NRO deposit rates: These banks offer up to 7.25% interest on 2-year deposits

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.

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

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

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

HDFC Bank and State Bank of India
Interest rate on two-year FDs: 7%
Rs 1 lakh invested for two years will grow to Rs 1,14,888 lakh

Bank of Baroda and Canara Bank
Interest rate on two-year FDs: 6.85%
Rs 1 lakh invested for two years will grow to Rs 1,14,550 lakh

Punjab National Bank
Interest rate on two-year FDs: 6.80%
Rs 1 lakh invested for two years will grow to Rs 1,14,437 lakh

Indian Bank and Union Bank of India
Interest rate on two-year FDs: 6.50%
Rs 1 lakh invested for two years will grow to Rs 1,13,764 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.