NRO Deposit Rates: Non Resident Ordinary (NRO) bank accounts are for NRI Indians to manage their income in India, including salary, dividend income and rent. An NRI can deposit money in foreign and Indian currency and withdraw money in Indian currency from this account.
NRO Deposit Rates: Non Resident Ordinary (NRO) bank accounts are for NRI Indians to manage their income in India, including salary, dividend income and rent. An NRI can deposit money in foreign and Indian currency and withdraw money in Indian currency from this account. NROs can also make FD of their savings account money. Here are the top 10 banks (by term deposit holdings) offering the highest interest rates on NRO deposits up to Rs 1 crore with a tenure of two years. This data has been taken from bankbazaar.com.
Bank of India
Interest rate on two year FD: 7.25%
Rs 1 lakh invested for two years will grow to Rs 1,15,454 lakh.
ICICI Bank
Interest rate on two year FD: 7.20%
Rs 1 lakh invested for two years will grow to Rs 1,15,341 lakh.
Axis Bank
Interest rate on two year FD: 7.10%
Rs 1 lakh invested for two years will grow to Rs 1,15,114 lakh.
HDFC Bank and State Bank of India
Interest rate on two year FD: 7%
Rs 1 lakh invested for two years will grow to Rs 1,14,888 lakh.
Bank of Baroda and Canara Bank
Interest rate on two year FD: 6.85%
Rs 1 lakh invested for two years will grow to Rs 1,14,550 lakh.
Punjab National Bank
Interest rate on two year FD: 6.80%
Rs 1 lakh invested for two years will grow to Rs 1,14,437 lakh.
Indian Bank and Union Bank of India
Interest rate on two year FD: 6.50%
Rs 1 lakh invested for two years will grow to Rs 1,13,764 lakh.
Reserve Bank of India
Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of RBI, guarantees investment in FD deposits up to Rs 5 lakh.
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