NRI Accounts in Major Indian Banks - Open Account, save more, gain more.

This article is a continuation of the previous article about “Sending Money to India or Kolkata“. There we discussed options if you do not have an “NRI account” in India. This article gives you more options and help you to open an NRE Rupee Checking account in India or Kolkata. If you are looking for a “Student Loan” in India, Check “Apply For Student Loans in Indian Banks“.

Also, please let us know about your experince with NRI Banking. Just “REPLY” to this post.

Well, Why do you need an NRI account in Indian Bank after all?

1. For remittence - most of the bank will transfer your money at no cost to the account that can be accessed easily from India.
2. ATM services are now also being offered by most banks. So you family can withdraw funds with a ATM card without going to a bank.
3. Higher interest rate: Interest rate in some on the banks is much higher.
4. Value of USD is creasing! It is less than 40 Indian Rupees now. So, Same more and gain more (from interest, sometimes not even taxable)!

Generally there are two types of popular accounts:
1. NRO - Non Resident Ordinary Account
2. NRE - Non Resident External Account.

We Recommend NRE type savings accout as it will pay you back in dollars (interest sometimes about 8% or more!).

So, Here are some example of Rupee Checking accounts from 3 major banks. Check the list of some other banks below. Go to their web page and see what kind of offer they have. Make sure that you can get:

1. Online Banking.
2. ATM
3. Free Money Transfer
4. Tax - some of the accounts are TAX FREE so watch out before you apply.

NRI service by CITIBANK:
Open Citibank NRI Bank Account to send money to India
Plus Point:

1. No Minimum Balance Required. So, just open an account and use for remittance!
2. You can have joint account with person in India and NRI!
3. They have NRO and NRE type, we recommend NRE type as you can withdraw money from anywhere in the world!

Negetive Point:

• Interest Earned may be TAXABLE in India!

NRI service by HFDC:
They also have NRE and NRO saving accounts. We recommend the NRE saving account.
Open NRE Saving account/ NRE Savings account: Apply online
Positive point:

• NO TAX ON FUND OR INTEREST!
• Hold jointly with other NRIs
• Maintain your savings in rupees
• Route investments on repatriable basis
• Online Banking Option Availavle!

HFDC bank also have multiple remittence options including wire transfer. Check HERE for more details.

ICICI Bank:

They also have different account options as other major banks.
Check details about the “Rupee Checking Account”, “NRO Savings Account” and NRE savings account.
Their NRE Savings account has similar deals as other banks and the fund or interest earned may be TAXABLE!
Also, remember that they have very popular money transfer service called “Money 2 India”.

Website of some Major Indian Banks with “NRE/NRO savings accoutn options”

1. Allahabad Bank
2. Andhra Bank
3. Bank of Baroda
4. Bank Of Punjab
5. Canara Bank
6. Centurion Bank
7. Citi Bank
8. Corporation Bank
9. Dena Bank
10. Deutsche Bank
11. Development Credit Bank Ltd.
12. Export Import Bank Of India
13. Federal Bank Limited
14. Global Trust Bank
15. HDFC Bank
16. HSBC
17. ICICI Bank
18. IDBI Bank
19. Indian Bank
20. Indian Overseas Bank
21. IndusInd Bank Ltd.
22. Mandvi Cooperative Bank Ltd
23. Oriental Bank Of Commerce
24. Ottapalam Cooperative Urban Bank Ltd
25. Punjab National Bank
26. Reserve Bank Of India
27. Standard Chartered bank
28. State Bank of India
29. The Catholic Syrian Bank Ltd
30. UCO Bank
31. Union Bank Of India
32. UTI
33. Vysya Bank

Other Useful Articles:

• There is a very Good Article on ZEE NEWS explaining different types of NRI Accounts. Click Here for details of different account types.
• Also, From SIFI: An Introduction to NRI banking
• NRI Baning Guide by Window2India
• NRI interest Rates

Student Loan Consolidation / Application for Student Loan in Indian Banks in Kolkata
Note: Article applicable to any students looking for student loan in India

“Student loan” is very common type of loan for most of the students coming to USA or abroad. You can apply for the loan from almost any Indian Banks if you have “admission letter” to any Universities in USA or other countries (including India too)! Most of the students choose USA as a potential zone for future studies due to:

1. Multiple good schools: so more options for a students
2. Good Scholerships.
3. English speaking country.
4. Large amount of Indian students (and strong Indian Student Associations) in most universities - so help is available all the time.

