5 years9.25
Above 5 Years & upto 10 Years9.25
22State Bank of India01-01-20121 Year to < 2 Years9.25
2 Years to < 3 Years9.25
3 Years to < 5 Years9.25
5 Years to upto 10 Years9.25
23State Bank of Mysore04-01-20121 Year & above but < 2 Years9.50
2 Years & above but < 3 Years9.25
3 Years & above upto 5 Years9.25
5 Years & above upto 10 Years9.25
24State Bank of Patiala1 Year & above to < 2 Years
2 Years & above to < 3 Years
3 Years & above upto 5 Years
25State Bank of Travancore01-01-20121 Year to < 2 Years9.50
2 Years to < 3 Years9.50
3 Years & above upto 5 Years9.25
Private & Foreign Banks
26Axis Bank $04-01-20121 Year & above to < 2 Years9.00
2 Years & above to < 3 Years9.00
3 Years & upto 5 Years8.50
5 Years & upto 10 Years8.50
27Dhanlaxmi Bank26-12-201112 Months to < 24 Months8.00
24 Months to < 36 Months8.00
36 Months to upto 10 Years7.75
28Federal bank01-01-20121 Year only9.50
Above 1 Year to < 3 Years9.25
Above 3 Years8.75
29HDFC Bank04-01-20121 Year7.25
1 Year 1 day to 1 Year 15 Days9.00
1 Year 16 days9.25
1 Year 17 days to 2 Years8.50
2 Years 1 day to 2 Years 15 Days8.50
2 Years 16 days9.25
2 Years 17 days to 3 Years8.50
3 Years 1 day to 10 Years8.25
30ICICI Bank 29-12-20111 Year to 389 days8.25
390 / 590/ 790/ 990 days9.25
391 days to 589 days8.25
591 days to < 2 Years8.25
2 Years to 789 days8.50
791 days to 989 days8.50
991 days to < 3 Years8.50
3 Years to 10 Years8.75
31IDBI Bank28-12-20111 Year9.25
1 Year 1 days to 10 Years9.50
32ING Vyasa Bank  %31-12-2011365 days8.75
366 days9.50
367 days to 500 days9.50
501 days to 1095 days9.25
1096 days to 5 years9.00
33J & K Bank31-12-20111 Year to < 2 Years9.25
2 Years to < 5 Years9.50
5 Years to 10 Years9.00
34Karnataka Bank19-12-20111 Year to < 2 Years9.75
2 Years to < 3 Years9.50
3 Years & upto 5 Years9.50
35Karur Vyasa Bank24-12-20111 Year to 2 Years10.00
Above 2 Years to 3 Years9.75
Above 3 Years9.50
36Kotak Mahindra Bank27-12-20111 Year to < 2 Years9.25
2 Years to < 3 Years9.00
3 Years to 5 Years8.50
37Laxmi Vilas Bank22-12-20111 Year to < 2 Years10.00
2 Years to < 3 Years8.00
3 Years & above7.00
38South Indian Bank02-01-20121 Year to 2 Years9.50
Above 2 Years9.25
39Yes Bank23-12-20111 Year to < 3 Years9.00
3 Years & above8.75
15 Month 15 Days to 16 Months9.60
@ Indian Bank – These rates are applicable for deposits less than Rs. 15 lacs only. For deposit of an amount of Rs. 15 lacs & above upto Rs. 5 croes interest will be 0.25 % lesser for periods less than 3 years.
# UCO Bank – These rates are applicable for deposits of Rs. 15 lacs & above. For deposits less than Rs. 15 lacs interest will be 0.50 % less for all maturities.
$ Axis Bank – These rates are applicable for deposits of Rs. 15 lacs & above. For deposits less than Rs. 15 lacs interest will be 6.50 % for all maturities.
% ING Vysya Bank – These rates are applicable for a deposit of Rs. 15 lacs to < Rs.100 lacs. For deposits upto Rs. 15 lacs ROI will be 0.25 less for 365 days maturities and 0.50% less for all other maturities.
Wishing You Happy Investing.
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Wednesday, January 18, 2012

The difference between NRE and NRO accounts


There are two options an NRI interested in opening a bank account in India can choose from – an NRE or an NRO account. Are you an NRI keen on getting a bank account opened in India? Then it would be advantageous to know how these two types of accounts differ and which one is right for you.
 
The Government of India has permitted NRIs to open rupee accounts in India in order to repatriate funds from their home countries. The two most common accounts are the NRE and NRO accounts. Let’s take a closer look at them.
 
What’s an NRE account?
A Non-Resident External (NRE) account is a bank account that’s opened by depositing foreign currency at the time of opening a bank account. This currency can be tendered in the form of traveler’s checks or notes.
 
What’s an NRO account?
A Non-Resident Ordinary (NRO) account is the normal bank account opened by an Indian going abroad with the intention of becoming an NRI. An NRI can also open this account by sending remittances from his home country or by transferring funds from his other NRO account. It offers the same facilities as an NRE account, except that any repatriation done through this account should be reported to RBI by filling up prescribed forms.
 
How do NRE and NRO accounts differ?
Funds remitted from overseas sources or local funds that would otherwise have been sent to the accountholder abroad can instead be transferred to NRE Accounts. On the other hand, local funds that aren’t eligible to be remitted abroad must be credited to an NRO account.
 
Can you transfer funds fromanNREto anNROaccount and vice versa?
It’s easy to transfer funds fromanNREto an NRO account. But it’s not possible to transfer funds from an NRO account to an NRE account. Once you transfer funds fromanNREtoanNRO account, the amount is non-repatriable. Consequently, you cannot transfer it back.
 
What’s the difference in the tax treatment for interest earned on an NRE and an NRO account?
The interest earned on any type of NRO bank as well as the credit balances in this kind of account are taxed under the account holder’s tax bracket. On the other hand, interest earned on the NRE account is totally exempted from income tax, and the credit balances in the account don’t attract any wealth tax. Any gift given to a close relative doesn’t attract gift tax.
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