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Rates & Charges
Rates & Charges
 
Savings Account
NRE Savings* 4.00% Apply Now
 
Fixed Deposit & RD

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NRE FD
(390 days to 2 years)
6.75% Know More
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*Interest rates at 4% per annum for end of day balances equal to or above INR 50 lacs and 3.50% per annum for end of day balances below INR 50 lacs
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New TDS guidelines

Important: New guidelines regarding TDS deduction on the interest earned in NRO/NRE deposits

In accordance with the changes proposed in the Union Budget 2018 with effective April 01, 2018, Education cess and secondary education cess presently applicable @ 3% has been abolished and replaced with Health and Education Cess applicable @ 4%.

 

Accordingly, the withholding tax rates for interest earned on NRO savings bank account and Deposits will be as under:

 

Total Interest Earned on NRO Deposits and SB accountsWithholding tax rate%
Less than or equal to ₹ 50 lakhs
31.2% (tax rate @ 30%+surcharge 0% + cess 4%)
Greater than ₹ 50 lakhs but less than ₹ 1 crore
34.32% (tax rate @ 30%+surcharge 10% + cess 4%)
Greater than or equal to ₹ 1 crore
35.88% (tax rate @ 30%+surcharge 15% + cess 4%)

 

Any interest paid / accrued on or after April 1, 2018 will be subject to the mentioned withholding tax rates.