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

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