Top 5 Private Sector Banks Promising Returns Up To 6.50% On NRO Deposits
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Yes Bank
Yes Bank is giving the highest interest rate of 6.50 percent on NRO deposits maturing in 5 years to less than 10 years for deposits of less than Rs 2 crore. The rates indicated below are applicable to domestic, NRE, NRO deposits and are effective as of August 5, 2021.
| Period | Interest Rates |
|---|---|
| 7 to 14 days | 3.25% |
| 15 to 45 days | 3.50% |
| 46 to 90 days | 4.00% |
| 3 months to | 4.50% |
| 6 months to | 5.00% |
| 9 months to | 5.25% |
| 1 year | 5.75% |
| 18 Months to | 6.00% |
| 3 Years to | 6.25% |
| 5 Years to | 6.50% |
| Source: Bank Website |
RBL Bank
RBL Bank is offering NRIs an interest rate of up to 6.30 percent on NRO deposits of less than Rs 3 crore. On NRO deposits, RBL Bank is now offering the rates indicated below, which are effective as of September 1, 2021.
| Period of deposit | Interest Rates p.a. |
|---|---|
| 7 days to 14 days | 3.25% |
| 15 days to 45 days | 3.75% |
| 46 days to 90 days | 4.00% |
| 91 days to 180 days | 4.50% |
| 181 days to 240 days | 5.00% |
| 241 days to 364 days | 5.25% |
| 12 months to less than 24 months | 6.00% |
| 24 months to less than 36 months | 6.00% |
| 36 months to less than 60 months | 6.30% |
| 60 months to 60 months 1 day | 6.30% |
| 60 months 2 days to less than 120 months | 5.75% |
| 120 months to 240 months | 5.75% |
| Tax Savings Fixed Deposit (60 months) | 6.30% |
| Source: Bank Website |
IndusInd Bank
On NRO deposits of less than Rs 2 Cr, IndusInd Bank is offering an interest rate of up to 6%. From July 23rd, 2021, the bank is providing NRIs the rates stated below on their NRO deposits.
| Tenure | Interest rates in % |
|---|---|
| 7 days to 14 days | 2.5 |
| 15 days to 30 days | 2.75 |
| 31 days to 45 days | 3 |
| 46 days to 60 days | 3.25 |
| 61 days to 90 days | 3.4 |
| 91 days to 120 days | 3.75 |
| 121 days to 180 days | 4.25 |
| 181 days to 210 days | 4.6 |
| 211 days to 269 days | 4.75 |
| 270 days to 354 days | 5.5 |
| 355 days to 364 days | 5.5 |
| 1 Year to below 1 Year 6 Months | 6 |
| 1 Year 6 Months to below 1 Year 7 Months | 6 |
| 1 Year 7 Months to below 2 Years | 6 |
| 2 years to below 2 years 6 Months | 6 |
| 2 years 6 Months to below 2 years 9 Months | 6 |
| 2 years 9 months upto 3 years | 6 |
| Above 3 years upto 61 months | 6 |
| 61 month and above | 5.5 |
| Indus Tax Saver Scheme (5 years) | 6 |
| Source: Bank Website |
Karur Vysya Bank
Karur Vysya Bank is providing the following rates on NRO Deposits of less than Rs 2 Cr, which are in force from October 8, 2021.
| Tenure | Interest rate in % |
|---|---|
| 7 Days to 14 days | 3.25% |
| 15 Days to 30 days | 3.25% |
| 31 Days to 45 days | 3.25% |
| 46 Days to 90 days | 3.25% |
| 91 Days to 120 Days | 3.50% |
| 121 Days to 180 Days | 3.75% |
| 181 Days to 270 days | 4.00% |
| 271 Days to less than 1 year | 4.25% |
| 1 year to less than 2 years | 5.15% |
| 2 years to less than 3 years | 5.25% |
| 3 years to less than 5 years | 5.25% |
| 5 years and above | 5.60% |
| KVB – Tax Shield | 5.75% |
| Source: Bank Website |
South Indian Bank
South Indian Bank is offering the highest rate of 5.65 percent on NRO deposits of less than Rs 2 crore maturing in 5 years. With effect from October 8, 2021, the bank is providing NRIs the rates stated below on NRO deposits.
| Tenure | Interest rate in % |
|---|---|
| 7 days to 45 days | 3.50% |
| 46 days to 90 days | 3.75% |
| 91 days to 180 days | 3.80% |
| 181 days to 270 days | 4.10% |
| 271 days to less than 1 year | 4.50% |
| 1 year to less than 30 months | 5.20% |
| 30 months to less than 3 years | 5.35% |
| 3 years to less than 5 years | 5.50% |
| 5 years | 5.65% |
| Above 5 years to up to and including 10 years | 5.50% |
| Tax Gain (5 Years) | 5.65% |
| Source: Bank Website |
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