Well, the big problem in applying to American Universities is “Money”. The application fees varies from 20 USD to 100 USD (may be more). Again, you have to apply for more than one university so that you increase the “chance” of getting admission with funding. Usually most of the students apply to at leaset 10 universityes which will cost them in between 200 USD to 1000 USD. Now there are other expenses apart from the application fees. Often we forget about the postage! Most of the students use KML or FEDEX service which will cost about 50 USD on average. So, save another 500 USD for that.

Well, even before you start you application, you have probably taken at leseat GRE (Graduate Record Examination) and TOEFL. GRE test will cost you about 100 USD and the TOEFL will cost about 50 USD. So, you have already spent about 150 USD there. Now, GRE test scores will be sent only to 4 universities for free. If you are applying to 10 universities, you have to spend anoter 15 USD per universities! So, about 100 USD extra there!

I am considering another 100 USD for books and stuff you purchased for the preparation of GRE and TOEFL.

Now, once you have got your admission letter you have more expenses. First of all VISA application and processing fee. Non-immigration VISA application fee is about 120 USD now.
Check the USCONSULATE.GOV for more information about VISA from Calcutta (Kolkata).

Well that is not all, you need to buy the air ticket which may cost up to 800 USD!
You also need some money to carry with you in case you need. Most of the students usually carry 1000 USD. You will need that money to pay rent for the first months expense as your scholership will start from the next month you reach in USA.

• Check this site for general information about GRE
• Visit here to register for the GRE TEST in Calcutta

Better if you call the number listed below or see them at their office:
To Register for a GRE test in Calcutta (Kolkata):
Region 14 - INDIA
Call: 91-124-5147700 (New Delhi, India)
FAX: 91-124-5147773

GRE/TOEFL TEST CENTER ADDRESS:
CALCUTTA
Test Center Number: 8906
TESTS OFFERED: GRE, TOEFL
PERMANENT CENTER

Application Fees: 200 USD to 1000 USD
GRE + TOEFL: ~ 150 USD
Extra GRE score to Univs: ~100 USD
Books/etc ~ 100 USD
Air Fare: ~ 800 USD
Expense after immediate arrival in USA: ~ 1000 USD
So, you will need about 1 lakh to 1.25 lakh just for the the whole process of coming to USA. Well, this is pnly an estimate and you are welcome to leave a reply about how much you spent during your trip to USA.

NOTE: if you have not got any funding, but just got admission, you can still apply for loan. There are numerous banks who will offer check interest rates and will offer up to 20 lakhs ot even more. Check the offer by three major indian banks for education loans.

1 lakh is still not a small amout of money for numerous middle class families in India. So, many of the students apply for “Student Loan” from various Indian Banks. Some of the common banks where you can apply for “Student Loan” in Calcutta, Kolkata are:

State Bank of India Student Loan (Visit them Online)

Bank of Baroda Student Loan (Visit them Online)

Allahabad Bank of India: Student Loan

Some More Banks with Links to their EDUCATION LOAN PAGE:

• Bank of India Education Loan Application
• United Bank of India
• UCO BANK Education Loan Page

List of all other banks that might be useful to you:

