This Article was fact checked and last updated for accuracy on December 3, 2024 by Mani Karthik
Looking for the best NRI account? I get it.
Back in 2015, I spent three weeks comparing banks, only to realize I’d overlooked some crucial features that later became deal-breakers.
Let me save you that hassle.
Quick Summary ⚡
Best Overall: ICICI Bank
- Superior digital experience
- Competitive rates
- Excellent NRI-specific features
Best Interest Rates: Federal Bank
- Consistently highest FD rates
- Lower minimum balance
- Simple documentation
Most Reliable: HDFC Bank
- Best customer service
- Premium banking benefits
- Strong international presence
Most Secure: SBI
- Government backing
- Widespread network
- Conservative but stable
Best Digital Experience: Axis Bank
- Modern interface
- Quick account opening
- Tech-forward features
Why This Comparison Matters
As an NRI, your bank account isn’t just about storing money – it’s your financial bridge to India.
After managing accounts across all major banks since 2015, I’ve learned that comparing just interest rates or looking only at digital features isn’t enough.
What really matters is the combination of:
- Digital accessibility from abroad
- Real forex rates (not advertised ones)
- Customer service in your time zone
- Integration with international services
- Hidden charges (yes, they exist!)
The comparison tables below break down every single feature that actually matters for NRIs, based on real usage and current 2024 data.
No marketing fluff, just practical information.
Basic Account Features
| Features | HDFC Bank | ICICI Bank |
|---|---|---|
| Minimum Balance (Metro) | ₹25,000 | ₹25,000 |
| Account Opening | Fully Digital | Fully Digital |
| Video KYC | Available | Available |
Digital Banking Features
| Features | HDFC Bank | ICICI Bank |
|---|---|---|
| Mobile App Rating | 4.8/5 | 4.7/5 |
| International Access | Yes | Yes |
| UPI Integration | Yes | Yes |
| WhatsApp Banking | Yes | Yes |
| Face ID Login | Yes | Yes |
| Overseas Login | Yes | Yes |
Interest Rates (January 2024)
| Type | HDFC Bank | ICICI Bank |
|---|---|---|
| Savings | 3.50% | 3.50% |
| 1-Year FD | 7.00% | 7.10% |
| 3-Year FD | 7.10% | 7.15% |
Transfer & Forex Services
| Features | HDFC Bank | ICICI Bank |
|---|---|---|
| Forex Markup | 1-2% | 1-1.5% |
| Wire Transfer Fee | ₹1,500 | ₹1,200 |
| International Cards | Yes | Yes |
Investment Options
| Features | HDFC Bank | ICICI Bank |
|---|---|---|
| Mutual Funds | Yes | Yes |
| Stock Trading | Yes | Yes |
| Insurance | Yes | Yes |
| Portfolio Management | Yes | Yes |
Relationship Benefits
| Features | HDFC Bank | ICICI Bank |
|---|---|---|
| Priority Banking | >₹20L | >₹15L |
| Dedicated RM | Yes | Yes |
| Airport Lounge | Yes | Yes |
Documentation Required
| Features | HDFC Bank | ICICI Bank |
|---|---|---|
| Passport Copy | All Pages | All Pages |
| Visa Copy | Yes | Yes |
| Address Proof | Yes | Yes |
| PAN Card | Mandatory | Mandatory |
Customer Service
| Features | HDFC Bank | ICICI Bank |
|---|---|---|
| 24/7 Support | Yes | Yes |
| International Toll-Free | Yes | Yes |
| Response Time | <24 hrs | <24 hrs |
Additional Services
| Features | HDFC Bank | ICICI Bank |
|---|---|---|
| Bill Payment | Yes | Yes |
| Tax Payment | Yes | Yes |
| Utility Services | Yes | Yes |
| Loan Facilities | Yes | Yes |
Basic Account Features
| Features | HDFC | ICICI | SBI | Axis | Federal |
|---|---|---|---|---|---|
| Min Balance (Metro) | ₹25,000 | ₹25,000 | ₹10,000 | ₹25,000 | ₹10,000 |
| Min Balance (Non-Metro) | ₹10,000 | ₹10,000 | ₹5,000 | ₹10,000 | ₹5,000 |
| Account Opening | Digital | Digital | Semi-Digital | Digital | Semi-Digital |
Interest Rates
| Type | HDFC | ICICI | SBI |
|---|---|---|---|
| Savings | 3.50% | 3.50% | 3.00% |
| 1-Year FD | 7.00% | 7.10% | 6.80% |
| 2-Year FD | 7.10% | 7.15% | 6.85% |
Digital Banking Features
| Feature | HDFC | ICICI | SBI |
|---|---|---|---|
| App Rating (iOS) | 4.8/5 | 4.7/5 | 4.2/5 |
| Face/Touch ID | Yes | Yes | Partial |
| UPI Integration | Full | Full | Basic |
Account Charges
| Charge Type | HDFC | ICICI | SBI |
|---|---|---|---|
| Maintenance (Quarterly) | ₹750 | ₹600 | ₹300 |
| Debit Card Annual | ₹500 | ₹500 | ₹300 |
| IMPS/NEFT | Free | Free | Free |
Transfer Services
| Service | HDFC | ICICI | SBI |
|---|---|---|---|
| Forex Markup | 1-2% | 1-1.5% | 2-2.5% |
| Wire Fee | ₹1,500 | ₹1,200 | ₹1,000 |
| Daily Limit | ₹25L | ₹25L | ₹20L |
Premium Banking
| Feature | HDFC | ICICI | SBI |
|---|---|---|---|
| Min Balance | ₹20L | ₹15L | ₹10L |
| RM Service | Yes | Yes | Limited |
| Lounge Access | Unlimited | 12/year | 8/year |
The Bottom Line: Which NRI Bank Should You Actually Choose? 💬
Look, after dealing with multiple NRI accounts for nearly a decade, here’s my unfiltered advice:
If You’re Opening Your First NRI Account:
