Note that NRE FDs tenure starts from one year, unlike regular FDs which can be opened starting from 7 days. No interest is payable if the deposit is withdrawn before one year.
Interest rates on NRE FDs vary with each bank and amount of deposit. Here is a quick comparison of interest rates of top banks such as SBI, ICICI, HDFC Bank, PNB, and Yes Bank offering NRE term deposits
SBI NRE fixed deposit interest rate
SBI offers interest rates for terms of one year to ten years that range from 6.50 percent to 7.10 percent for amounts below Rs 2 crores. The new rates are applicable from February 15, 2023.
| SBI NRE FD interest rates | ||
| Tenure | Below Rs.2 Crore | Rs.2 Crore & above |
| 1 year to less than 2 years | 6.80% | 6.75% |
| 400 Days (AMRIT KALASH) | 7.10% | – |
| 2 years to less than 3 years | 7.00% | 6.50% |
| 3 years to less than 5 years | 6.50% | 6.00% |
| 5 years to 10 years | 6.50% | 6.00% |
HDFC Bank NRE fixed deposit interest rate
HDFC Bank offers interest rates in the range of 6.60 percent to 7.10 percent for amounts below Rs 2 crore to general citizens. The rates are effective from February 21, 2023. Note minimum tenor for NRE Deposit is 1 year.
| HDFC Bank NRE FD interest rates | |
| Tenure | General citizen |
| 1 year to | 6.60% |
| 15 months to | 7.10% |
| 18 months to | 7.00% |
| 21 months – 2 years | 7.00% |
| 2 years 1 day – 3 years | 7.00% |
| 3 year 1 day to – 5 years | 7.00% |
| 5 year 1 day – 10 years | 7.00% |
ICICI Bank FD fixed deposit interest rate
ICICI Bank offers interest rate between 6.70% to 7.10% on tenures ranging from 1 years to 10 years. The new rates are effective from February 24, 2023. On premature withdrawal, after 1 year & above, interest rate charged is 1%.
| ICICI Bank NRE FD rates | |
| Maturity Period | Less than Rs 2 cr |
| 1 year to 389 days | 6.70% |
| 390 days to | 6.70% |
| 15 months to | 7.10% |
| 18 months upto 2 years | 7.10% |
| 2 years 1 day upto 3 years | 7.00% |
| 3 years 1 day upto 5 years | 7.00% |
| 5 years 1 day upto 10 years | 6.90% |
PNB NRE fixed deposit interest rate
Punjab National Bank offers NRE fixed deposit rates ranging from 6.30 percent to 7.25 percent. The term of office is one year and up to ten years. The rates are effective from January 1, 2023.
| PNB NRE FD rates | |
| Period | Interest rates |
| 1 year | 6.75 |
| above 1 year to 665 days | 6.75 |
| 666 days | 7.25 |
| 667 days to 2 years | 6.75 |
| above 2 year & upto 3 years | 6.75 |
| above 3 year & upto 5 years | 6.5 |
| above 5 years & upto 10 years | 6.5 |
Yes Bank NRE FD rates
Yes Bank offers NRE fixed deposit rates ranging from 7 percent to 7.50 percent. The term of office is one year and up to 120 months. The rates are effective from February 21, 2023. On a special rate window, the bank offers interest rate of 7.75% on tenure of 35 months.
| Yes Bank NRE FD rates | |
| Period | Rates for |
| 1 Year to | 7.25% |
| 15 months to | 7.50% |
| 35 months 1 day | 7.50% |
| 36 months to | 7.00% |
| Special window | |
| 35 Months | 7.75% |
How NRI’s can deposit money
According to the HDFC Bank website, to deposit money in your NRE Fixed Deposit, you can:
Transfer funds from abroad in a freely convertible foreign currency
Present foreign currency notes/travellers cheques brought in by you or another NRI during a visit to India
Directly remit the amount to bank
Transfer funds from an existing NRE/FCNR Account held in other Banks