Among all FDs, the HDFC NRI FD investment plan is one such type. HDFC Bank, a leading private sector bank in India, offers a wide range of fixed deposits to regular as well as foreign investors. This blog will walk you through the varying HDFC NRI fixed deposit rates currently prevailing in 2023. These FD schemes come with specific features, interest rates and tenure options. State Bank of India offers 5.25% for deposits above Rs 2 crore to NRIs with maturities more than one year but less than two years.While there are different types of FD schemes for Indian residents, most banks, including HDFC, offer special FD schemes to non-residents as an investment avenue for growing their foreign income.

Large private banks are quite popular with NRIs, offering them attractive savings plans and bespoke services. NRE and FCNR (B) deposits differ on the approved currency denomination for the respective instruments, with the dollar being the primary unit for the latter category of savings. The minimum sum required for the proposed deposit plan is Rs 2 crore, but the subscription amount can go up to Rs 150 crore, said a London-based banker who is likely to subscribe to the plan. I find that there are reasons to subscribe (to these instruments),' said S Basu, an executive with a European multinational and currently based out of Chicago. 'We are aware of certain NRE deposits offering attractive rates for us. Indians living abroad are likely to keep deposits in rupees as doing so takes care of family needs in the country. The objective is to ensure inbound flows of dollars amid a rush for safe-haven assets worldwide. Such relaxations are available until October 31 and November 4, respectively. On July 6, the Reserve Bank of India (RBI) permitted banks to garner FCNR (B) and NRE deposits from the Indian diaspora without any interest rate cap. 'With HDFC Bank taking the lead in offering such a bespoke plan, other banks are expected to follow,' said a banker at an overseas lender. Before that event later this week, HDFC Bank aims to tap the NRI pool of funds, market sources said, potentially prompting other leading banks to follow suit. The US central bank is widely expected to raise rates further to restrain inflation. The move comes just ahead of the US Federal Reserve's decision on interest rates. To be sure, overseas depositors cannot opt for premature withdrawal.

Hdfc nre deposit rates