Go with ICICI Bank. Yes, their minimum balance is higher (₹25,000), but:
- Their digital process actually works
- You can do everything from abroad
- App won’t frustrate you at 2 AM
- Customer service understands NRI needs
If You’re Money-Conscious:
Choose Federal Bank:
- Lower minimum balance (₹10,000)
- Best interest rates consistently
- Basic but functional digital services
- No unnecessary frills
If You Want Premium Service:
HDFC Bank is your best bet:
- Yes, it’s expensive
- Yes, minimum balance is high
- But: Best relationship banking
- And: Excellent emergency support
Avoid These Common Mistakes:
- Don’t choose a bank just for 0.1% higher interest
- Don’t open accounts in multiple banks (nightmare during tax season)
- Don’t skip reading about forex charges (they add up!)
- Don’t ignore customer service ratings (you’ll need them)
My Final Advice:
- For Most NRIs: Start with ICICI Bank. It’s the best balance of everything you’ll need.
- For Budget Conscious: Federal Bank won’t disappoint.
- For Premium Service: HDFC Bank is worth the extra cost.
Remember: The best bank isn’t about the highest interest rate or lowest fees – it’s about what works at 2 AM when you need to make an urgent transfer to India.
Questions? Drop them below.
P.S. – Don’t overthink this. Any of the top 3 banks (ICICI, HDFC, Federal) will serve your basic NRI needs well. The important thing is to start!
Mani Karthik Sir,
greetings. I have been having NRE and NRO accounts with HDFC for the past 14 years and the one irritation I have is that they do not want to give me a debit card. I have been maintaining a balance of less than 50K INR.
They want me to have a combined balance of 6 Lacs to be eligible to carry a debit card.
I plan to maintain less than 50K combined balance (right now I am having a larger amount in my NRO account). I need a debit card that can be used in petrol bunks in India as my US based credit cards do not work.
I also need the ability to transfer money from USA to India – right now, I can send money from my Wells Fargo account to my HDFC account.
Summary: good customer service support, max 50K INR combined balance, debit card for both account holders, and ease of transfer from US to India.
thank you for your service to the people like us.
regards
Ravichandran Kaushika
Hi Mani, Thanks for this blog post. Do you have a blog post guiding how tax situation will look like in the year one decides to move back to India (both in India and US)
Also, how soon one needs to convert NRI accounts to resident account after moving back? Is there any tax liability in India on conversion of account to resident?
I use IDFC debit card and they have access to almost all domestic lounges in India.
Any charges for airport Lounge access?
Hi,
Thanks for the info.
However, I am very very bitter experience with Axis Bank. I can login to the internet banking for last 48 hrs, their 24×7 phone number from Australia is switched off, their support email ID is wrong..
Cheers
Also, I just want a NRE account with the least fees & best online services. I reside in Indonesia.
In terms of customer service, I’ve found IDFC to be the best but they do not have any tie-ups to any such products. HDFC, on the other hand, has great products (specifically for NRI products and Credit Cards) and not entirely sure about a tie-up between them and Zerodha. IDFCs netbanking is butter-cut easy and probably the smoothest that any other bank I have seen. Fund transfer and netbanking with third party products like Zerodha or PayTm (or any app for that matter) are always smooth and easy without hiccups. I’ve seen tech glitches with HDFC, SBI and Axis. So while it’s not possible to say any one absolute answer, these are my inputs for you. Hope it is useful.
Hi Mani,
Thanks for sharing the info. It’s surprising that nit many blogs/reviews are available of NRE banking. I’m sure you’ve been asked this multiple times before, but I will dare to ask again since I want to know if your preference has changed? Which are the best banks to open NRE account? Priority is integration with discount brokers like Zerodha, Prostocks etc. and that has good customer service. I don’t really care about other features including int rate.
Many Thanks.
DO NOT OPEN NRE/NRO ACC WITH YES BANK
I live in London and opened an NRE account with Yes Bank. The relationship manager (Shivani Gupta-shivani.gupta1@yesbank.in) assigned to me was very helpful in helping me out with filling the forms and document verification. Once the account was opened, she stopped responding to my requests. I even cc’ed her supervisors to complain that none of my requests is being looked into or even being acknowledged. No response from them either. This is was not expected from such a big private bank!
I’m now in the process of closing the account (It’s been less than 10 days since I opened).
