NRE Savings Account Interest Rates (as on 26 May 2024)

NRE Savings Account

NRE Savings Account is an account which is opened by an NRI (Non Resident Indian) to park his/her overseas earnings remitted to India converted to Indian Rupees. This account is maintained in rupee. It offers the entire standard banking facilities such as issuance of cheque book/ debit card, nomination facility and other remittance facilities. The account holder will receive interest on the money deposited under this account which differs from bank to bank.

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NRE Savings Interest Rates by Banks (as on 17/11/2021)

Bank NameMin Interest Rates (p.a.)Min LimitMax Interest Rates (p.a.)Max LimitCalculate
Allahabad Bank3%Upto Rs 10 Lakhs3%Rs 10 Lakhs to less than Rs.200 Crores
Andhra Bank3%Upto Rs 50 Lakhs3%Above Rs 50 Lakhs and Upto Rs.100 crore
Axis Bank3%Below Rs 50 Lakhs4%Rs 50 Lakhs & upto less than Rs. 800 Crores
Bandhan Bank Limited3%Upto Rs 1 Lakh6%Above Rs 1 Lakh to Rs. 10 Lakhs
Bank Of Baroda3%Upto Rs 50 Crores3%Rs 50 crores and above to less than Rs 200 crores
Bank Of India3%Upto Rs 1 Lakh3%Above Rs 1 Lakh
Bank Of Maharashtra3%Upto Rs 25 Lakhs3%Above Rs 25 Lakhs
Canara Bank3%Upto Rs 5 Crores3%Rs. 6 Crores to less than Rs 10 Crores
Catholic Syrian Bank Limited2%Upto Rs 1 Lakh3%Above Rs 1 Lakh to Rs 25 Lakhs
Central Bank Of India3%Upto Rs 10 Crores3%Above Rs 10 Crores to Rs 1000 Crores
City Union Bank Limited3%Upto Rs 1 Lakh4%Above Rs 1 Lakh and up to Rs.10 Lakhs
Corporation Bank3%Upto Rs 50 Lakhs3%Above Rs 50 Lakhs and Upto Rs.100 crore
Dcb Bank Limited2%Upto Rs 1 Lakh4%Above Rs 1 Lakh and less than Rs. 2 Lakhs
Dena Bank3%Upto Rs 50 Crores3%Rs 50 crores and above to less than Rs 200 crores
Dhanalakshmi Bank3%Upto Rs 1 Lakh3%Above Rs 1 Lakh upto Rs.5 Lakhs
Federal Bank3%Below Rs 5 Lakhs3%Rs 5 Lakhs to less than Rs 50 Lakhs
Hdfc Bank3%Below Rs 50 Lakhs4%Rs 50 Lakhs & above
Icici Bank Limited3%Below Rs 50 Lakhs4%Rs 50 Lakhs & above
Idbi Bank3%Upto Rs 5 Crores3%Rs. 5 Crores to Rs 100 Crores
Indian Bank3%Upto Rs 10 Lakhs3%Rs 10 Lakhs to less than Rs.200 Crores
Indian Overseas Bank3%Upto Rs 1 Crore3%Above Rs 1 Crore
Indusind Bank4%Upto Rs 1 Lakh5%Above Rs. 1 Lakh Upto Rs. 10 Lakhs
Jammu And Kashmir Bank Limited3%Upto Rs 10 Lakhs3%Above Rs 10 Lakhs
Karnataka Bank Limited3%Upto Rs 50 Lakhs4%Above Rs 50 Lakhs to Rs 100 Lakhs
Karur Vysya Bank2%Upto Rs 5 Lakh3%Above Rs 5 Lakhs to Rs 10 Lakhs
Kotak Mahindra Bank Limited4%Upto Rs 50 Lakhs4%Above Rs 50 Lakhs
Laxmi Vilas Bank3%Upto Rs 1 Lakh4%Above Rs 1 Lakh to Rs 2 Lakhs
Oriental Bank Of Commerce3%Upto Rs 10 Lakhs3%Above Rs 10 Lakhs to less than Rs.100 Crores
Punjab And Sind Bank3%Upto Rs 1 Crores3%Above 1 Crore to upto 100 Crores
Punjab National Bank3%Upto Rs 10 Lakhs3%Above Rs 10 Lakhs to less than Rs.100 Crores
South Indian Bank3%Upto Rs 2 Lakhs3%Above Rs 2 Lakhs to below Rs 5 Crore
State Bank Of Bikaner And Jaipur3%Upto Rs 10 Crores3%Above Rs 10 Crores
State Bank Of Hyderabad3%Upto Rs 10 Crores3%Above Rs 10 Crores
State Bank Of India3%Upto Rs 10 Crores3%Above Rs 10 Crores
State Bank Of Mysore3%Upto Rs 10 Crores3%Above Rs 10 Crores
State Bank Of Patiala3%Upto Rs 10 Crores3%Above Rs 10 Crores
State Bank Of Travancore3%Upto Rs 10 Crores3%Above Rs 10 Crores
Syndicate Bank3%Upto Rs 5 Crores3%Rs. 6 Crores to less than Rs 10 Crores
Tamilnad Mercantile Bank Limited3%Upto Rs 10 Lakhs3%Above Rs 10 Lakhs
Uco Bank3%Upto Rs 10 Lakhs3%Over Rs 10 Lakhs
Union Bank Of India3%Upto Rs 50 Lakhs3%Above Rs 50 Lakhs and Upto Rs.100 crore
United Bank Of India3%Upto Rs 10 Lakhs3%Above Rs 10 Lakhs to less than Rs.100 Crores
Vijaya Bank3%Upto Rs 50 Crores3%Rs 50 crores and above to less than Rs 200 crores
Yes Bank4%Upto Rs 1 Lakh4%Rs 1 Lakh to less than Rs 5 Lakhs
Disclaimer: NRE savings interest rates keep on changing. You are advised to check the interest rates with banks before making your savings.      Source: Bank Websites

NRE Savings Account is the most basic and secure investment avenue for parking your foreign earnings in a bank account in India. You account wil be a rupee-denominated NRE Savings Account. It allows you to save your money, transfer it if required and withdraw funds any time and along with that you also earn interest on the deposited amount. You even get online banking services for your day-to-day management of funds. Most of the banks offer mobile app and internet banking facility under NRE savings account which you can use from the comfort of your home.

Further, there is no time limit or maturity period for a NRE Savings Account you can keep your fund as long as you wish. You will earn interest till the day you maintain funds in your NRE account.

Key features and Benefits of Non Resident External (NRE) Savings Account

  1. Maintained in rupee.
  2. Beneficial interest rates are offered to the account holders.
  3. Interest is payable usually on a half yearly basis.
  4. Offers easy liquidity.
  5. Offers remittance facility.
  6. You can assign a mandate holder on your behalf to run the bank account in India.
  7. Get the cheque book facility.
  8. Provision for nomination. Nominee can be Resident or Non-resident or PIO(person of Indian Origin).
  9. Local Rupee Cheques (drawn in India) cannot be deposited in this account.
  10. Cash in rupees cannot be deposited in this account.
  11. It offers the flexibility to repatriate 100% of your deposit (both principal and interest) to your country of residence anytime.
  12. Money in this account can be transferred from any non-resident (External) Rupee Savings and Fixed / Term Deposit account or Foreign Currency Deposit (FCNR) account.
  13. No income tax liability.

Documents Required for NRE Savings Account

  • PAN or Form 60 (in absence of PAN) is mandatory
  • Proof of Identity
  • Proof of NRI/ POI Status
  • Proof of Address
  • Passport size photographs