NRO deposit rates: These banks offer up to 7.25% interest on 2-year deposits
Bank of India, ICICI Bank, and Axis Bank among others are some of the leading banks offering the best interest rates on NRO deposits with two-year tenure.
Non-Resident Ordinary (NRO) bank accounts are meant for non-resident Indians (NRI) to manage their income earned in India, which includes salaries, dividend incomes and rentals. An NRI can deposit money in foreign as well as Indian currency and make withdrawals in Indian currency from this account. Surplus funds in the NRO savings account should get invested in NRO fixed deposits. Here are the top 10 banks (by term deposit holdings) that offer the highest interest rates on NRO deposits up to Rs 1 crore with two-year tenure. Bankbazaar has compiled the data, which is as on March 6, 2024.
2/9
Bank of India Interest rate on two-year FDs: 7.25% Rs 1 lakh invested for two years will grow to Rs 1,15,454 lakh
3/9
ICICI Bank Interest rate on two-year FDs: 7.20% Rs 1 lakh invested for two years will grow to Rs 1,15,341 lakh
4/9
Axis Bank Interest rate on two-year FDs: 7.10% Rs 1 lakh invested for two years will grow to Rs 1,15,114 lakh
The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the RBI, guarantees investments in fixed deposits of up to Rs 5 lakh.
Hiral Thanawala is a personal finance journalist with over 10 years of reporting experience. Based in Mumbai, he covers financial planning, banking and fintech segments from personal finance team for Moneycontrol.