I think Yes bank just wants to show numbers that new accounts are being opened despite the fiasco going on with its CEO and share price. They do not care about customers at all. I’m not even sure if this bank will stay solvent with all such practices and was also another reason to worry about since I realized any deposit by NRE is not insured for or guaranteed by the govt of India either. Please stay away from this bank.
Hello..i would like to open an NRI account ,can you give me the best feature among Federal bank & Axis bank. and which type of NRI suits me .i am in india,kerala
IDFC is giving Interest @ NARI account 6 % upto 1 LAC and 7 % beyond
Hi,
whether YES bank i good for NRE account in current situation or i can go with some other bank. Please advice.
Thanks for sharing your experience here Muthu. I’m sure others will find it useful.
HDFC is the worst bank I have ever dealt with in my life. They typed the wrong address when I opened the account and I called them multiple time with no response. When I went to India recently I took my documents and I tried to change my name and address since I have gotten married the incompetent bank employee took all the information and my paperwork and told me that I should receive my paper work in two weeks. Never received any paper work its been 3 months. Finally, I was told by another employee that my account is inactive and I have to send them on email. I did send email to the branch and told that it was the wrong format so they cannot activate my account. WTF?????????
Don’t ever open account with HDFC bank worst customer service ever.
The Branch is from Sivakasi branch in Tamil Nadu.
The employee who took the information is Thirunavukarasu
the other employees are Senthil Kumar
And the great branch manager name is Poongothai
I am just tired of this bank just want to close this account and call it a day but they won’t even help me to close the account.
Hi Mani,
But in Cochin international airport they are not accepting visa cards only master cards
There are many Raj. I use IDFCs debit cards – they have access to most domestic and international lounges.
Hi Mani, Currently which is the best debit card in india for airport lounge access?
My bank, SBI, really doesn’t cater to customers abroad as they barely have any customer care/contact for any questions or help. Instead, they require someone to come into the bank locally, which defeats the purpose. Any suggestions for a bank with good customer service abroad (US)? Thanks.
Forms and compliance is a must in overseas transactions with every bank – some make it faster and easier that is all. HDFC is ok, Axis is fine, SBI does things right even though they might ask for lot of documents. I think it’s got to do a lot about your relationship with the bank more than anything.
Hi Mani,
Which bank would you recommend to transfer funds between accounts here and UK, for example, without the need for unending forms and proofs of things? I have a savings account with HDFC & NRO/NRE with a couple of cooperative banks.
Also, is there a bank that offers PayPal for overseas payments?
Many thanks
Hello Sir I am new to NRE account world.
Looking at FD rates I am also thinking to open in IDFC bank.
But Can I trust this bank ?
This question is constantly popping in my mind or should I compromise with FD rates and go with some well known bank ?
Hi,
yes bank is pretty good, if you are looking for a NRE saving account, services are good,
SAVINGS ACCOUNTS
Non Resident External (NRE) Savings Account and Non Resident Ordinary (NRO) Savings
Account
With effect from September 1, 2017 interest rate of 5% p.a. for balances upto INR 1 lakh, 6% p.a.
for balances of INR 1 lakh upto INR 1 Crore, 6.25% p.a. is applicable for balances of INR 1
Crore upto INR 100 Cr.
another advantage is the bank offers credit card for an FD of 3Lacs as security, which in most of the banks is declined due to NonResident status.
Services are quick and in the last 4 odd years since i have had my account with them, there hv been no issues at all.
FCNR(B) Deposit interest rates p.a. effective from 26th March 2019
Period USD GBP EURO JPY CAD AUD SGD HKD
1 Yr to < 2 Yrs 4.00% 2.00% 0.32% 0.54% 2.95% 2.98% 2.80% 2.80%
2 Yrs to < 3 Yrs 3.70% 2.04% 0.37% 0.54% 2.71% 2.83% 2.75% 2.95%
3 Yrs to < 4 Yrs 3.50% 1.77% 0.46% 0.86% 2.72% 2.70% 2.30% 2.76%
4 Yrs to < 5 Yrs 3.55% 1.82% 0.55% 0.15% 2.74% 2.85% 2.33% 2.79%
5 Yrs only 3.55% 1.88% 0.68% 0.54% 2.76% 3.05% 2.37% 2.83%
Non Resident External (NRE) Fixed Deposit
NRE FIXED DEPOSITS INTEREST RATES (% p.a.)
Period
Rates for < INR 2 Crore (w.e.f 1 Years to <= 10 years* 7.25%
*Special Rates
12 Months 10 Days to 12 Months 20 Days 7.50%
18 Months 8 Days to 18 Months 18 Days 7.85%
36 Months 10 Days to 36 Months 20 Days 7.50%
I hope this info helps.
