June 2009. I just landed in San Francisco on my H1B.
First week. I open a Chase account. Easy. Quick. Done in 20 minutes.
Second week. I try opening an NRE account with my Indian bank. State Bank of India.
Three branch visits. Four phone calls. Two months of waiting.
Welcome to NRI banking in India.
Things have improved since then. Some banks actually get it now. Others still operate like it’s 1995.
Let me tell you which banks I’ve used. What worked. What didn’t.
My Banking History as an NRI
I’ve had accounts with five banks over 15 years as an NRI.
State Bank of India. My salary account from my first job. Converted to NRE in 2009.
ICICI Bank. Opened in 2010 for better online access.
HDFC Bank. Got it in 2012. Everyone said they were the best.
Axis Bank. My wife opened this in 2013.
IDFC First Bank. Tried them in 2015. They were new. Wanted to test.
Each bank taught me something different.
What Actually Matters for NRIs
Forget the marketing brochures. Here’s what really counts.
Can you open the account without flying to India? Some banks still insist on in person visits. Deal breaker.
Does their internet banking actually work from abroad? Some banks block foreign IPs. Insane but true.
Can you reach customer service without selling a kidney for international call charges? 24/7 support matters.
What are the forex rates for inward remittances? This is where banks make their real money. Off you.
How easy is paperwork for account conversion when you return? This bit me hard in 2017.
Do they have branches abroad? Makes documentation easier.
The Three Column Comparison
| Feature | ICICI Bank | HDFC Bank | Axis Bank |
|---|---|---|---|
| Online Account Opening | Yes, fully digital for most countries | Yes, through video KYC | Yes, but requires branch visit for some countries |
| Foreign Branches | US, UK, Canada, Singapore, Dubai | Limited presence | Limited presence |
| Inward Remittance Charges | 0.10% to 0.25% | 0.15% to 0.30% | 0.15% to 0.25% |
| Internet Banking Rating | Excellent. Works globally. | Very good. Occasional IP blocks. | Good. App crashes sometimes. |
| Customer Service | 24/7 toll free from US, UK | 24/7 but expensive from abroad | Limited hours for NRI helpline |
| Minimum Balance NRE/NRO | Rs 1,00,000 | Rs 25,000 | Rs 1,00,000 |
| Forex Markup on Remittance | ~0.5 to 1 rupee below mid market | ~0.5 to 1.5 rupees below mid market | ~0.5 to 1 rupee below mid market |
| Mobile App Experience | Smooth. Biometric login works. | Excellent. Best in class. | Decent. Some features missing. |
My Experience With Each Bank
ICICI Bank: The Safe Bet
I opened my ICICI NRE account from California. Completely online. Video KYC with someone in Mumbai at 9 PM Pacific time.
Account opened in 4 days.
Their MoneyToIndia service for remittances was decent. Not the best rates. But reliable.
The iMobile app worked flawlessly from the US. Never faced IP blocks. Touch ID login worked.
Customer service picked up calls. Usually within 5 minutes. The US toll free number actually worked.
When I moved back to India in 2017, converting my NRE to regular savings took 8 days. Smooth process.
Downside? High minimum balance. Rs 1 lakh for NRE accounts. Falls below that? They charge quarterly penalties.
I paid Rs 600 in penalties once. Forgot to maintain the balance. Annoying.
HDFC Bank: The Feature Rich Option
HDFC has the best mobile app. Period.
Their NetBanking portal is cleaner than others. Everything just works.
But their forex rates were worse than ICICI. By about 0.5 rupee per dollar.
When you’re sending $2,000 every month, that adds up. I lost about Rs 12,000 over a year compared to better rate services.
Their customer service was hit or miss. Sometimes amazing. Sometimes terrible.
I once waited 45 minutes on hold calling from California. International call. Expensive.
The branch service when I returned to India? Top notch. My Indiranagar branch manager knew her stuff.
Read about choosing the right bank accounts when returning for more details.
Axis Bank: The Middle Ground
My wife’s experience with Axis was mixed.
Opening the account took longer. She had to visit the branch during her India trip.
Their online banking worked. But the app crashed twice during fund transfers. Scary when you’re moving large amounts.
Customer service hours were limited for NRI helpline. 9 AM to 6 PM India time. Terrible for US West Coast.
That’s 8:30 PM to 5:30 AM California time. Who calls a bank at 2 AM?
