federal bank offered a special Rate of interest for them NRE Fixed Deposit According to a press release, where it is offering 80 basis points more interest than the prevailing rates in the category.

According to the press release, “This is an exciting opportunity for non-residents to invest their money as the interest earned is free from income tax and loans can be taken up to 90% of the deposited amount.” Offers 5.60 per cent to domestic investors with deposits of less than Rs 2 crore with a maturity of one to two years.

Interest Rates for NRE Fixed Deposits

Federal Bank offers interest rates on NRE starting from 5.45 percent to 6.40 percent for tenors ranging from one year to 75 months.

Banks try to attract the inflow of dollars

Recently launched a dedicated two-day window to mobilize NRE DepositPaying 50 basis points more in interest than the prevailing rates in the category, said a news report in the Economic Times.

“HDFC Bank expects NRIs to use the special window and buy NRE deposits for 12 to 15 months. Window for NRE will be available on 27th and 28th July Fixed deposit Where NRIs can invest in Rupees.

“Relationship managers are reaching out to the Indian diaspora around the world, urging them to invest,” ET News reported.