USD$ = 96.44₹ up 0.16 percent since the previous update• GBP£ = 127.42₹ up 0.16 percent since the previous update• EUR€ = 108.10₹ up 0.31 percent since the previous update• CAD$ = 67.53₹ up 0.19 percent since the previous update• AUD$ = 67.17₹ up 0.54 percent since the previous update• AED = 26.25₹ up 0.08 percent since the previous update• SAR = 25.70₹ up 0.08 percent since the previous update• JPY¥100 = 60.97₹ down 0.08 percent since the previous update• SGD$ = 75.36₹ up 0.27 percent since the previous update• NZD$ = 53.93₹ up 0.13 percent since the previous update• SEK = 9.60₹ up 0.52 percent since the previous update
IST: 00:00 PM
IST:

Best NRE FD rates for NRIs

Our top bank picks for NRE fixed deposits, with NRE, NRO and FCNR rates from major Indian banks.

NRI comparing three fixed-deposit choices represented by decorated savings jars with growing coin balances

NRIWallah team

Updated October 2026

Why compare FD rates across banks

Among the banks we track, one-year NRE rates ranged from 6.10% to 6.75% as of September 2026, a gap of about 65 basis points. On ₹10 lakh held for three years, that is roughly ₹19,500 of extra simple interest, which is worth a few minutes of comparison. For two to five years the gap can be larger, since a few banks pay up to 7%.

How we picked the top banks

The picks are not simply the highest rates. Each bank is scored on rates across tenures, minimum deposit, premature-withdrawal penalty, the quality of its NRI servicing and its strength, as set out in our rating methodology . SBI earns a place despite lower headline rates because safety and reach matter for large deposits, and the highest-rate bank is not automatically the best overall. No bank pays us for placement. See how we make money .

Deposit insurance covers ₹5 lakh per depositor per bank. If you are putting in more than that, spreading deposits across two or three banks keeps more of your money inside the insured limit while still earning high rates. Pair the FD with the right account type using our NRI banking guide , and if you are moving money to India first, start with the remittance comparison .

The three FD types

FeatureNRENROFCNR
Source of moneyForeign earnings onlyIndian income such as rentForeign currency only
Currency heldINRINRUSD, GBP, EUR, CAD, AUD and others
Interest tax in IndiaTax-free30% TDS plus cessTax-free
RepatriationFully repatriableUp to USD 1 million a yearFully repatriable
Currency riskINR depreciationINR depreciationNone
1-year rate, September 20266.10% to 6.75%6.25% to 6.35%5.40% to 5.50% (USD)

When to pick which

  • Safely park money earned abroad in rupees: an NRE FD.
  • Hold rent or dividends earned in India: an NRO FD, as this money cannot easily leave India anyway.
  • Hold foreign currency in an Indian bank without conversion: an FCNR deposit, at lower rates but with no currency risk.
  • Unsure whether you will return to India: mostly NRE, plus a smaller FCNR deposit as a hedge against rupee weakness.

Rates and reliability

Banks revise FD rates when the RBI changes the repo rate or at other times during the year. The table reflects the latest disclosure we found on each bank’s official rate page. Check the current rate on the bank’s site before you transfer funds. FCNR dollar rates for 3 to 5 years may still reflect the RBI swap window, which closed on 31 August 2026 and no longer applies to new deposits, so expect those rates to fall back.

Senior citizen rates, which are usually 0.25% to 0.50% higher, are not shown.

NRIWallah does not provide investment advice. Rates are indicative and subject to change, so confirm with the bank before opening a deposit. Our bank picks are independent and follow our rating methodology . No bank pays for placement ( how we make money ).

Our top banks for NRE fixed deposits

Ranked on rates across tenures, NRI account servicing, minimum deposit, and premature-withdrawal terms

Rates & fees auto-refreshed 5 October 2026 · Picks last verified September 2026 · Ratings follow our rating methodology. We may earn a commission from partner links — how we make money.

