What is the minimum balance to open an NRE/NRO Account in India?
SBNRI Team
answered on 23/03/2020
Most of the Top Banks opt for an Average Quarterly Balance (AQB) or Average Monthly Balance (AMB) to open an NRE/NRO Regular Savings Accounts. The average AQB/AMB of most of the top banks for opening an NRE/NRO Account is Rs.10,000/- which can be understood as the minimum balance for NRE/NRO Account in India:
Minimum balance for NRE/NRO Account in India
Bank | NRE/NRO |
IndusInd (AQB) | Rs.10,000/- |
Federal (AMB) | Rs.5,000/- |
Kotak (AQB) | Rs.10,000/- |
| RBL (AMB) | Rs.10,000/- |
| ICICI (AMB) | Rs.10,000/- |
| HDFC (AMB) | Rs.10,000/- (Metro/ Urban branches) Rs.5,000/-(Semi-Urban/Rural Branches) |
SBI (AMB) | Rs.3,000/- (Metro/ Urban branches) Rs.2,000/-(Semi-Urban) Rs.1,000/- (Rural Branches) |
| DCB (AMB) | Rs.10,000/- |
AXIS (AMB) | Rs.10,000/- |
| SBM | 0 Balance |
IDFC (AMB) | Rs.25,000/- |
Balance Requirements for FCNR Account?
A Foreign Currency (Non-Resident) Account which is a term deposit account in USD, GBP, EUR, JPY, AUD, CAD, SGD, HKD, and others. The ‘term’ in a term deposit account is a fixed tenure of up to 12 months, 24 months, 36 months, 48 months or 60 months that can be opted by the NRIs at the time of account opening. The interest income is not taxable in India and both the principal amount as well as the interest are completely repatriable.
The minimum balance to open an FCNR Account in India is USD 1000. Watch video to explore the benefits of FCNR Account in India and opt for one today.
You can get in touch with experts at SBNRI to get specialized advisory on NRI Account Opening in India. Click on the button below to contact us. NRI Bank Accounts provide an opportunity to park your funds both generated abroad and in India and save taxes wherever applicable. You can also get in touch with us to sort your taxation in India.
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