Best NRE FD interest rates: HDFC Bank vs ICICI Bank vs Yes Bank vs SBI

Non Resident External Account, an NRE Account is a rupee-denominated accounts that NRIs can open. It is an account of an NRI to transfer foreign earnings to India. An NRE account offers the advantage of high liquidity and enables full repatriation from the account to the NRI's country of residency when necessary.


Who can open NRE account
NRIs/PIOs/OCIs can open NRE account. The type of accounts which can be opened include- Savings, Current, Recurring, Fixed Deposit.


Minimum term deposit tenure is 1 year and maximum up to 10 years. Interest on tax is not taxable.

Here is a look at the NRE FD interest rates offered by private banks such as HDFC Bank, ICICI Bank, Yes Bank and SBI for amounts below Rs 2 crore.

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. No interest is payable if the deposit is withdrawn before one year.

Tenors	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 rates
HDFC Bank offers interest rates in the range of 6.60 percent to 7.25percent for amounts below Rs 2 crore to general citizens. The rates are effective from May 29, 2023. Note minimum tenor for NRE Deposit is 1 year.

Tenor Bucket	Interest Rate (per annum)
1 year to < 15 months	6.60%
15 months to < 18 months	7.10%
18 months to < 21 months	7.00%
21 months - 2 years	7.00%
2 Years 1 day to < 2 Year 11 Months	7.00%
2 Years 11 Months - 35 Months	7.20%
2 Years 11 Months 1 day <= 3 Year	7.00%
3 Years 1 day to < 4 Years 7 Months	7.00%
4 Year 7 Months - 55 months	7.25%
4 Year 7 Months 1 day <=5 Years	7.00%
5 Years 1 day to 10 Years	7.00%

ICICI Bank FD fixed deposit interest rates
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, the interest rate charged is 1%.

Maturity Period	Below Rs 2 crore
1 year to 389 days	6.70%
390 days to < 15 months	6.70%
15 months to < 18 months	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 rates
Punjab National Bank offers NRE fixed deposit rates ranging from 6.30 percent to 7.25 percent. The term of FD ranges from one year and up to ten years. The rates are effective from January 1, 2023.

NRE Term Deposit
Sl. No	Period	Revised Wef. 01.06.2023
1	1 year	6.75
2	above 1 year to 443 days	6.8
3	444 days	7.25
4	444 days to 665 days	6.8
5	666 days	7.05
6	667 days to 2 years	6.8
7	above 2 year & upto 3 years	7
8	above 3 year & upto 5 years	6.5
9	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 NRE FD ranges from 1 year to 120 months. The rates are effective from May 2, 2023.

Period	Rates for < 2 Crore effective 02nd May'23 *
1 Year to < 18 months 7.50% 7.71% 18 months to < 36 month	7.50%
18 months to < 36 months	7.75%
36 months to <= 120 month	7.00%