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NRE FD (Fixed Deposit) Interest Rates

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To attract foreign currency into India, Indian government has freed the NRE deposit rates. As the global interest rates in banks are very low, more and more non-resident Indians (NRIs) are moving their money into non-resident (external) rupee account (NRE). Compared to FCNR (foreign currency non resident) and NRO (non-resident ordinary) accounts, the interest rates are higher for NRI deposits. The interest earned on NRI deposits is tax free.

BankTermNRE Interest Rates
Allahabad Bank 1 year to less than 2 years 9.00
Allahabad Bank 3 years to less than 5 years 9.05
Allahabad Bank 2 years to less than 3 years 9.00
Indian Overseas Bank 1 Year to less than 2 Years 9.00
Indian Overseas Bank 2 Years to 3 Years 9.00
Indian Overseas Bank Greater than 3 years to less than 5 years9.50
Indian Overseas Bank 5 Years upto 10 years9.50

Please note that interest rates keep changing. Please check with the Bank before taking a decision.