All NRI’s dont deal with AXIS bank . I am currently chalelnging them on the collection of persona data by employee on private email. Instead of acknowledgin the breach the team elad for home loan applications at Hill Road branch Bandra West Mumbai is accusing me stating they never asked. How would i get email of an employee without him sharing. The senior management including VPs of the bank are doing it the indian way- silent treament instead of acknowledging their mistake. Also for home loan applications its better to deal with bgger banks . The credit team is very unprofessional andlacks common sense and judgement ability to think outside the box and make a qualitative decision based on flimsy grounds like statement from european bank with line items should be translated to english, address of residence in english.Mahatma GandhiRoad is in english but an indian name so would be an european name written in english script. Had to explain 5 times to different people for openign NRE and NRO and home loan application. There is no ownership and passing the buck is the name of he game with customers time being wasted, in my case 1 month and not ye decisonedrepeatedly asking same information each time its escalated. On request to clsoe the account and refund fee application for home loan due to poor service and incompetency they dotn even respond including Head of NRI Banking so you can imagine how pathetic the service is.
Thanks for your feedback Shashi. One thing I’ve noted is that each branch is different and their approach to customers also differs. Some are very good while some are not. However, there are some common issues too like you mentioned which makes it a frustrating experience.
Central bank of india also offers nre account. Your opinions on that?
Axis Bank is very bad…Lot of issues…The account opening team has no connection with the processing team. Their new system to fill the online details is total shit… Passport date of issue even though you enter correctly appears incorrect once you submit… They can’t even speak to the team processing subsequently. They will wait for minimum 48 hours and then come out with the above errors. Finally after 3 attempts, they say that scanned copy is not clear.
Nationality appears from nowhere with incorrect data… Moreover, the client has to compress the data to less than 1MB. Their own staff does not have that provision.
They will guide the client to compress their docs in public domain…means all our info gets shared in the public domain..
The senior person does not appear even if you escalate… Very poor service… Even though I blasted the account opening team after 3+ weeks, they are not prompt in resolving it… Seems they don’t need customers only….This is at the account opening stage itself. I got fed up and am considering to move to other bank.
Can I have a comparative pic of the different banks like SBI, ICICI, IOB, HDFC of their Interest rates & charges & the facilities across services.
It is and there are advantages and disadvantages to it. Advantage is that you could get the attention and care (and some cool products) you won’t get in other banks. Disadvantage is that they are young and some products like credit/loans are only starting out + they aren’t available everywhere.
Hi Mani Karthik,
Based on your information, concrened bank availability and its reputation , I narrowed down my options to IDFC, YES Bank, SBI. Deciding factors for me are considerable attention and good interest rates. Judging from your information it seems IDFC could be good choice. Could you please assist me with this. As it is a new bank, it worries me a bit.
Hi Smitha,
Did you start with Federal Bank? I was planning to open NRE account in Federal bank. Any suggesions?
Hi Stay Calm
Do try out IDFC Bank. Mani has blogged about it and shared the link above. You can open an account online & get benefit of great interest rates on fixed deposits
Both have their own goods and bads. Try contacting them directly and ask a few questions, you’ll know the difference yourself.
hi sir
Is Axis reliable for NRE accounts.
Please suggest : Axis or Hdfc?
i would add Union National Bank & South Indian Bank who have loan facilities for NRI
I found SBI is the worst bank for NRI. I have a joint account between my father and me. When he went to India they did not let him take the money out even though he had all the legal my documents certified. Instead they told him to notarized more documents. But my father mention that he just want to transfer from the fixed to savings. But they refused. Now, I have send all the documents with the transfer all with notarized by DHL but they have not reply to my email nor do they pick up the phone. Once they hang on it and cut it off. Now, how can I get contact with the manager since there are couple original documents which he wanted and have send by DHL. I did mention please confirm me when you have received it and when will you transfer to my saving account. I never had any problems with other banks such canara, vijaya, etc. Only SBI are the worst because they have given all the money to people like Vijay Mallaya, Lalit modi etc. So, basically they do not want give any money back to NRI and want to sit and spend their money.
Dont go for Axis, they giving worst exchange rate. Recenetly I got exchange rate 65.4 for 68.2
Smitha, both are relatively good for NRE accounts. I personally have experience with SBI and not Federal bank but I hear it is as good as SBI. Their service is not awesome but they do get the job done. There are small glitches like poor customer service etc, but from my experience this largely depends on the brand you’re with.
yes you can
yes i agree too i am using SBI lst 25 year NRE and NRO and FD account , yes sbi customer service very slow even you go in person in branch but trust wise its good bank , I recently open nre and nro with ICICI need to find how is their service and fees , both bank change atm acar free upto 200 INR
i think for NRI accounts need PAN card only , aadhaar is not must but if available then its grate
Hi Mani I am planning to open NRE account in federal bank/SBI.Kindly suggest me on my decision.
Jay,
I’d suggest either Axis, HDFC or SBI > in that order.
Hi Mani Karthik , could you please suggest me which is the best bank for NRIs
You will need Aadhaar and PAN card.
Dear,
Please let me know I am working in Saudi Arabia and I want to open an NRI account, but unfortunately I don’t have Adhar and Pan Card.
Is it possible to open an NRI account without Adhar & Pan?
Your urgent action in this regards is highly appreciated.
Waiting for your positive response.
Thanks and Best Regards
Thanks and Best Regards
Over 20 years as an NRI living in the USA I have banked with SBI, ICICI, HDFC, Citi, IDBI and Axis. Hands down by a huge stretch Axis is the worst of them call.
ignore kotak, i will close my account soon
I will suggest SBI and Axis. Both have good features for NRIs.
