NRE fixed deposits are a popular investment choice for NRIs, providing tax-free returns and full repatriation benefits, allowing for secure and stable management of India-based finances.
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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 2.
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IndusInd Bank offers an interest rate of 7 percent on NRE FDs with a one year tenor. Among public sector banks, it is the best rate. In one year, a Rs 1 lakh FD would grow to Rs 1,07,000.
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Axis Bank, HDFC Bank, ICICI Bank and Kotak Mahindra 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.
Bank of Baroda, Punjab National Bank, State Bank of India and Union Bank of India 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 offers 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.
