In a Fatwa dated 19th February, 2001 issued by the Mufti of Darul Ifta, it is said that …

“The additional or excessive amount is legitimate for a Muslim in a Non-Muslim country provided the dealing is clean, no Ghaban or Ghish (cheating and fraud) is involved. By Shariah it is not Riba. This comes under the ‘Aqd Fasid’ (a contract between a Muslim and a non-Muslim. It also means a disliked contract, which can not be avoided). This has been permitted by the Fuqha”.
(Ref: Alamgeeri, volume 3, page 131.)

This applies to all the increments received from the fixed or non-fixed deposits in the banks of a non-Muslim country. The additional amounts received from insurance companies like LIC (Life Insurance Corporation) too come under the same ruling. This will be treated as Maale Mubaah. The holder of this amount is fully authorised to spend in whatever legitimate way he wants. Allah knows best.”

The detailed argument about this ruling can be read in the chapter “Misconception – Riba“.