Hi mani karthick , could you please suggest me which is the best bank for NRI either govt bank or private.
Hi Ahmed,
PAN card and Aadhaar is a must these days for whichever type of bank account you get. I suggest you talk to the branch manager, they usually have overrides that might be able to help you out.
Hello Brother, thanks for such an informative post. I want to get some suggestions from you. I am currently pursuing my bachelor degree here in India. I am from Bangladesh. I have an account on SBI, but it doesn’t work properly. Some of the features(OTP, Net Banking and so on) doesn’t work and also the bank always sends us some kind of text to update our PAN card. But as we are not Indian resident, we don’t have any PAN card. And for that, they cut some fees often. We don’t even know what’s going on. I am looking for a bank which is suitable for us. Which one will be best? Thanks 🙂
I recommend Axis. If you enquire over the phone or is not locally present (at the time of application) then your chances of getting a personal loan is very less regardless of which bank you are applying it from.
I have Canara bank NRE account last five years, but they don’t have NRE personal loan facility. I checked with Canara branch but they only offer me Housing loan.
I want to open NRE account in another bank who can give those facilities.
Please advise which bank better for NRE account.
[…] account This is a no-brainer but having an NRE or NRO account helps. If you have one, you are more likely to do foreign transactions and banks like that […]
AXIS Bank is really bad. Had an NRE account with Deccan Gymkhana branch, Pune. The knowledge level of the staff is worse than public sector banks. The so called Dy Manager did not know all the forms to fill for opening a Overdraft account and and for NRE account . While closing the OD and FD (NRE) , the relationship manager asked me for the FD original certificate. He did not know the bank keeps the FD cert when an OD or loan is given on that. Now it is changed even with SBI , with all going on line , no “on lien” documents, they just lock it on the system.
Totally agree, I put my application pretty much at the same time last year (Dec) and nothing has moved since then. Axis Bank should be avoided.
Never think of Axis bank, customer care sucks, i had open my account on September,
still they ahve not updated my mobile number . i reminds them everyday but they ahve excuse its from main branch na ll this time im visiting India i will close this for sure.
pathetic service. no one bothers about you being NRE and transferring good amount of money every month .
That is sad to hear Azhar. It might very well be a one off incidence I hope, if otherwise, it is bad. I’ve had good experience with them with my recommended friends. (Although I’ve noticed them to be a little aggressive)
Nope. Axis banks SUCKS. I’ve filled the application form on 5th Dec and the NRI acc hasn’t been created yet. The staff just won’t help. Customer care sucks as well. The guy who got the procedure completed rejects my calls/ won’t answer. This is the MG Road branch in Bangalore. Pathetic service. I don’t think a bank takes 3 weeks+ to open one account. That’s ridiculous, this isn’t stone-age. I think this bank should be avoided. They’ll do nothing but waste your time.
Not entirely sure if I’m accurate, but I’d guess Axis and ICICI.
Mani- whats the best bank for highest FCNR rates as well as good branch network in Tier 1 & 2 cities in india like Pune Indore etc.
Hi Mani,
Hi Mani,
I am planning to open NRi Account in Oriental Bank of Commerce.
Do you have any idea how the service is with them?
Hi Mani,
I have gone through this chain of discussion , I am thinking to open NRE/NRO account with HDFC.[AXIS , ICICI etc who provide good sevice] I think instead of using HDFC remitt we can use Transferwise which charge very low fess and do the transfer from Abroad country bank account to NRE of HDFC directly. This way , I can save the per transaction cost and get the good service benefit from HDFC as mentioned in above threads.
Any one please share your thought on this.
Good call. They have very good services. Which city are you in?
Hi Mani,
I am planning to open NRE account in axis bank.Kindly suggest me on my decision.
What about Indian bank for nri ac
Hi …i am Anbu
Here i ask about nri ac . .what about Indian bank for nri ac
Dear friend
I am working in kenya. I have NRE a/c SBI. Good service for nri branch only. Like chennai t nagar branch. Better you can open SBI mindum balance only 1000/-
Hi Mani,
Can you suggest on Kotak Bank?
But how is it different from others Prasad?
RBL is good bank to open NRE account as it offers interest rate around 7%
Dear Mani,
I am planning to join US Cruise as Ship Physician. I would be there for maximum of 2 contracts( one contract means 4 months at Sea and 2 months at home in India). I need to open an NRE account.
I would like to know
1. Whether Axis bank is a better option?
2. I have got few loans which is getting auto debited from my HDFC salary account. If i send money from NRE account to this account, will it be taxable?
3. If money is send to my family to their bank, will they be taxable for that?
Kindly advice on this
I have been with SBI NRE for a while. As long as you send money to it and use a debit card you are ok. It is a night mare to transfer money to third parties, everytime you have to write a letter and scan and email it . Even for adding a 3rd party so you can do the transfer, it takes days to activate it since their SMS to USA doens’t work and you will not receive the OTP and have to ask branch to . The branch hours are worse, they come to work at 12pm India time which is 230AM USA and you cannot reach them after 6pm India time. So you email once a day and get a response another day and email another day etc. Everything, they scan and email Indian forms and you have to print/fill/scan/email. If all you do is send money to the account and open a fixed deposit (which again needs a signed letter/scan/email) and leave it there, its ok. For years I didn’t do any transactions except for sending money to it and it was all good. This year I tried to make transactions with it to pay for things, then I realized how bad it is to deal with them. Also, there is a new manager every few months and each person has his own rules. Same thing they did two months ago via email, the new guy won’t do and wants something else. Did I mention they asked me to fill up a 3 page kyc after I asked them to close a fixed deposit and refused to do it till I submit it. Were they sleeping all this time?
