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* All details updated as on May 02, 2018
Complete Results

Yes Bank

Interest Rate
6.00%
Average Balance
Rs 10,000 / Quarterly
Application
Branches
Details
+ Free international debit cum ATM card and a cheque book
+ 6% interest rate for balance over INR 100,000 and 5% for balance upto INR 100,000

Kotak Mahindra Bank

Interest Rate
4.00%
Average Balance
Rs 10,000 / Quarterly
Application
Post
Branches
Details
+ Free international debit cum ATM card and a cheque book
+ Anywhere Banking

ICICI Bank

Interest Rate
3.50%
Average Balance
Rs 15,000 / Quarterly
Application
Post
Branches
Details
+ Free
international debit cum ATM card and a cheque book

HDFC Bank

Interest Rate
3.50%
Average Balance
Rs 10,000 / Quarterly
Application
Post
Branches
Details
+ Free international debit cum ATM card and a cheque book

HSBC Bank

Interest Rate
3.50%
Average Balance
Rs 75,000 / Monthly
Application
Branches
Details
+ Free international debit cum ATM card and a cheque book
Interest Rate
3.50%
Average Balance
Rs 3,000 / Half yearly
Application
Post
Branches
Details
+ Free international debit cum ATM card and a cheque book

Citi Bank

Interest Rate
3.50%
Average Balance
Rs 40,000 / Monthly
Application
Post
Branches
Details
Rupee Checking Account (Monthly average balance of Rs 40,000)
+ Free international debit cum ATM card and a cheque book
- Minimum account opening deposit of USD 5000

Preferred Rupee Checking Account (Monthly average balance of Rs 200,000)
+ Free international debit cum ATM card and a cheque book
+ Exclusive privileges on Gifting, Travel and Entertainment
+ Exclusive lifestyle, travel and dining privileges with the MasterCard Platinum ATM / Debit Card
+ Waiver of charges on duplicate statement

Axis Bank

Interest Rate
3.50%
Average Balance
Rs 10,000 / Quarterly
Application
Post
Branches
Details
Basic Savings Account
+ Free international debit cum ATM card and a cheque book

Prime Savings Account:
+ Free international debit cum ATM card with Rs 50,000 daily withdrawl limit and a cheque book
+ Anywhere banking
+ Free add-on, zero balance domestic savings account for your friend or relative in India
+ Unlimited Free DD/PO on Axis Bank centers (for personal purposes)
- Average Quarterly Balance of Rs 25000

Standard Chartered

Interest Rate
3.50%
Average Balance
Rs 25,000 / Quarterly
Application
Post
Branches
Details
+ Free international debit cum ATM card and a cheque book
+ Anywhere Banking
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Provider
Interest Rate
Average Balance
Application
Details
Provider
Yes Bank
7 reviews
Interest Rate
6.00%
Average Balance
Rs 10,000 / Quarterly
Application
Branches
Details
+ Free international debit cum ATM card and a cheque book
+ 6% interest rate for balance over INR 100,000 and 5% for balance upto INR 100,000
 
Provider
Kotak Mahindra Bank
0 reviews
Interest Rate
4.00%
Average Balance
Rs 10,000 / Quarterly
Application
Post
Branches
Details
+ Free international debit cum ATM card and a cheque book
+ Anywhere Banking
 
Provider
ICICI Bank
25 reviews
Interest Rate
3.50%
Average Balance
Rs 15,000 / Quarterly
Application
Post
Branches
Details
+ Free
international debit cum ATM card and a cheque book
 
Provider
HDFC Bank
5 reviews
Interest Rate
3.50%
Average Balance
Rs 10,000 / Quarterly
Application
Post
Branches
Details
+ Free international debit cum ATM card and a cheque book
 
Provider
HSBC Bank
1 reviews
Interest Rate
3.50%
Average Balance
Rs 75,000 / Monthly
Application
Branches
Details
+ Free international debit cum ATM card and a cheque book
 
Provider
Interest Rate
3.50%
Average Balance
Rs 3,000 / Half yearly
Application
Post
Branches
Details
+ Free international debit cum ATM card and a cheque book
 
