Best NRE fixed deposit options for NRIs in October 2024

Fixed deposit rates: Are you a non-resident Indian seeking to invest your earning in India? NRIs can take advantage of competitive interest rates offered through Non-Resident External (NRE) fixed deposits. Among the various banks providing NRE FDs here are the top five options as of October 2024.

RBL Bank

RBL Bank leads the list with interest rates ranging from 7.50 per cent to 8.10 per cent for tenures less than two years, making it a notable choice for NRIs looking for higher returns on shorter deposit periods, according to data from BankBazaar.

For a tenure of 2 to 3 years, RBL Bank offers rates of 7.50 per cent to 8.00 per cent, while for 3 to 5 years, the rates are between 7.10 per cent and 7.50 per cent.

For those considering longer investments, RBL's rates decrease slightly to 7.00 per cent to 7.10 per cent for tenures above five years.

DCB Bank

Following closely is DCB Bank, offering competitive rates of 7.10 per cent to 8.05 per cent for deposits with a tenure of 1 to 2 years.

For 2 to 3 years, the interest rate ranges from 7.50 per cent to 7.55 per cent, and for longer durations of 3 to 5 years, the rates remain attractive at 7.40 per cent to 7.75 per cent.

For deposits above five years, the rates drop slightly to 7.25 per cent to 7.65 per cent.

IndusInd Bank

IndusInd Bank also offers strong options, with interest rates of 7.75 per cent for deposits with a tenure of 1 year. For those investing for 2 to 3 years, the rates are between 7.25 per cent and 7.75 per cent.

The bank continues to provide attractive rates for 3 to 5 years at 7.25 per cent and slightly lower rates of 7.00 per cent to 7.25 per cent for deposits exceeding five years.

YES Bank

YES Bank presents another notable option, with consistent interest rates ranging from 7.25 per cent to 8.00 per cent for tenures of up to 2 years. For 2 to 3 years, the rates stabilize at 7.25 per cent, while for 3 to 5 years, the rates are maintained at 7.25 per cent.

For tenures above five years, YES Bank offers rates of 7.00 per cent to 7.25 per cent, making it a reliable choice for both short and medium-term investments.

HDFC Bank

Lastly, HDFC Bank offers interest rates between 6.60 per cent and 7.40 per cent. For a tenure of 1 to 2 years, HDFC provides rates from 6.60 per cent to 7.25 per cent.

The rates are slightly higher for 2 to 3 years at 7.00 per cent to 7.35 per cent, and they remain consistent at 7.00 per cent for 3 to 5 years.

For tenures above five years, HDFC offers a rate of 7.00 per cent, which is slightly lower than competitors