Maximize your NRE fixed deposit returns: Top banks with highest interest rates
Top 10 banks offering highest interest rates on NRE fixed deposits for NRIs, with IndusInd Bank leading at 7 percent, followed by others like Kotak Mahindra Bank and SBI at lower rates.
NRE fixed deposits are a favoured investment option for NRIs, offering tax-free returns and full repatriation benefits, enabling secure and stable management of finances in India.
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Here are 10 banks that offer the highest interest rates on NRE fixed deposits. The best rates offered by these banks on one-year FDs (of up to Rs 1 crore) have been considered for this list. Let’s see how an investment of Rs 1 lakh would grow over the period. BankBazaar compiled the data as of September 16.
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IndusInd Bank offers a 7 percent interest rate on NRE fixed deposits with a one-year tenure, making it a competitive option. With this rate, a Rs 1 lakh FD would grow to Rs 1,07,000 in one year.
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Kotak Mahindra Bank, HDFC Bank, ICICI Bank and Axis Bank offer an interest rate of 6.6 percent, which will see Rs 1 lakh investment grow to Rs 1,06,600 on the date of maturity.
State Bank of India, Bank of Baroda and Punjab National Bank offer an interest rate of 6.6 percent for a one-year NRE FD, which will see Rs 1 lakh investment grow to Rs 1,06,600 on the date of maturity.
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Canara Bank and Union Bank of India offer a 6.5% rate on one-year NRE FD. A Rs 1 lakh investment would yield Rs 1,06,500 after a year.
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The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India, guarantees the safety of fixed deposits of up to Rs 5 lakh.