1. A.P. Mahesh Co-op. Urban Bank
2. Abhyudaya Co-op. Bank
3. ABN AMRO
4. ACE Co-operative Bank
5. Allahabad Bank
6. Amanath Co-operative Bank
7. Andhra Bank
8. Andhra Pradesh State Co-op Bank
9. Apna Sahakari Bank
10. Bank of Baroda
11. Bank of India
12. Bank of Maharashtra
13. Bank of Rajasthan
14. Bassein Catholic Co-op. Bank
15. Bharat Co-op. Bank (Mumbai)
16. Bharat Overseas Bank
17. Bombay Mercantile Co-op. Bank
18. Canara Bank
19. Capital Local Area Bank
20. Catholic Syrian Bank
21. Central Bank of India
22. Centurion Bank of Punjab
23. Citibank
24. Citizen Credit Co-op. Bank
25. City Union Bank
26. Coastal Local Area Bank
27. Corporation Bank
28. Cosmos Co-op. Bank
29. Deccan Merchants Co-op. Bank
30. Dena Bank
31. Deutsche Bank
32. Development Credit Bank
33. Dhanalakshmi Bank
34. Dombivli Nagari Sahakari Bank
35. Federal Bank Limited
36. First Leasing Company of India
37. Greater Bombay Co-op. Bank
38. Guardian Sahakara Bank Niyamita
39. Gujarat Industrial Co-op. Bank
40. HDFC Bank
41. HSBC
42. ICICI Bank
43. IDBI Bank
44. Indian Bank
45. Indian Overseas Bank
46. Indusind Bank Limited
47. ING Vysya Bank
48. Jalgaon Janata Sahakari Bank
49. Jammu & Kashmir Bank Ltd.
50. Janakalyan Sahakari Bank
51. Janalaxmi Co-op Bank
52. Janata Sahakari Bank
53. Kalupur Commercial Co-op. Bank
54. Kapol Co-op. Bank
55. Karad Urban Co-op. Bank
56. Karnataka Bank
57. Karnataka State Co-op Apex Bank
58. Karur Vysya Bank Limited
59. Kotak Mahindra Bank
60. Krishna Bhima Samruddhi Bank
61. Lakshmi Vilas Bank
62. Lord Krishna Bank
63. Mahanagar Co-op. Bank
64. Maharashtra State Co-op Bank
65. Mahesh Sahakari Bank
66. Municipal Co-op. Bank
67. Nadia Gramin Bank
68. Nainital Bank
69. New India Co-op Bank
70. Nilambur Co-Operative Urban Bank
71. North Kanara GSB Co-op. Bank
72. Nutan Nagarik Sahakari Bank
73. Oriental Bank of Commerce
74. Orissa State Co-Op Bank
75. Ottapalam Co-Operative Urban Bank
76. Punjab & Sind Bank
77. Punjab and Maharashtra Co-operative Bank Ltd.
78. Punjab National Bank
79. Purathur Service Co-Operative Bank
80. Rajkot Nagarik Sahakari Bank
81. Ratnakar Bank
82. Repco Bank Ltd
83. Rupee Co-op Bank
84. Saraswat Co-op. Bank
85. SBI Commercial & International Bank
86. Shamrao Vittal Co-op. Bank Ltd.
87. South Indian Bank Ltd.
88. Standard Chartered
89. State Bank of Bikaner and Jaipur
90. State Bank of Hyderabad
91. State Bank of India
92. State Bank of Indore
93. State Bank of Mysore
94. State Bank of Patiala
95. State Bank of Saurashtra
96. State Bank of Travancore
97. Surat Peoples Co-op. Bank
98. Syndicate Bank
99. Tamil Nadu State Apex Co-op Bank
100. Tamilnad Mercantile Bank
101. Thane Janta Sahakari Bank Ltd.
102. UCO Bank
103. Union Bank of India (UBI)
104. United Bank of India
105. Urban Co-op. Bank
106. UTI Bank
107. Vijaya Bank
108. Yes Bank
109. Zoroastrian Co-operative Bank

Now about Student Loan Consolidation!
Once you are in USA, and have started getting schlorship, try to repay as soon as possible. If you cant, you have to wait. In many times you will get good credit card offers from various credit card companies in USA who will offer 0% interest rate on purchase and “balance transfer” for period of time (up to 1 year or so). Use those offers effectively, do not pay minimum due dale and you will sone be a free man out of the burden of loan!

We will discuss more about Student Loan Consolidation in future articles.

Sending Money to Calcutta, India from Abroad!

Hi all,
I am just trying to write this article not just for you but for myself too! I have used few different services to send money to India, Kolkata but I am not sure if I have been wise in my decisions. Here are few things that I find really useful to look before you chose any service to send money home from abroad.

