NRE and NRO FD rates for 1, 3 and 5 years
| Bank | 1 year | 3 years | 5 years | Rates from |
|---|---|---|---|---|
| State Bank of India | 6.25% | 6.30% | 6.05% | 15 Aug 2026 |
| HDFC Bank | 6.25% | 6.45% | 6.40% | 19 Aug 2026 |
| ICICI Bank | 6.25% | 6.45% | 6.50% | 13 Oct 2026 |
| Axis Bank | 6.25% | 6.50% | 6.50% | 1 Jul 2026 |
| Punjab National Bank | 6.25% | 6.30% | 6.35% | 1 Jun 2026 |
| Bank of Baroda | 6.25% | 6.25% | 6.30% | 12 Jun 2026 |
| Canara Bank | 6.25% | 6.25% | 6.25% | 17 Mar 2026 |
| IDFC FIRST Bank | 6.50% | 7.10% | 6.75% | 1 Sept 2026 |
| IndusInd Bank | 6.75% | 7.00% | 6.65% | 24 Jul 2026 |
Rates per year for deposits below ₹3 crore, with premature withdrawal allowed. The same rates apply to NRE and NRO deposits of a year or more at every bank listed. Senior citizen rates do not apply to NRIs. "Rates from" is the date printed on each bank's rate card.
Highest NRE rate at each bank
| Bank | Rate | Tenure |
|---|---|---|
| IDFC FIRST Bank | 7.10% | 500 days to 3 years |
| IndusInd Bank | 7.00% | 2 years to 3 years |
| Bank of Baroda | 6.75% | 555 days (bob Golden Goal) |
| Punjab National Bank | 6.60% | 444 days |
| Canara Bank | 6.60% | 555 days |
| HDFC Bank | 6.50% | 3 years 1 day to under 4 years 7 months |
| ICICI Bank | 6.50% | 3 years 1 day to 10 years |
| Axis Bank | 6.50% | 18 months to 10 years |
| State Bank of India | 6.45% | 444 days (Amrit Vrishti) |
Kotak Mahindra Bank is not in the table yet, because we could not confirm its current rates on its own website. The two private banks at the top, IDFC FIRST and IndusInd, pay noticeably more than the largest banks, and NRE deposits there are covered by the same DICGC insurance of ₹5 lakh per depositor per bank.
FCNR(B) US dollar deposit rates
| Bank | 1 year | 3 years | 5 years |
|---|---|---|---|
| State Bank of India | 4.40% | 3.35% | 3.05% |
| Punjab National Bank | 5.00% | 3.25% | 3.06% |
| Axis Bank | 3.80% | 3.50% | 3.25% |
US dollar deposits below US$1 million. FCNR rates for pounds, euros, Canadian and Australian dollars are on each bank's page. Other banks run limited-period FCNR offers with different rates; we list only the standard card.
NRE, NRO or FCNR: which account for which money
| NRE | NRO | FCNR(B) | |
|---|---|---|---|
| Currency | Rupees | Rupees | US$, £, €, ¥, C$, A$ and others |
| What goes in | Money earned abroad | Indian income: rent, dividends, pension; also money from abroad | Money earned abroad |
| Tax on interest in India | None | Taxed; 31.2% TDS or the treaty rate | None |
| Sending it abroad | Freely | Up to US$1 million a year | Freely |
| Rupee risk | Yes | Yes | No |
| Tenure | 1 to 10 years | From 7 days at many banks | 1 to 5 years |
- Saving in rupees, to spend in India later: NRE. It pays the full rupee rate and nothing is lost to tax in India.
- Saving money you will take back abroad: compare NRE with FCNR. If the rupee falls 2% to 3% a year against your currency, an NRE deposit's real return in that currency drops by about as much.
- Rent, dividends or a pension from India: NRO; Indian income cannot go into an NRE account.
Your country may tax the interest even when India does not. See tax for NRIs and work out NRE against NRO with the NRI FD calculator.
Frequently asked questions
Which bank gives the highest NRE FD rate in October 2026?
Among the 9 banks we track, IDFC FIRST Bank pays the most: 7.10% (500 days to 3 years). For a 5-year deposit, IDFC FIRST Bank pays 6.75%. The large public sector banks and HDFC, ICICI and Axis pay 6.25% to 6.75%.
Are NRE and NRO FD rates the same?
At every bank in this table, yes, for deposits of one year or more: each bank publishes one rate card for NRE and NRO deposits, and most label it "Domestic / NRO / NRE". The difference is in tax and repatriation. NRE interest is tax-free in India and can be sent abroad freely; NRO interest is taxed.
Do NRIs get senior citizen FD rates?
No. HDFC Bank, ICICI Bank, Kotak, IDFC FIRST, IndusInd, Canara Bank and Bank of Baroda all state that the senior citizen rate applies only to resident deposits. An NRI aged 60 or more earns the general rate.
What happens if I break an NRE FD before one year?
You get no interest at all. NRE deposits must run for at least a year; SBI, HDFC Bank, ICICI Bank, Kotak and IndusInd all say so on their rate pages. After a year, early closure costs a penalty at most banks, often 1% off the rate.
Why are FCNR rates so much lower than NRE rates?
FCNR deposits are in foreign currency, so they follow interest rates in that currency, not the rupee. The bank also takes on no rupee risk for you. Punjab National Bank pays 5.00% on a 1-year US dollar deposit, against 6.25% on its 1-year NRE deposit.
Sources
- State Bank of India – NRE/NRO deposit rates
- HDFC Bank – NRE/NRO deposit rates
- ICICI Bank – NRE/NRO deposit rates
- Axis Bank – NRE/NRO deposit rates
- Punjab National Bank – NRE/NRO deposit rates
- Bank of Baroda – NRE/NRO deposit rates
- Canara Bank – NRE/NRO deposit rates
- IDFC FIRST Bank – NRE/NRO deposit rates
- IndusInd Bank – NRE/NRO deposit rates
- State Bank of India – FCNR(B) deposit rates
- Axis Bank – FCNR(B) deposit rates
- RBI – Master Direction on deposits and accounts
Last checked on 13 October 2026. Banks change deposit rates without notice. Confirm the rate with your bank before you book.