NRE Savings Account Interest Rates (as on 27 Jul 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 Name | Min Interest Rates (p.a.) | Min Limit | Max Interest Rates (p.a.) | Max Limit | Calculate |
|---|---|---|---|---|---|
| Allahabad Bank | 3% | Upto Rs 10 Lakhs | 3% | Rs 10 Lakhs to less than Rs.200 Crores | |
| Andhra Bank | 3% | Upto Rs 50 Lakhs | 3% | Above Rs 50 Lakhs and Upto Rs.100 crore | |
| Axis Bank | 3% | Below Rs 50 Lakhs | 4% | Rs 50 Lakhs & upto less than Rs. 800 Crores | |
| Bandhan Bank Limited | 3% | Upto Rs 1 Lakh | 6% | Above Rs 1 Lakh to Rs. 10 Lakhs | |
| Bank Of Baroda | 3% | Upto Rs 50 Crores | 3% | Rs 50 crores and above to less than Rs 200 crores | |
| Bank Of India | 3% | Upto Rs 1 Lakh | 3% | Above Rs 1 Lakh | |
| Bank Of Maharashtra | 3% | Upto Rs 25 Lakhs | 3% | Above Rs 25 Lakhs | |
| Canara Bank | 3% | Upto Rs 5 Crores | 3% | Rs. 6 Crores to less than Rs 10 Crores | |
| Catholic Syrian Bank Limited | 2% | Upto Rs 1 Lakh | 3% | Above Rs 1 Lakh to Rs 25 Lakhs | |
| Central Bank Of India | 3% | Upto Rs 10 Crores | 3% | Above Rs 10 Crores to Rs 1000 Crores | |
| City Union Bank Limited | 3% | Upto Rs 1 Lakh | 4% | Above Rs 1 Lakh and up to Rs.10 Lakhs | |
| Corporation Bank | 3% | Upto Rs 50 Lakhs | 3% | Above Rs 50 Lakhs and Upto Rs.100 crore | |
| Dcb Bank Limited | 2% | Upto Rs 1 Lakh | 4% | Above Rs 1 Lakh and less than Rs. 2 Lakhs | |
| Dena Bank | 3% | Upto Rs 50 Crores | 3% | Rs 50 crores and above to less than Rs 200 crores | |
| Dhanalakshmi Bank | 3% | Upto Rs 1 Lakh | 3% | Above Rs 1 Lakh upto Rs.5 Lakhs | |
| Federal Bank | 3% | Below Rs 5 Lakhs | 3% | Rs 5 Lakhs to less than Rs 50 Lakhs | |
| Hdfc Bank | 3% | Below Rs 50 Lakhs | 4% | Rs 50 Lakhs & above | |
| Icici Bank Limited | 3% | Below Rs 50 Lakhs | 4% | Rs 50 Lakhs & above | |
| Idbi Bank | 3% | Upto Rs 5 Crores | 3% | Rs. 5 Crores to Rs 100 Crores | |
| Indian Bank | 3% | Upto Rs 10 Lakhs | 3% | Rs 10 Lakhs to less than Rs.200 Crores | |
| Indian Overseas Bank | 3% | Upto Rs 1 Crore | 3% | Above Rs 1 Crore | |
| Indusind Bank | 4% | Upto Rs 1 Lakh | 5% | Above Rs. 1 Lakh Upto Rs. 10 Lakhs | |
| Jammu And Kashmir Bank Limited | 3% | Upto Rs 10 Lakhs | 3% | Above Rs 10 Lakhs | |
| Karnataka Bank Limited | 3% | Upto Rs 50 Lakhs | 4% | Above Rs 50 Lakhs to Rs 100 Lakhs | |
| Karur Vysya Bank | 2% | Upto Rs 5 Lakh | 3% | Above Rs 5 Lakhs to Rs 10 Lakhs | |
| Kotak Mahindra Bank Limited | 4% | Upto Rs 50 Lakhs | 4% | Above Rs 50 Lakhs | |
| Laxmi Vilas Bank | 3% | Upto Rs 1 Lakh | 4% | Above Rs 1 Lakh to Rs 2 Lakhs | |
| Oriental Bank Of Commerce | 3% | Upto Rs 10 Lakhs | 3% | Above Rs 10 Lakhs to less than Rs.100 Crores | |
| Punjab And Sind Bank | 3% | Upto Rs 1 Crores | 3% | Above 1 Crore to upto 100 Crores | |
| Punjab National Bank | 3% | Upto Rs 10 Lakhs | 3% | Above Rs 10 Lakhs to less than Rs.100 Crores | |
| South Indian Bank | 3% | Upto Rs 2 Lakhs | 3% | Above Rs 2 Lakhs to below Rs 5 Crore | |
| State Bank Of Bikaner And Jaipur | 3% | Upto Rs 10 Crores | 3% | Above Rs 10 Crores | |
| State Bank Of Hyderabad | 3% | Upto Rs 10 Crores | 3% | Above Rs 10 Crores | |
| State Bank Of India | 3% | Upto Rs 10 Crores | 3% | Above Rs 10 Crores | |
| State Bank Of Mysore | 3% | Upto Rs 10 Crores | 3% | Above Rs 10 Crores | |
| State Bank Of Patiala | 3% | Upto Rs 10 Crores | 3% | Above Rs 10 Crores | |
| State Bank Of Travancore | 3% | Upto Rs 10 Crores | 3% | Above Rs 10 Crores | |
| Syndicate Bank | 3% | Upto Rs 5 Crores | 3% | Rs. 6 Crores to less than Rs 10 Crores | |
| Tamilnad Mercantile Bank Limited | 3% | Upto Rs 10 Lakhs | 3% | Above Rs 10 Lakhs | |
| Uco Bank | 3% | Upto Rs 10 Lakhs | 3% | Over Rs 10 Lakhs | |
| Union Bank Of India | 3% | Upto Rs 50 Lakhs | 3% | Above Rs 50 Lakhs and Upto Rs.100 crore | |
| United Bank Of India | 3% | Upto Rs 10 Lakhs | 3% | Above Rs 10 Lakhs to less than Rs.100 Crores | |
| Vijaya Bank | 3% | Upto Rs 50 Crores | 3% | Rs 50 crores and above to less than Rs 200 crores | |
| Yes Bank | 4% | Upto Rs 1 Lakh | 4% | Rs 1 Lakh to less than Rs 5 Lakhs |
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
- Maintained in rupee.
- Beneficial interest rates are offered to the account holders.
- Interest is payable usually on a half yearly basis.
- Offers easy liquidity.
- Offers remittance facility.
- You can assign a mandate holder on your behalf to run the bank account in India.
- Get the cheque book facility.
- Provision for nomination. Nominee can be Resident or Non-resident or PIO(person of Indian Origin).
- Local Rupee Cheques (drawn in India) cannot be deposited in this account.
- Cash in rupees cannot be deposited in this account.
- It offers the flexibility to repatriate 100% of your deposit (both principal and interest) to your country of residence anytime.
- 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.
- 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