Best overall

HDFC Bank

4.5

India’s largest private bank, with established NRI servicing, online FD booking and a global presence for account opening, though challenger banks pay more.

Pros

  • Mature NRI desk and net-banking experience
  • Online FD creation once your NRE account is open
  • Deep branch network in India and overseas

Cons

  • Headline rates now trail the challenger banks
  • Rs 25,000 minimum deposit
  • 1% premature-withdrawal penalty
Best headline rates

IndusInd Bank

4

The highest one-year NRE rate among the banks we track as of September 2026, with a low Rs 10,000 minimum.

Pros

  • Highest 1-year rate in our table, and level at the top for 2 to 3 years
  • Low Rs 10,000 minimum deposit
  • Full online application

Cons

  • Smaller bank than the top-tier privates
  • Deposit insurance covers only Rs 5 lakh per bank
Best challenger rates

IDFC FIRST Bank

4

Near-top rates and a low minimum deposit make IDFC FIRST a sensible second bank for spreading deposits.

Pros

  • Near-top rates across tenures
  • Low Rs 10,000 minimum deposit
  • Modern app and online onboarding

Cons

  • Younger bank with a smaller NRI network abroad
  • 1% premature-withdrawal penalty
Best for safety & branch network

SBI

4

Government-owned, with India’s largest branch network, a Rs 1,000 minimum and the lowest premature-withdrawal penalty of the picks.

Pros

  • Government-owned, the safety benchmark
  • Rs 1,000 minimum deposit
  • Only 0.50% premature-withdrawal penalty
  • Overseas branches simplify account opening

Cons

  • One-year rate 50 bps below the highest-paying bank (as of September 2026)
  • NRI service can be slower than at private banks

How to read these rates: NRE FDs are tax-free in India and fully repatriable — best for foreign-earned money you want to park in INR. NRO FDs have 30%+ TDS but accept Indian income (rent, dividends). FCNR FDs hold foreign currency (no INR conversion risk). Rates last updated: October 2026.

Loading latest rates…

Sort by:

Rates are indicative and based on bank website disclosures as of the last update date. Always confirm current rates directly with the bank before opening an FD. Senior citizen rates not included. IMPORTANT: FCNR USD 3-year and 5-year rates may still reflect the RBI swap window, which covered deposits booked or renewed between 8 June and 31 August 2026 (brought forward from 30 September). New deposits no longer qualify, and rates are expected to fall back towards pre-window levels.

Common questions

For foreign earnings you want to keep in India, NRE is usually the best fit: interest is tax-free in India and the money is fully repatriable. If you want to avoid rupee risk, FCNR in your foreign currency makes more sense, at lower rates. NRO is for income earned in India, such as rent.
The table shows each bank’s most recent published rate as of the date shown above. Banks revise FD rates at intervals, often after RBI policy changes. By the time you open a deposit the rate may have moved, so check the bank’s own page first.
Banks set deposit rates according to how much funding they want to raise. Smaller private banks tend to pay more to attract deposits. Large banks such as SBI, HDFC and ICICI often cluster together on one-year rates, so the gap can be small. The trade-off is branch network and service, where public sector banks are strongest.
Yes, once you have an active NRE or NRO account, all the banks listed let you book an FD through net banking or the app. First-time account opening usually needs a video KYC or a branch visit. SBI and ICICI Bank have branches in the UK, which can help UK-based NRIs.
Usually yes. NRE interest is tax-free in India but generally taxable in the UK, US, Canada and Australia, and you declare it on your return there. The treaty normally prevents double tax. The country tax calculators show how it fits into your total tax.

Every rate and threshold here is sourced, dated and shown on the page — but tax rules change, and we would rather be told than be wrong. Reports go to the team that maintains the tool. If you can point at the official source, that gets it fixed fastest.

No account needed. We don't publish your email or add you to anything.

Prefer email? admin@nriwallah.com. How we source and review these numbers is set out in our methodology.

Share this page: