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NRO deposits: These five foreign banks offer up to 5.5% interest
DBS Bank offers the best interest rates for non-resident deposits
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Non-Resident Indians (NRIs) maintain Non-Resident Ordinary (NRO) bank accounts. It is an account for an NRI to manage the income earned in India, which includes rentals, dividend incomes, salaries, etc. An NRI can deposit money in foreign as well as Indian currency and withdraw in Indian currency from this account.
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The surplus funds in the NRO savings account should get invested in NRO fixed deposits. The interest earned on NRO deposits is higher. Here are the foreign banks offering the best interest rates on NRO deposits of 2-3 years' tenure, as per data compiled by BankBazaar.
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DBS Bank offers 5.5 percent interest per annum on 2-3 year FDs. Among foreign banks, this bank offers the best interest rates. A sum of Rs 1 lakh invested grows to Rs 1.12 lakh in two years.
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Standard Chartered Bank offers 5.4 percent interest per annum on 2-3 year FDs. Rs 1 lakh invested grows to Rs 1.11 lakh in two years. The minimum investment required is Rs 10,000.
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Deutsche Bank offers 4.5 percent interest per annum on 2 to 3 year FDs. Rs 1 lakh invested grows to Rs 1.09 lakh in two years. The minimum investment required is Rs 20,000.
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HSBC Bank offers 4 percent interest per annum on 2 to 3 year FDs. Rs 1 lakh invested grows to Rs 1.08 lakh in two years. The minimum investment required is Rs 25,000.
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Citi Bank offers 3.5 percent interest per annum on 2 to 3 year FDs. Rs 1 lakh invested grows to Rs 1.07 lakh in two years. The minimum investment required is Rs 80,000.
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The foreign banks are offering lower interest rates compared to smaller private banks and small finance banks. The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the RBI, guarantees investments in fixed deposits of up to Rs 5 lakh.
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The data on FDs is as of 8 December 2021, as given on respective websites. The interest rate on NRO deposits of up to Rs 2 Crore for 2 to 3 years tenure for all listed (BSE) public & private banks, and foreign Banks considered for data compilation. Banks for which verifiable data is not available are not considered. For all FDs, quarterly compounding is assumed.
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