Now this is plain and simple. People are attracted to those banks that offer high rates of interest. Irrespective of the deposits offers, Indian banks are recognized as the best and the safest option to go with. Depositing in SBI or any other nationalized banks are not considered a very good option by many. Some offer 8% or 8.5% for your money while some other offers deposit interest rates up to 10%. Though the variation might seem very small, even a minor difference of 0.5% interest rate will fetch you around Rs.500 more per year. This way over the years your hard earned money will increase in figure. Therefore, whenever you plan on depositing your money, make sure you deposit it with higher rate of interest.
For Non-Resident Indian, the benefits of making NRE Deposits are awesome. NRI gets a waiver on income tax as whatever money you sent from abroad is considered income tax-free plus the interest you can bag.
We have come up with the top 10 banks that offer the highest Deposit interest rates in the NRE/ NRI Fixed deposit sector. Read along:
1. Catholic Syrian Bank (CSB)
Catholic Syrian Bank or CSB has been an active part of the banking business for more than 93 years now. This Phenomenal Scheduled bank offers an NRE interest rate of 10.1% for a period of 3- 5 years.
2. ICICI Bank
ICICI is the largest private bank in India and offers an interest rate of up to 9.5% for an NRE Deposit for 3-5 years.
3. Federal Bank
Federal Bank is known for offering the highest NRE Fixed deposit interest rates for 1111 days at 10% for any NRE Deposit.
4. South Indian Bank (SIB)
SIB offers 10% interest rates for an NRE FD for 3 long years.
5. Karnataka Bank
Karnataka Bank offers 9.5% interest rate for an NRE FD for 3-5 years.
6. IDBI
IDBI offers 9.5% rate of interest in the NRE sector for 3-5 years.
7. Lakshmi Vilas Bank (LVB)
Lakshmi Vilas Bank gives away an interest rate of 9.5 % for 1 year for NRI citizens in the NRE Fixed deposit sector.
8. Dhanalakshmi Bank (DLB)
Dhanalakshmi Bank has a 9.5% fixed interest rates on NRE Deposit for 3-5 years to offer.
9. Tamilnadu Mercantile Bank (TMB)
Tamilnadu Mercantile Bank offers 9.5% interest rates in the NRE fixed deposit sector for 1 year.
10. Karur Vysya Bank (KVB)
Karur Vysya Bank gives away an interest rate of 9.5% for1-2 years.
Note: The list above is just to make you aware about the best options available. The interest rates offered by these banks might however change from time to time. Again, outside of these, there are many other banks that offer better interest rates for a high value deposit, probably above 1 crore. Daily quotes are also provided to give you better returns on your money.
Akshay Agarwal
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