Provider
Citi Bank
0 reviews
Interest Rate
3.50%
Average Balance
Rs 40,000 / Monthly
Application
Post
Branches
Details
Rupee Checking Account (Monthly average balance of Rs 40,000)
+ Free international debit cum ATM card and a cheque book
- Minimum account opening deposit of USD 5000

Preferred Rupee Checking Account (Monthly average balance of Rs 200,000)
+ Free international debit cum ATM card and a cheque book
+ Exclusive privileges on Gifting, Travel and Entertainment
+ Exclusive lifestyle, travel and dining privileges with the MasterCard Platinum ATM / Debit Card
+ Waiver of charges on duplicate statement
 
Provider
Axis Bank
7 reviews
Interest Rate
3.50%
Average Balance
Rs 10,000 / Quarterly
Application
Post
Branches
Details
Basic Savings Account
+ Free international debit cum ATM card and a cheque book

Prime Savings Account:
+ Free international debit cum ATM card with Rs 50,000 daily withdrawl limit and a cheque book
+ Anywhere banking
+ Free add-on, zero balance domestic savings account for your friend or relative in India
+ Unlimited Free DD/PO on Axis Bank centers (for personal purposes)
- Average Quarterly Balance of Rs 25000
 
Provider
Standard Chartered
0 reviews
Interest Rate
3.50%
Average Balance
Rs 25,000 / Quarterly
Application
Post
Branches
Details
+ Free international debit cum ATM card and a cheque book
+ Anywhere Banking
* All details updated as on May 02, 2018
This site is for informational purposes only. Nothing on this site should be construed as advice. When you click on "Go to Site" button, you will be directed to the provider's website where you need to register for the service. We may get paid if you use services from providers listed here. The providers are included based on their rates, service charges, turnaround time and reviews.

NRI Savings FAQs

What is NRI banking and what are different types of bank accounts which can be maintained by a NRI/PIO in India?

With a view to attract the savings and other remittances into India through banking channels from the person of Indian Nationality/Origin commonly known as Non Resident Indians (NRI), Person of Indian Origin (PIO) or Overseas Citizen of India (OCI), who are residing outside India and bolster the balance of payment position, the Government of India introduced Non-Resident(External) Account Rules in 1970 which are governed by the Exchange Control Regulations. NRIs, PIOs and OCIs residing overseas can open and maintain bank accounts known as NRI savings bank account in India with an authorised dealer or co-operative bank or any other bank or public financial institution which is specially authorised or exempted or permitted in this behalf by the Reserve Bank under the Act without seeking any permission from the Indian government authorities.

 

An NRI/PIO can maintain an NRO account (Non-Resident Ordinary Rupee Account) savings, NRE savings account (Non-Resident External Rupee Account) or FCNR (B) account (Foreign Currency Non-Resident Bank Account) with any bank in India. NRO Savings accounts can also be maintained with the Post Offices in India.

 

Compare at nriDealExpert.com to find out the best NRO savings accounts or NRE savings accounts in India.

What is a NRE savings bank account?

The Non-Resident External Account (NRE Account) is a Savings/Current/fixed deposit account held in India, in Indian Rupees. The foreign currency earnings can be deposited into the NRE savings account by transfers from your country of residence or transfers from other NRE accounts in India. To deposit money into an NRE account, you need to convert foreign currency into Indian Rupees (USD to INR, GBP to INR, CAD to INR, AUD to INR, etc) by transferring money to your NRE account in India. You can open either NRE Savings or NRE current or NRE fixed deposit in India. To open NRE fixed deposit, you need to first transfer money to your NRE savings account and then give a request to your bank in India to open a NRE fixed deposit. You can always convert the money lying in your NRE account (NRE savings account or NRE fixed deposit) back to foreign currency and repatriate the sum out of India, since both principal and interest earned in this NRE account (NRE savings account or NRE fixed deposit) are freely repatriable.

 

Compare at nriDealExpert.com to find out the best NRE savings accounts in India.

