Non-resident Indians can maintain NRE and FCNR accounts with banks holding authorised dealers’ licenses obtained from the Reserve Bank of India.. The interest rates on NRE and FCNR accounts vary from bank to bank, though an upper and lower limit is determined by the RBI.

In the case of NRE accounts, the interest rates are subject to a ceiling. For fixed deposits, LIBOR/SWAP rates on US dollars are the reference point, while in the case of savings accounts, the interest rates have to be maintained below the LIBOR rate.

LIBOR refers to the London Interbank Offered Rate, a reference rate updated daily at the London inter-bank money market. It is based on the interest rate that banks extend to unsecured loans like credit card payments, cash credit account and personal loans to member banks in the London inter-bank market.

A basis point refers to a hundredth of a percentage point, or 0.01%

The table below gives details of the interest rates offered by some Banks/ Institutions:

NRE Account - Banks Rates for All banks (Public, Private, Foreign, Co-op)
Bank	6 mths- 1 yr	1yr- < 2yrs	2yrs- < 3yrs	3yrs- < 5yrs	5yrs	With effect from
ABN AMRO Bank	-	5.30	5.06	5.00	5.00	01-05-07
Abu Dhabi Commercial Bank (ADCB)	-	5.22	5.02	4.96	-	26-04-07
Allahabad Bank	-	5.30	5.06	5.01	-	01-05-07
Andhra Bank	-	5.30	5.06	5.00	-	01-05-07
Bank of Baroda	-	5.30	5.06	5.01	5.01	04-05-07
Bank of India	-	5.30	5.06	5.00	-	01-05-07
Bank of Maharashtra	-	5.30	5.10	5.00	-	01-05-07
Bank of Rajasthan	-	5.30	5.06	5.01	-	01-05-07
Bharat Overseas Bank	-	5.74	5.55	5.48	-	01-03-07
Canara Bank	-	5.30	5.06	5.01	-	01-05-07
Catholic Syrian Bank	-	5.22	5.02	4.96	4.96	25-04-07
Central Bank of India	-	5.72	5.52	5.46	-	01-04-07
Corporation Bank	-	5.30	5.06	5.01	-	01-05-07
DBS Bank	-	5.30	5.06	5.01	-	03-05-07
Dena Bank	-	5.30	5.06	5.01	-	01-05-07
Deutsche Bank	-	5.22	5.01	4.96	-	25-04-07
Development Credit Bank	-	5.74	5.55	5.48	-	01-03-07
Dhanalakshmi Bank	-	5.30	5.06	5.01	5.01	01-05-07
HDFC Bank	-	5.29	5.06	5.00	-	01-05-07
ICICI Bank	-	5.30	5.06	5.01	-	01-05-07
IDBI Bank	-	5.30	5.06	5.01	-	01-05-07
Indian Bank	-	5.30	5.06	5.01	5.01	01-05-07
Indian Overseas Bank	-	5.30	5.06	5.00	-	01-05-07
IndusInd Bank	-	5.30	5.06	5.01	-	01-05-07
ING Vysya Bank	-	5.30	5.06	5.01	-	01-05-07
Karnataka Bank	-	5.30	5.06	5.01	-	01-05-07
Karur Vysya Bank	-	5.30	5.06	5.01	-	01-05-07
Kotak Mahindra Bank	-	5.30	5.06	5.01	-	01-05-07
Lord Krishna Bank	-	5.78	5.55	5.48	-	01-03-07
Oriental Bank of Commerce	-	5.30	5.06	5.01	-	03-05-07
Punjab & Sind Bank	-	5.30	5.06	5.01	-	01-05-07
Punjab National Bank	-	5.30	5.06	5.01	-	01-05-07
Saraswat Co-Op. Bank	-	5.74	5.55	5.48	-	01-03-07
SBI Commercial and International Bank	-	5.30	5.06	5.01	-	01-05-07
South Indian Bank	-	5.30	5.06	5.01	-	01-05-07
Standard Chartered Bank	-	4.30	4.06	4.01	4.01	03-05-07
State Bank of Bikaner & Jaipur	-	5.30	5.06	5.01	-	01-05-07
State Bank of Hyderabad	-	5.30	5.06	5.01	-	01-05-07
State Bank of India (SBI)	-	5.30	5.06	5.01	5.01	01-05-07
State Bank of Indore	-	5.30	5.06	5.01	-	01-05-07
State Bank of Mysore	-	5.30	5.06	5.01	-	01-05-07
State Bank of Patiala	-	5.30	5.06	5.01	-	01-05-07
State Bank of Saurashtra	-	5.30	5.06	5.01	5.01	01-05-07
State Bank of Travancore	-	5.30	5.06	5.01	-	02-05-07
Syndicate Bank	-	5.30	5.06	5.01	-	01-05-07
UCO Bank	-	5.30	5.06	5.01	-	01-05-07
Union Bank of India	-	5.93	5.85	5.80	-	01-02-07
UTI Bank	-	5.30	5.06	5.01	-	01-05-07
YES Bank	-	5.30	5.06	5.01	5.01	01-05-07
Note: The user is requested to reconfirm the rates from the respective banks before making any financial commitments. Source: moneycontrol.com

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