We have demonstrated the growth of size controlled Ge nanocrystals by molecular beam epitaxy on oxidized Si for the fabrication of floating gate memory structure. The size and density of the nanocrystals have been controlled by varying the growth temperature. The role of interface states and nanocrystals on the memory characteristics has been studied using frequency dependent conductance-voltage measurements. Superior retention characteristics and an enhanced memory window width have been achieved by replacing SiO2 with high-k Al2O3 as a blocking oxide with a higher barrier height.