@Mani Karthik: Is federal bank in India any good? This is the private bank in my dad’s village and he has been urging me to open an account there.
Glad you liked it.
Hi mani i am a seafarer and having an nre ac is must I have opened one with dena bank but reading the comments I think I will witch to sbi thanks for this article it’s been very useful
Hi,
Thanks for your post.
I’ve been working in US for a while (4yrs) and have checking/savings with Citi (USA). I want to open NRE account so that my parents can also use money from there. My mom has an account with SBI and I have an account with HDFC bank. Could you please suggest which bank should I go with for my NRE account?
Thanks in advance!
ravi
Hi Nithesh,
I hope you are moving in good terms and have good plans in India. All the best for your endeavors. What bank do you bank with currently and have you been maintaining an NRE account? If not, I suggest you get one before you move. Ideally SBI, but it really depends on your usage. Like for example, if you have a lot of online banking requirements then SBI may not be the right choice.
Hi Jagan,
I have found SBI to be very good in terms of transparency. Most private banks have had surprises at some point or the other. You can see it from their reviews. Although most of them give attractive rates, when you read the fine print, you will notice that there are hidden charges. SBI on the other hand (not trying to sell them here) haven’t surprised me with hidden charges and always have been very upfront with charges if at all any (very rarely). I agree that they don’t have the best customer service or the best online experience, but when it comes to value of money, they are very good. I recommend starting an NRE account with them and a regular checking account with the SBI US counterpart (like SBI Cal or SBI NY depending on where you are). Then add your NRE account to it, so that you can transfer money safely. Their exchange rates are pretty good too! (in fact one of the best).
All the best!
Hi Mani,
Greetings, I am looking for a good long term NRE account in India, I read your article, but not able to decide which one is better with no hidden chargers and with good online facilities. Currently I am staying in US from last 2 years.
Is YES bank is good and secure for NRE deposits? or Do I need to refer nationalized banks than private sector banks.
Thanks in advance.
Hi Mani,
I am planning to close my business in UAE,and move to India. What would be your suggestion for NRE account to Deposit money and use it india as per my requirement in India.
Yes Ravi, that is totally fine if you are using legal third party companies. There will always be some charges involved though. Check out this article (https://manikarthik.com/blog/moneytransfer/india/) I wrote about different ways to send money to India and the charges involved.
I have opened NRI account using Yes Bank. And I am using 3rd party like(Xendpay) for transfer my British pounds into NRE account. Is it possible to use 3rd party currency company to transfer money into NRE account…??
Hi Mahesh,
I’m pretty sure your case might be different. Was it that you didn’t have an account with them already? Having an account helps and there are no charges for transferring money. SBI has local banks for respective places (not everywhere though) like SBI Cal for California. Take an account there and set up your NRE account in it for transfer. In such a setting, there are no charges from what I know.
you are referring sbi for nre account .but sbi charges 30 usd for every transaction above 500 usd. if you have any idea about that .confirm and inform.they say a silly reason that all the money transaction from abroad in usd is sent to sbi newyork and it is transferred to sbi india and they charge that amount.
Hi Karthik,
I run a SME in India and now started a trading Firm at Sharjah Airport free zone. My requirement is to move the investment funds on periodic basis from here to UAE and similarly I have to move the ROI back to india. Aside as a director I too get a salary from the company. If so what sort of account should I open, with best 24×7 access to the online for transfer with short time span for transfer.
Thanks & Regards
Mani
Your best bet is to get an ICICI seafarer’s account Dinesh. They are the one’s who acknowledge about seafarers and offer a dedicated account for them. But it’s not easy, to open an account. They have procedures and requirements in place, which you will have to qualify. And considering they might have hidden fees etc, this might be your best option. Please let me know if you were able to take one and how the experience went. I had helped another friend who was seafarer by profession and he was able to get one in 2-3 weeks.
HI Mani,
Hope you are doing fine.
I am a seafarer by profession. At present there is a lot of hue and cry going on with regards to taxing salary earned by Seafarers though they maintain NRI status by sailing abroard over 183 days. I have been mulling options to get my salary credited either by opening an account in Dubai, Malaysia or hongkong to get rid of the problem. your views on this would help me.
Rahul, If it is best exchange rates you are looking at, then I would suggest SBI. They have online banking facilities, but they aren’t great
Hi Mani,
I have already a NRE account in Punjab and Sind Bank (PSB). I opened that account after compared with other banks on exchange rate basis which quite impressive. But now I got to know that they are providing limited services to customer. They don’t give debit card and online transfer facility. Bank also charged me extra amount of $20 per month as compare to my colleagues having NRE account with some other banks.
