Interest Rates

These rates will be applicable for all deposits accepted at UAE for value dates February 01, 2012 onwards.

Change in Interest Rates - Local/NRO Deposits

With effect from November 29, 2011, the interest rates on Local and Non-Resident Ordinary (NRO) Rupee Deposits have been revised as per details below:

PERIOD UPTO 10 MIO.
7 to 14 Days 4.50
15 to 45 Days 4.50
46 to 90 Days 6.00
91 to 179 Days 7.00
180 to less than 1 year 7.75
1 year to less than 499 Days 9.25
500 Days 9.50
501 Days to less than 2 Years 9.00
2 years to less than 3 years 9.25
3 years to 5 Years 8.50

(Rates are expressed in % p.a.)

0.50% extra for senior citizens


*FOR DEPOSITS OF ABOVE Rs.50 Million, PLEASE CONTACT: HEAD LIABILITIES

Change in Interest Rates - NRE Deposits

With effect from January 01 2012, the interest rates on Non-Resident External (NRE) Rupee Deposits have been revised as per details below:

Tenor RATE %
1 yr & above but less than 2 yrs 9.00
2 yrs & above but less than 3 yrs 8.50
3 years to 5 years 8.00
  • Interest Rate on NRE / Local Saving Account: 4.00 %
  • (Rates are expressed in % p.a.) These rates are also applicable for renewals of NRE deposits.

Changes in Interest Rates - RFC/Consulate Accounts in Foreign Currency

With effect from February 01, 2012 the following rates of interest will be applicable.

Tenor USD GBP EURO
1 month & above but less than 6 months 1.04 1.08 1.06
6 months & above but less than 1 year 1.30 1.39 1.38
1 year & above but less than 2 years 2.35 2.89 2.73
2 years & above but less than 3 years 1.78 - -
3 years 1.87 - -
SB Account (Jan 12- Mar 12) 0.58 1.08 1.29

(Rates are expressed in percentage per amount)

Change in Interest Rates - FCNR Deposits

With effect from February 01, 2012 the following rates of interest will be applicable for FCNR deposits.

Tenor USD GBP* EURO*
1 yr & above to less than 2 years 2.35 2.89 2.73
2 yrs & above to less than 3 years 1.78 NA NA
3 years 1.87 NA NA
  • *Deposits in GBP and Euro will be accepted for one year only.
  • Please arrange to advise our branches in UAE accordingly.
  • (Rates of Interest are given as % p.a).
YIELD FOR NRE DEPOSITS W.E.F 01.02.2012 YIELD
1 year & above less than 2 years 9.28
2 years above less than 3 years 9.15
3 years to 5 years 9.71
  • NRE Saving Deposit Rate : 3.50 %
  • (Rates are expressed in % p.a.) These rates are also applicable for renewals of NRE deposits.
YIELD FOR FCNR DEPOSITS W.E.F 01.02.2012 FOR US$ DEPOSITS
1 yr to less than 2 yrs 2.40
2 yrs to less than 3 yrs 1.83
3 years 1.94

Savings NRE 3.5%, Savings NRO 3.5%

  • The interest rates for all schemes (including FCNR scheme) are fixed at bank's discretion. These rates are subject to change without any notice.
  • W.E.F. 01/11/99 FCNR deposits will be accepted for minimum period of 1 year period. Premature encashment of FCNR Deposits before 1 year will entail complete forfeiture of interest.

Differential Rate of Interest

  • In terms of RBI directives, NRE deposits are accepted for a minimum maturity period of 1 year.
  • For deposits above Rs.5 crores, kindly contact the treasury.
  • Interest rates are applicable for fresh and renewed deposits.
  • The deposits placed by Senior Citizens will carry additional rate of 0.50%.

Note:

In case of Domestic/NRO deposits no interest will be payable if the deposit is withdrawn prematurely prior to 15 days. Similarly in case of NRE deposits no interest will be payable if the deposit is withdrawn prematurely prior to completion of one year. In all other cases 1% penalty as per the present rule will be levied.


Lending rate

The Base Rate effective from 12/08/2011 is 10.00%

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