Banks paying High Interests on NRO Deposits
Non-Resident Indians (NRIs) maintain bank accounts designated as Non-Resident Ordinary (NRO). It is a savings account used by an NRI to handle revenue produced in India, which may include rental income, dividend income, and salary. An NRI may deposit funds in both foreign and Indian currencies and may withdraw funds from this account in Indian currency. NRO fixed deposits should be used to invest the savings account's excess funds. NRO deposit interest is higher than that paid on a regular bank account. Banks from other countries that pay the highest interest rates on short-term, two- to three-year NRO deposits are listed below. RBL Bank- Interest rates on RBL Bank's 2-3 year FDs are 6.3% each year. This bank has the best interest rates among private institutions.In two years, a capital of Rs 1 lakh invested grows to Rs 1.13 lakh. Bandhan Bank and Yes Bank- Provide 6.25 percent annual return on 2-3 year term deposits. In two years, a capital of Rs 1 lakh invested grows to Rs 1.13 lakh. The minimum investment required by Bandhan Bank and Yes Bank is Rs 1,000 and Rs 10,000, respectively. IndusInd Bank- offers a 6% annual interest rate on two- to three-year fixed-rate deposits. In two years, a Rs 1 lakh investment grows to Rs 1.12 lakh. DCB Bank- A two- to three-year FD at DCB Bank pays 5.95 percent interest per year. It takes two years for Rs. 1 lakh to rise to Rs. 1.12 lakh. IDFC First Bank- offers a 5.75 percent annual interest rate on two- or three-year FDs. It takes two years for Rs. 1 lakh to rise to Rs. 1.12 lakh. To attract new customers, smaller private banks are providing higher interest rates. Up to Rs 5 lakh can be invested in fixed deposits through DICGC, a subsidiary of the Reserve Bank of India (RBI). According to the different websites, the data on FDs is current as of January 18, 2022. Information on NRO deposits up to Rs 2 crore for a term of two or three years is based on rates offered by all private banks listed on the Bombay Stock Exchange (BSE). No consideration is given to banks for whom there is no verifiable data. Quarterly compounding is presumed for all FDs.