Now I am thinking to quit this account with PSB and open NRE account with some other bank. Please guide me which bank I should go for in terms of best exchange rates of USD.
Thanks!
Rahul
Hi Mani Karthik
kindly clarify is this possible, maintaining a NRE savings account with private banks like ICICI / Doha bank(Indian branch) and applying for housing loan from SBI(due to low interest rate) by showing our NRE account statement form other banks. I know its possible for resident account holders, but in the case of NRI is that possible?
hey mani,
how are you…
do you think opening an NRI account with SBT is a good idea?
Ruchir, I recommend keeping the SBI NRE account and using your Emirates NBD or HSBC account to transfer money. You could either set it up online within your online banking system (there might be a one time fee to set it up, but it’s well worth it). Then on, you can send whatever amount you want to send online, easily. Let me know how it goes! All the best. 🙂
Hi Mani,
My current employer in Dubai offers me option to open salary a/c in Emirates NBD or HSBC, I closed my Citi India NRE a/c as I need to put AED 35,000 to open Citi UAE a/c that doesn’t make sense to me. Now I have SBI NRE in India and confused whether to continue with that or to go for HSBC. Can you help? I’m planning to transfer minimum AED 12000/month.
Thx,
Ruchir
Hi Mani,
thanks for your quick reply. I have seen you recommending SBI for NRE account and fortunately there is one SBI branch in muscat near my office.
Mani, at the moment I have been sending money back home through some exchange company which is charging me some amount of money. Actually my main concern is that is it mandatory to have NRE account. And after opening NRE account I can deposit directly into that account and from there I can transfer money in INR to my home. Is it so ?
Please help.
An NRE account with SBI sounds like a good start.
Hi Imran,
An NRE account is necessary because you cannot make remittance from your salary account in UAE to your savings account in India. Even if you did, when you apply for a loan they need proof of NRE account to show validity of your visa status. If you don’t have an NRE account but have all your money in your savings account, it is equivalent to not having an NRI visa or job from the loan officer’s view. Your best bet is to start a NRE account (contact the local office in Saudi of your bank of choice) and start remitting money into it. The more the tenure of that account, the better your reputation and good will is.
As for which bank to chose, to open an NRE account, please go through the details above for each bank. They are all great deals! Choose based on what features you want.
Hi Mani Karthik,
I am living in Muscat, Sultanate of Oman since 2013. Here I have salary account. I would like to have NRE account. Which bank would be best for me as I too have in my mind like Deepak mentioned above about taking housing loan in India using my NRE account. And why it is necessary to have NRE account.
Can you please throw some light on this ?
thanks.
hai Mr.Mani karthik, next month i am leaving to canada. I presently have a savings account in sbi. Can you suggest which bank, type of account should i have, to transfer money from canada to india, with good exchange rates, tax free….etc
Hi Deepak,
Different banks have different features, so there is no best bank. But at the same time, it depends on what you need. For example, SBI is good with exchange rates but their online facilities and other things are not so great. AXIS banks (and some other private banks) on the other hand offer services at your doorstep (quite literally) but they have hidden service charges. If you want convenience, go for a private bank like AXIS bank or ICICI bank, but if you want value for money and can tolerate some delays etc, then SBI is your best bet.
All the best.
Hi Mani Karthik,
Recently i came to Doha/Qatar from India, in India im having SB account with ICICI and SBI, here in Doha im having a current account with Commercial bank for salary deposit, it have tie up with ICICI & HDFC bank. i am yet to open a NRE in india, in this case which bank is good in india for NRE? Also in future i would like to take housing loan in India using my NRE A/c for this purpose which bank is best in NRE housing loan?
Congrats Ruchir. SBI Dubai is your best bet. I don’t guarantee the best rates if you are doing a one time transfer, but if you are looking for a long term arrangement, they are very valuable.
But if you are looking for ease of use and convenience, I will recommend Axis and HSBC.
Dear Mani,
Shifting to Dubai next month from Africa, I hold SBI and Citi NRE a/c. What bank would you recommend in Dubai? My purpose is to transfer my salary to India with minimum cost and better exchange rate.
Look forward to hear from you.
Thank you!
Ruchir
Hi Amit, Like I mentioned above in the article, ICICI’s sea farer account is a good one, I will recommend.
You have to check with each bank in your area to figure out what their exchange rates are, their features are and what facilities they provide for online transactions. As for starting an NRO account, I highly recommend it. Using your savings account for remittance purposes is not a good idea.
Yes, I think they all operate the same way. SBI Cal and SBI NY. Let me know how it goes.
I personally like SBI for their exchange rates are better than any other banks. Their online portals are terrible though, but the rates are good. Also, sometimes they require you to hold the money for 24 hours before the actual transfer. But the good point is you get the exchange rate at the time you initiated the transfer not when you actually receive it. And they don’t have any hidden charges as well.
Hi Manu,
I would suggest converting or even starting an NRO/NRE account. Irrespective of whether the amount you are remitting is small or large, it is better to it the right way via an NRE/NRO account. You will find it useful later as well, like when applying for a loan and have to show records of remittance. A savings bank account is not intended for remittance purposes.