Things to do:
1. Check most recent convertion rate:

Different money transfer provider may give you different conversion value for a dollar. Check multiple service before you make your decision.
2. Service charge:
Different money transfer companies will charge you differently. But for any service, faster you want want your money to be sent home, higher will be the charge of transaction. So, make a plan, have some time and send money early to avoid extra service charges.
3. Checking account/ Credit Card/ Debit Card/ Paypal:
These days you can use your personal checking account, credit cards, debit cards or even paypal accounts to send money home. Recommended way will be using your checking account or writing an E-check. It will take some extra time to clear your check but there won’t be any hidden charges. If you send money via credit card, the credit card company might charge you for “cash advance”. So, if you must use your credit card, do consult with your credit card company. Paypal also has become very popular and you can use it. I love paypal and use it for most of my online transactions. Only bad things about cards is: you have to pay higher service charge.
4. Ask your friends:
Never feel bad about asking your friend for little guidance. It is quite possible that your friends have sent money to India via several different services. They can tell you lot more about the nature of the service such as how fast you expect the money to be transferred, hoe good be the conversion rate and so on.

Xoom : The Smarter way to transfer money!
What is Xoom?
Xoom Corporation is an online-to-offline international money transfer service.

Well, for the last four months I have been using xoom to transfer money. It has been most wonderful experience for me so far. No service charge over 700 USD if you are sending money through your bank account. Last time I sent money, it took only 3 days to go to India. Using their service you can actually deposit to any of the following banks listed below. We recommend direct money transfer to Indian Bank Account. You can also choose for “Pick Up” at 4340 locations all over India (Your recipient can pick up the money in minutes at Punjab National Bank, IndusInd Bank, Union Bank of India, Muthoot Finance Pvt Ltd. and many others.) In addition you can also request for “Home Delivery” (Door-to-door delivery at no additional cost to anywhere in India.)

They have a great tracking system and it keep sending email updates about the transaction. You can also log on to their website and monitor the transfer. You can transfer up to 2500 USD at a time.

I have used them, they are very trustworthy. I even talked to their customer service. The people on the customer service are very nice to talk to. Feel free to contact them for any further information you may need.

CONTACT XOOM

Xoom Corporation
301 Brannan Street
5th Floor
San Francisco CA 94107
USA
415-777-4800 (phone)
415-777-8690 (fax)

