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NRE / NRO / FCNR FD Rate Comparison

Live rates from major Indian banks — find the best return on your foreign earnings

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: 2026-05-24.

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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.

Common Questions

NRE (Non-Resident External) — holds foreign earnings converted to INR. Tax-free in India, fully repatriable. Best for parking salary saved abroad. NRO (Non-Resident Ordinary) — holds Indian income like rent, dividends, pension. Interest is taxed at 30%+ via TDS. Repatriation capped at USD 1M/year. FCNR (Foreign Currency Non-Resident) — holds foreign currency (USD, GBP, EUR, etc.) without INR conversion. No currency risk. Tax-free interest. Available in fewer tenures (typically 1-5 years).
For foreign earnings parked in India long-term, NRE is usually best — tax-free interest, fully repatriable, and rates are typically 6.5-7.5%. If you want to avoid INR depreciation risk, FCNR in your foreign currency makes more sense, but rates are lower (4-5.5% USD). NRO is mainly for income earned in India that you cannot repatriate easily anyway.
Rates are based on the most recent bank disclosure as of the last_updated date shown above. Indian banks revise FD rates periodically — sometimes monthly, sometimes after RBI policy changes. NRIWallah refreshes this comparison weekly. For the absolute latest rate, check the bank’s website before opening an FD.
Private banks (HDFC, ICICI, Axis, Kotak, IndusInd, IDFC FIRST) compete more aggressively on deposit rates because they need to attract liability funding. Public sector banks like SBI have lower funding costs (government backing, deposit base) so they offer competitive but not market-leading rates. The trade-off: public banks have larger branch networks if you ever need offline service.
Yes — once you have NRE/NRO/FCNR status, the FD interest rate is the same regardless of your country of residence. Eligibility (whether the bank accepts your application) does not depend on country (unlike Indian mutual funds, where US/Canada NRIs face FATCA restrictions). See our AMC eligibility checker for the mutual fund side.
Yes — all the major banks listed allow online FD creation through their net banking or app, once you have an active NRE/NRO account. For first-time account opening, most banks require a video KYC or a physical branch visit; ICICI, SBI, and HDFC have UK branches that simplify this for UK NRIs.
Yes, in most countries. While NRE FD interest is tax-free in India, it’s typically taxable in your country of residence (UK, US, Canada, Australia). You’ll need to declare it on your tax return there. The DTAA between India and your country usually means you don’t pay double tax. See our country tax calculators for details.

Related guides

NRI Banking (NRE/NRO)

AMC Eligibility Checker

NRI Investment Guide

Last reviewed: May 2026

Why Compare FD Rates Across Banks?

The difference between the worst and best 1-year NRE FD rate among major Indian banks is typically 70-100 basis points (0.70%-1.00%). On Rs 10 lakh parked for 3 years, that’s Rs 21,000-30,000 in extra interest. Worth a few minutes of comparison.

The Three FD Types — Quick Recap

FeatureNRENROFCNR
Source of moneyForeign earnings onlyIndian income (rent, etc.)Foreign currency only
Currency heldINRINRForeign (USD/GBP/EUR/CAD/AUD)
Interest tax in IndiaTax-free30% TDSTax-free
RepatriationFully repatriableUp to USD 1M/yearFully repatriable
Currency riskINR depreciationINR depreciationNone
Typical 1Y rate range6.50% - 7.50%6.50% - 7.50%4.50% - 5.50% (USD)

When to Pick Which

  • Park abroad-earned money safely in INR? NRE FD. Highest tax-efficient rate, fully repatriable.
  • Use rental/dividend income earned in India? NRO FD. You can’t easily repatriate this money anyway, and there’s no choice.
  • Hold foreign currency in an Indian bank without INR conversion? FCNR. Lower rates but zero currency risk.
  • Don’t know if you’ll come back to India? Mix NRE (most) + small FCNR (hedge against rupee weakness).

A Note on Rates and Reliability

Banks revise FD rates periodically — typically when RBI changes the repo rate, or quarterly during budget season. This table reflects the most recent disclosure we found on the bank’s official rate page. By the time you open an FD, rates may have moved 10-25 basis points. Always verify the current rate on the bank’s website before transferring funds.

Senior Citizens — Not Included Here

Indian banks offer 0.25%-0.50% extra on FDs for senior citizens (60+ years). These special rates are not shown above; they apply to NRO FDs of senior NRIs if you hold them as the primary account holder.

NRIWallah does not provide investment advice. Rates shown are indicative and subject to change. Always confirm directly with the bank before opening a deposit.

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