What is a NRO savings bank account?

The Non-Resident Ordinary Account (NRO Account) is a Savings/Current/Fixed Deposit bank account held in India, in Indian Rupees. The NRO account is best suited for you if you have earnings in India (such as rent income, dividend, pension, etc). To deposit money into your NRO account, you can either convert foreign currency into Indian Rupees (USD to INR, GBP to INR, CAD to INR, AUD to INR, etc) by transferring money to your NRO account in India or deposit your earnings in India. I would recommend that you open both NRE account and NRO account in India – NRE account to manage your payments in India (EMI for your home loan in India, property purchase, family maintenance, insurance, etc) and NRO account to deposit your earnings in India (such as rent income, dividend, pension, etc). You can open either NRE Savings or NRE current or NRE fixed deposit in India. To open NRE fixed deposit, you need to first transfer money to your NRE savings account and then give a request to your bank in India to open an NRE fixed deposit. The Government of India allows you to repatriate funds from your NRO account (NRO savings account or NRO fixed deposit) up to USD 1 million per financial year abroad. The NRO accounts (NRO savings accounts or NRO fixed deposit) may be held jointly with residents and/or with non-resident Indian (NRI).

 

Compare at nriDealExpert.com to find out the best NRO or NRE savings accounts in India.

How can I open a NRI savings bank account in India?

Compare at nriDealExpert.com to find out the best NRO or NRE savingsaccounts in India. Click on the link to visit the bank's website. Complete an application form online or by downloading it. Then, send a printed, signed copy of the form with attested required documents to an address provided by the bank on their website. Alternatively, you can visit the bank's overseas branch or a branch in India on your next visit.

Can I transfer funds from my existing NRE/FCNR Accounts to open a NRO Account?

Yes, you can transfer funds from any bank account including your existing NRE savings accounts, NRE fixed deposits, FCNR deposit or your other NRO savings accounts and NRO fixed deposits.

How can I transfer or repatriate Indian Rupees in my NRO bank account (NRO savings account or NRO fixed deposit) in India to my overseas bank account?

Interest earnings and remittance(s) up to USD 1 million per calendar year from balances in NRO accounts (NRO savings account or NRO fixed deposit) subject to payment of applicable taxes is allowed for any purpose up to an aggregate value of USD 1 million.

 

In order to do an outward remittance from your NRO bank account(NRO savings account or NRO fixed deposit), you have to walk into any of the branches of the bank in India where you are maintaining NRO account (NRO savings account or NRO fixed deposit) and initiate the outward remittance by completing a request letter specifying the necessary details and submitting below documents:
- Account holder's Letter giving details of purpose of remittance and certifying the same
- Cheque or debit authority if the same is not contained in the letter in item (i)
- Application in Form A2
- A certificate from a Chartered Accountant in Form 15CA and 15CB
- FEMA Declaration

 

Form 15 CB needs to be certified by a Chartered Accountant. To download the form please visit the following link: (http://www.tin-nsdl.com/downloads/Form15CB.PDF). On the basis of this certificate, Form 15 CA has to be filled in online at the following link: (https://onlineservices.tin.nsdl.com/TIN/JSP/tds/Form15CAHome.jsp). The printout generated from this site has to then be signed by the remitter and submitted along with Form 15CB at the branch from where the remittance is being made. The detailed process of filling up the form is also available at the above mentioned site. The filled up form then needs to be produced along with the 15 CB to the branch.

How can I transfer or repatriate Indian Rupees in my NRE bank account (NRE savings account or NRE fixed deposit) in India to my overseas bank account?

NRE account (NRE savings account or NRE fixed deposit) balances are freely repatriable. There is no limit specified for outward remittances from such accounts.

 

In order to do an outward remittance from your NRE bank account (NRE savings account or NRE fixed deposit), you have to walk into any of the branches of the bank in India where you are maintaining NRE account (NRE savings account or NRE fixed deposit) and initiate the outward remittance by completing a simple request letter. Some of the banks offer this facility through their online banking also.

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