Latest NRE FD and NRI Savings Account Interest Rates?
Manoj Negi
answered on 23/08/2022
Latest NRE Savings Account & FD Interest Rates June 2022
Fixed deposits are one of the most common NRI investment options in India as they offer assured and safe returns on investment. Non-Resident Indians (NRIs) open NRE (Non-Resident External) fixed deposits to save their foreign earnings and earn attractive returns on maturity. NRE FD rates vary from bank to bank.
Both principal and interest earned are tax-free in India and fully repatriable to the country of your residence.
NRE FD Rates 2022
Listed below are the NRE fixed deposit rates by top Indian banks for deposits less than Rs. 2 cr for a tenure ranging from 1 year to 10 years:
| Banks | Savings Account Rates | Tax-Free NRE FD Interest Rates |
| Federal | 4.00% | 5.45% to 6.00% |
| SBI | 2.70% | 5.30% to 5.50%* |
| Citibank | 2.50% | 2.75% to 3.50% |
| Bank of Baroda | 2.75% | 5.45% to 5.65% |
| Canara Bank | 4.00% | 5.30% to 5.70% |
| Indian Overseas Bank | 2.90% | 5.25% to 5.60% |
| ICICI NRE FD Rates | 3% (below 50 Lakhs) 3.50% (above 50 Lakhs) | 5.10% to 5.75%* |
| HDFC | 4.50% (of and above Rs. 1000 cr.) 3.50% (Rs. 50 Lakhs to less than Rs. 1000 cr.) 3% (below 50 Lakhs) | 5.10% to 5.75% |
| Indian Bank | 3.10% | 5.00`% to 5.25% |
| Punjab National Bank | 2.75% (savings fund account balance below Rs. 10 lakh) 2.80% (savings fund account balance above Rs. 10 lakh) | 5.30% to 5.75% |
| IDBI Bank | 3% – 3.350% | 5.60% to 6.00%* |
| Kotak | 3.50% | 5.85% to 6.15%* |
| DCB | 3.50% | 5.75% to 6.60%* |
| Axis Bank | 3% (below 50 Lakhs) 3.50% (above 50 Lakhs) | 5.50% to 5.75%* |
| DBS Bank | 3.50% (balance above Rs. 1 lakh to Rs. 5 lakh)
3.25% (balance up to Rs. 1 lakh) | 5.25% to 6.25%* |
| Union Bank of India | 4% | 5.75% to 6.10%* |
| United Bank of India | 4% | 5.00% to 5.25% |
| YES Bank | 4% (up to 1 lakh) 4.25% (1 lakh to 10 lakh) 4.75% (Rs. 10 lakh to Rs. 1Cr) 5.00% (Rs. 1cr to Rs. 25 Cr) | 7.01% to 7.25% |
| SBM | 3.50% (up to 2 Lakhs) 4% (2 lakhs to 5 lakhs) 5% (above 5 Lakhs) | 5.85% to 7.25%* |
| IndusInd | 4% (up to Rs. 10 lakh) 5% (Above Rs. 10 lakhs) | 6.00% to 7.00%* |
| RBL | 4.25% to 6.25% | 5.75% to 7.35% |
| IDFC First Bank | 4% (<= Rs. 1 lakh) 4.50% (>1 lakh <= Rs. 10 lakh) 5% (>Rs. 10 lakh <= Rs. 100 crore) 4.50% (>Rs. 100 crore <= Rs. 200 crore) 3.50% (> 200 crore) | 5.75% to 6.60% |
| Central Bank of India | N.A. | 5.35% to 5.60% |
| Deutsche Bank | N.A. | 5.25% to 7.00% |
NRE Savings Account & FD Rates 2022 for deposit less than Rs. 2 cr
Note: The NRE FD and NRI Savings Account Interest Rates update every month. We track the updates and present them here for you in the table above. The table was last updated on (23/08/2022). To check the interest rates in real time, just click on the name of the bank in the table. You’ll be guided to the rate explorer page of the respective bank chosen.
Related Questions
SBNRI Team
answered on 23/03/2020
Minimum tenure of NRE FD is 1 year. The NRE account can be opened for the purpose of maintaining the income earned outside India with tax free interest (upto 7.25%*) on Fixed Deposits. Both the principal amount and interest earned are completely repatriable from India. Although, domestic credits aren’t allowed. NRE FD Premature Withdrawal […]
SBNRI Team
answered on 16/11/2020
There are 3 types of NRI FDs you can choose from and 2 of them are not taxable. Non-Resident External (NRE) FD: For income generated outside India, maintained in INR. There is no tax in India on the interest earned. Non-Resident Ordinary (NRO) FD: For income generated in India, maintained in INR. The interest earned […]
SBNRI Team
answered on 10/09/2020
No, you won’t get any notice from ITR but you will have to declare this amount under “exempted income” while filing your taxes. To book your NRE FD effortlessly at the comfort of your homes, click on the button below.
SBNRI Team
answered on 24/03/2020
Only the interest earned on NRO Deposit is taxable in India: 30% tax + surcharge + education cess* is deducted at the source of interest earned in India. The repatriation of the money in the account can be done up to a maximum of 1 million USD per financial year. *(Cess: A cess is […]