Hi Trevor, It is better to open an NRE account with a bank that has a branch in Doha. Savings bank account cannot be used for remittance purposes. Better yet, start a NRE account with a bank that has online banking and connect it via your local bank in Doha (Salary account etc) so that way you can automatically do the remittance from your salary account to your NRE account without even visiting the office. There might be a small fee for setting up, but there after it becomes easy.
Hi Mani,
I would like to open an nre account for transferring salary from doha to india. I have a corporation saving bank and citizen bank account. What do you suggest, where should I open an nre account.
HI Mani,
My brother is marien engineer and wanna open seafarers NRE Account please suggest which bank we opt which provides us best exchange rate. Is it
SBI
ICICI Bank,
HDFC,
yes bank,
kodak mahindra bank
ya some other please suggest…
I have exactly the same situation. Have been banking with RBS for 8 years and the exchange rate is terribly low. Kindly recommend a bank which will give fair exchange rate. Have SBI, Axis and Yes bank on mind.
Hi Mani,
I am on work visa and would be applying for PR by next year in Australia. Currently, I have CiTibank Australia and Citi Bank Domestic (India saving)account. Recently RBI has made few changes in their guidelines and I am facing issue transferring funds to India. Till Jan 2016 I was able to transfer the funds instantly in my India account however, now it takes 3-4 working days. I have been suggested by my CiTi India bank that I will have to convert my account into NRI account. But I am not sure if I want to do that. I don’t make major transactions and need quick transfer time. Could you please suggest if I should open NRO account or NRI account and which Bank should I go ahead with Citi or any other Bank?
Thanks
Manu
Mr.mani karthik I am seafarers and I have my NRE saving account in RBS but there exchange rates are very less campare to others bank and branches are very less in mumbai plz me best bank for opening my new NRE saving account which give best exchange rate near by my home I have thee banks
kotak mahindra
icici bank
Axis bank
plz suggest me one of them and if possible plz send me personal email and ur mobile no I am from mumbai
Thanks for the info. I Currently live in Dublin. What could be a best nre bank for me? And should I cancel my current savings bank accounts in india and open a Nro account too? …Raju
Thank you for your inputs.
Is SBI NY good too?.. I can also open account in SBI NY thru online. Kindly suggest.
Thanks
I would suggest opening an SBI Cal account if you are in CA. If not, ICICI is your option. However, don’t expect best exchange rates with ICICI. SBI Cal has one of the best exchange rates from what I’ve seen. But it’s easy and fast to get transactions done with ICICI.
Hi Mani,
I am Kumar currently in US and I would like to send the amount to India. I have Wells Fargo account and I like to know which NRI account that I can open for transferring the amount. Kindly note from Wells Fargo, I can do direct remit to HDFC or ICICI.. Which is best in NRI among these two bank? Or should I consider other bank?
Thanks
Hi CHaitanya,
IMO SBI NRE Account is your best choice. You can use SBI Cal in the US to open an account (Checking or Savings) and route your US funds there. They let you transfer money to Indian SBI account with nominal fees and good exchange rates.
Hello Mani,
I am currently in US on work Visa. I am planning to invest in mutual funds through SIP. I would like to open an NRE account with an Indian bank and want to use the account for investing in mutual funds.
Can you please recommend me which bank suits my needs best. Any help is appreciated.
Best bet is to open an NRI account in India and remit to it from his US Bank account. Of if you are getting the amount in INR, deposit it in his NRI account. And yes, taxes have to be paid.
Hello Mani,
My brother in law stays in USA. He wants to start a business relating to advertising in India. The proceeds received will be in Indian Rupees. Which account will be suitable for him and in which bank. Will he be liable for Service tax registration in India. Kindly reply.
Thanks in advance.
Hi Abul,
For Seafarers ICICI has a specific NRE account. I’ve mentioned it above in the article. Please check it. I think you will find it useful.
Hey Mani Karthik,
I’m a Seafarer, I currently have a NRE account with HSBC. I find it cumbersome with their limited branches. Can you suggest me the best bank to open a NRE account in your opinion?
Hi Kumar,
I would suggest getting an NRI account with SBI in India and leave the savings accounts as such (no need to close it). SBI doesn’t have fancy features and their online banking is OK not speedy or anything – gets the thing done. But their exchange rates are better. If you want to transfer your salary from US to India, I would suggest getting an SBI California account opened here and add your NRI Account to it. That way each month you can transfer money to your SBI Cal account via either fund transfer or cheque and transfer that money to your NRI account in India online. It has some crazy restrictions like they will hold the money for one day (about $1000 if above it) but will give you the exchange rate of the day when you decided to sent (not when it reaches). I’ve found their technology to be a little sluggish (they are working on relaunch) but the service is good with no unnecessary frills or hidden service fees.
Hello Mani,
Currently am in USA for 2 years assignment
I would like to transfer my US salary to india account for better interest rates and also have a plan to buy fixed deposits., which bank- NRI account you would prefer? How is Yes Bank?
Also, i have a savings accounts in India , should i close those or just leave it as it is .. As i will be back to India after 2 years?
Kindly give me your opinion and guidance , thanks for your time.
Happy new year