Participating Indian Banks

1. A.P. Mahesh Co-op. Urban Bank
2. Abhyudaya Co-op. Bank
3. ABN AMRO
4. ACE Co-operative Bank
5. Allahabad Bank
6. Amanath Co-operative Bank
7. Andhra Bank
8. Andhra Pradesh State Co-op Bank
9. Apna Sahakari Bank
10. Bank of Baroda
11. Bank of India
12. Bank of Maharashtra
13. Bank of Rajasthan
14. Bassein Catholic Co-op. Bank
15. Bharat Co-op. Bank (Mumbai)
16. Bharat Overseas Bank
17. Bombay Mercantile Co-op. Bank
18. Canara Bank
19. Capital Local Area Bank
20. Catholic Syrian Bank
21. Central Bank of India
22. Centurion Bank of Punjab
23. Citibank
24. Citizen Credit Co-op. Bank
25. City Union Bank
26. Coastal Local Area Bank
27. Corporation Bank
28. Cosmos Co-op. Bank
29. Deccan Merchants Co-op. Bank
30. Dena Bank
31. Deutsche Bank
32. Development Credit Bank
33. Dhanalakshmi Bank
34. Dombivli Nagari Sahakari Bank
35. Federal Bank Limited
36. First Leasing Company of India
37. Greater Bombay Co-op. Bank
38. Guardian Sahakara Bank Niyamita
39. Gujarat Industrial Co-op. Bank
40. HDFC Bank
41. HSBC
42. ICICI Bank
43. IDBI Bank
44. Indian Bank
45. Indian Overseas Bank
46. Indusind Bank Limited
47. ING Vysya Bank
48. Jalgaon Janata Sahakari Bank
49. Jammu & Kashmir Bank Ltd.
50. Janakalyan Sahakari Bank
51. Janalaxmi Co-op Bank
52. Janata Sahakari Bank
53. Kalupur Commercial Co-op. Bank
54. Kapol Co-op. Bank
55. Karad Urban Co-op. Bank
56. Karnataka Bank
57. Karnataka State Co-op Apex Bank
58. Karur Vysya Bank Limited
59. Kotak Mahindra Bank
60. Krishna Bhima Samruddhi Bank
61. Lakshmi Vilas Bank
62. Lord Krishna Bank
63. Mahanagar Co-op. Bank
64. Maharashtra State Co-op Bank
65. Mahesh Sahakari Bank
66. Municipal Co-op. Bank
67. Nadia Gramin Bank
68. Nainital Bank
69. New India Co-op Bank
70. Nilambur Co-Operative Urban Bank
71. North Kanara GSB Co-op. Bank
72. Nutan Nagarik Sahakari Bank
73. Oriental Bank of Commerce
74. Orissa State Co-Op Bank
75. Ottapalam Co-Operative Urban Bank
76. Punjab & Sind Bank
77. Punjab and Maharashtra Co-operative Bank Ltd.
78. Punjab National Bank
79. Purathur Service Co-Operative Bank
80. Rajkot Nagarik Sahakari Bank
81. Ratnakar Bank
82. Repco Bank Ltd
83. Rupee Co-op Bank
84. Saraswat Co-op. Bank
85. SBI Commercial & International Bank
86. Shamrao Vittal Co-op. Bank Ltd.
87. South Indian Bank Ltd.
88. Standard Chartered
89. State Bank of Bikaner and Jaipur
90. State Bank of Hyderabad
91. State Bank of India
92. State Bank of Indore
93. State Bank of Mysore
94. State Bank of Patiala
95. State Bank of Saurashtra
96. State Bank of Travancore
97. Surat Peoples Co-op. Bank
98. Syndicate Bank
99. Tamil Nadu State Apex Co-op Bank
100. Tamilnad Mercantile Bank
101. Thane Janta Sahakari Bank Ltd.
102. UCO Bank
103. Union Bank of India (UBI)
104. United Bank of India
105. Urban Co-op. Bank
106. UTI Bank
107. Vijaya Bank
108. Yes Bank
109. Zoroastrian Co-operative Bank

Note: When you are transferring money directly to your bank account, please have these things ready:

1. Bank Account Number
2. Bank Branch Name
3. Bank Branch Code (Ask your bank manager)
4. Bank Branch District
   

Few sites to get you started:
a) Samachar Money Transfer
Looks good. No transaction fees up to 7500 USD!
Read FAQ about Samachar Money transfer here.

b) Senswise
“A rupee demand draft delivered to the recipient’s doorstep within three to four working days and can be cashed at any nationalized bank in India - What could be simpler!”.- they say!
Read FAQ about Sendwise

C) Times of Money
Good Service by times of India group. Reasonable transaction fees.

D) Cash2India
I used their service before. These are good at sending money safe home and secure. They will send demand draft sent to your home!
They are pretty check too. Check their RATES for transfer money to India

E) Western Union
Super fast. Transfer over phone using your card. They usually have high transaction fees. Not great for rural pars of India.

F) Moneygram
Similar to Western Union. They also have different Online Money transfer options.

G) Money Brookers:
UK Based company. Good for people living in UK. They have low transaction fees.
Read FAQ about Money Brookers

H) Open NRI bank account with any banks such as HSBC, ICICI, RBS… who offer NRI accounts. Keep one debit card with you and provide another to your family member. Very useful if you just always send money to your family.

I) Icobo
As per their website ” Why Icobo”?

• Quicker: No Agents, No Waiting
• Easier: Send money anytime 24/7
• Safer: Send money from home, withdraw from an ATM
• Great Price: Less expensive than the ‘old money transfer’ method

Check Fees for money transfer at Icobo.

J) HSBC Free Money Transfer via fast Click and Fast Cheque.
With HSBC NRI Services, you can now send money to India using just your fingertips! Moreover your money gets credited into your HSBC NRI account in India in just 3 working days.

There are many other options. This is my first hand guidance before you decide how to send money home!
Tax: You do not need to pay TAX to IRS for sending the money but your recipient should pay “GIFT TAX” in India. Consult a lawyer for details about TAX involved in money transfers.