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NRE fixed deposits: Top banks offering best interest rates for NRIs
Top banks offering highest NRE fixed deposit interest rates include IndusInd Bank at 6.75 percent, and HDFC Bank, ICICI Bank, Axis Bank and SBI at 6.6 percent for one-year tenure, providing secure investment options.
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NRE fixed deposits are a sought-after investment option for non-resident Indians, offering tax-free returns and full repatriation of principal and interest, providing a secure and stable way to manage finances in India.
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Here are 10 banks that offer the highest interest rates on NRE FDs. The best rates offered by these banks on one-year FDs (of up to Rs 1 crore) for NRIs have been considered. Let’s examine how an investment of Rs 1 lakh grows over this period. BankBazaar has compiled the data, as of August 19.
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IndusInd Bank offers an interest rate of 6.75 percent on NRE FDs with a tenor of one year. Among public sector banks, it offers the best rate. In one year, a Rs 1 lakh FD would grow to Rs 1,06,750.
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HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra 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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State Bank of India, Punjab National Bank, Union Bank of India and Bank of Baroda 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 an interest rate of 6.50 percent on NRE FDs with a tenor of one year. A Rs 1 lakh FD would grow to Rs 1,06,500 on the date of maturity.
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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.
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