But their forex rates were competitive. Better than HDFC. Close to ICICI.
State Bank of India: The Traditional Dinosaur
SBI has changed a lot since 2009. But they’re still behind.
Their YONO app is okay now. Used to be terrible.
Internet banking feels like a Windows 95 website. Functional but ugly.
The big advantage? SBI has branches everywhere. In India and abroad.
Their Los Angeles branch helped me with documentation once. That was convenient.
But the paperwork requirements were insane. They wanted six different documents for a simple address change.
I eventually closed my SBI account in 2016. Too much hassle.
IDFC First Bank: The Disappointing Newcomer
IDFC First promised a lot. Delivered little.
They had good rates initially. Competitive with anyone.
But their service was inconsistent.
My debit card stopped working abroad twice. No explanation. Had to call and reactivate.
Their NRI customer service didn’t understand NRI regulations well. Wrong information multiple times.
I closed this account in 2016. Not worth the headache.
What About the New Players?
IndusInd Bank has gotten better reviews recently. Haven’t tried them personally.
Kotak Mahindra Bank is popular with some folks in our community. Their 811 digital account is interesting.
Yes Bank had issues a few years back. I’d be cautious.
Smaller banks? Only if you have a specific reason. Stick to the top 5 for NRI banking.
The Remittance Rate Game
Here’s something banks don’t advertise.
Their “zero fee” transfers aren’t zero cost. They hide charges in bad exchange rates.
I tested this in 2014. Sent $1,000 through three different channels on the same day.
ICICI MoneyToIndia: Got Rs 61,234. Rate was 61.23 per dollar.
HDFC Quick Remit: Got Rs 60,891. Rate was 60.89 per dollar.
Remit2India: Got Rs 61,678. Rate was 61.68 per dollar.
The actual mid market rate that day? 61.82 per dollar.
Remit2India came closest. HDFC was worst.
That’s a difference of Rs 787 on just $1,000.
Scale that to $50,000 over a year? You’re losing Rs 39,350.
Use comparison tools. I built a guide on getting best remittance rates that covers this.
Online Banking Reality Check
Every bank claims great online access. Reality is different.
ICICI and HDFC work smoothly from abroad. I’ve used them from US, UK, Singapore. No issues.
Axis blocks certain transactions from foreign IPs. Had to use VPN twice.
SBI’s YONO works but logs you out every 5 minutes. Security feature. Annoying feature.
Test the mobile app before moving large amounts. Download it. Try logging in. Navigate around.
If it’s clunky, your banking life will be clunky.
When You’re Returning to India
This is where your bank choice really matters.
Converting NRI accounts back to resident accounts varies wildly by bank.
ICICI took 8 days for me. Simple process. One branch visit.
My friend with SBI? Three branch visits. Two weeks. Multiple forms.
Another friend with HDFC? 5 days. But they changed his account number. Had to update 15 different billers.
Ask about the conversion process before choosing a bank.
Check my detailed guide on reconverting NRI accounts after returning.
My Honest Recommendation
If you’re opening your first NRI account, go with ICICI or HDFC.
ICICI if you want strong online access and have high balances.
HDFC if you want better branch service and don’t mind slightly worse forex rates.
Axis is fine as a secondary bank. Not as your primary.
Avoid smaller banks until you understand NRI banking well.
Don’t open too many accounts. I had five at one point. Nightmare to manage.
Two accounts maximum. One NRE. One NRO. That’s all you need.
Read about managing multiple NRI bank accounts effectively for practical strategies.
The Bottom Line
Banks have gotten better at NRI services. But gaps remain.
Choose based on your priorities. Online access? Go ICICI. Branch service? Go HDFC. Cost conscious? Compare remittance rates carefully.
Test everything before moving serious money. Open account. Try the app. Make a small transfer.
And remember. The best bank for your friend might not be best for you.
Your location matters. Your transaction patterns matter. Your comfort with technology matters.
Ask in our Facebook community about others’ experiences with specific banks. Real users. Real feedback.
That’s worth more than any marketing brochure.
Sources and References:
Reserve Bank of India Master Direction on NRI Deposits
ICICI Bank NRI Services and Fee Structure
HDFC Bank NRI Banking Solutions
Axis Bank NRI Account Features
All comparisons based on publicly available information and personal experience as of 2024. Rates and features change. Always verify current offerings with banks directly.