
Non-Resident Indians (NRIs) who wish to have a savings account in India can’t operate a regular resident savings account. They need to open an NRI bank account to execute banking transactions in India. With a large number of banks operating in India, it is rather confusing to find the right bank to open the best NRI account in India. Hence, we have compiled a list of the 11 best NRE accounts in India for NRIs.
SBNRI is a business partner of leading Indian banks. An NRI can apply for an NRE/ NRO account with one of these Banks by clicking the button below.
Also Read: NRI Account Opening Online: 5 Simple Steps
10+ Best NRE Accounts in India for NRIs in 2023
Here is the list of 12 best NRE account in India for NRIs based on interest rates, minimum balance requirements and other banking services.
Bank Name | BANK Account Type | NRE savings account Interest rate | Minimum monthly balance requirements |
---|---|---|---|
HSBC Bank | HSBC NRE Bank Account | 2% to 2.5% per annum | Average Quarterly Balance (AQB) of Rs 150,000 or more in a combination of savings account, current account and fixed deposit balances |
Axis Bank | Axis NRE Bank Account | 3% (Balance below 50 Lakhs) 3.50% (Balance above 50 Lakhs to Rs. 800 cr.) | – Rs. 10,000 to Rs. 12,000 (easy savings account) – Rs. 25,000 (prime savings account) |
Yes Bank | Yes Bank NRE Account | 4% (up to 1 lakh) 4.25% (Rs. 1 lakh to 5 lakh) 5% (Rs. 5 lakh to 10 lakh) 6% (Rs. 10 lakh to Rs. 1Cr) 6.25% (Rs. 1 cr to 10 cr) 6.00% (Rs. 10cr to Rs. 25 Cr) | Rs. 10,000 |
IDFC First Bank | IDFC First NRE Bank Account | – <= Rs. 10 lakh: 4.00% – Above Rs. 10 lakh to Rs. 5 cr: 7.00% – Above Rs. 5 cr to Rs. 50 cr: 6.75% – Above Rs. 50 cr to Rs. 100 cr: 5.00% – Above Rs. 100 cr to Rs. 200 cr: 4.50% – Above Rs. 200 cr: 3.50% | – |
ICICI Bank | ICICI NRE Bank Account | 3% (Balance below 50 Lakhs) 3.50% (Balance above 50 Lakhs) | Rs. 10,000 |
HDFC Bank | HDFC NRE Bank Account | 3.50% (Balance of and above Rs. 50 lakh) 3% (Balance below 50 Lakhs) | Rs. 10,000 (Metro & urban branches) & Rs. 5,000 (Semi-urban/Rural branches) |
SBI Bank | SBI NRE Bank Account | 2.70% for balance < Rs. 10 cr 3.00% p.a. for balance Rs. 10 cr and above | Rs. 1 lakh for Metro & Urban areas and Rs. 50,000 for Semi-Urban and rural areas |
Kotak Mahindra Bank | Kotak Mahindra NRE Bank Account | 3.50% | Rs. 10,000 |
Bank of Baroda | Bank of Baroda NRE Account | 2.75% | Quarterly average balance Rs. 50,000 |
RBL Bank | RBL Bank NRE Account | 4.25% to 7.00% | Rs. 50,000 |
Federal Bank | Federal Bank NRE Account | 3.05% – 6.00% p.a. | Rs. 5,000 – Rs. 10,000 |
SBM | SBM Bank NRE Account | 3.50% (up to 2 Lakhs) 4% (2 lakhs to 5 lakhs) 5% (above 5 Lakhs) | 0 Balance |
Note: Interest rates are subject to periodic change.

Best NRE Accounts in India: Feature and Benefits of NRE Savings Account
Features and benefits of NRE accounts are as under:
- You can park your income earned outside in NRE accounts.
- Repatriation of both principal and interest components is permissible for NRE accounts.
- Taxation rules are not applicable to NRE accounts; interest is not taxable in India.
- Banks usually provide free mandate cards and cheque books for your family in India, so that they can access your account anytime, anywhere.
- Access to internet and mobile banking services.
- NRE accounts can be held jointly with eligible NRIs.
- Funds held in an NRE account are subject to currency exchange risk.
- Most of the Indian banks offer NRI services. The features of NRE accounts, such as NRE account interest rates, minimum account balances, internet banking services, etc., slightly vary.
- You can refer to the above table for best NRE account interest rates comparison.
Best Bank for NRE Account in India – Key Features
Key features offered by the best banks for the NRI accounts are as under:
HSBC Bank NRE Account
HSBC Bank NRE account is one of the best NRE bank accounts for NRIs. Here are the key features and benefits of HSBC Bank NRE account:
- HSBC NRE account interest rate is one of the highest in the market.
- There is no tax on the interest earned on an NRE account in India.
- NRIs can remit funds into the NRE savings account from any overseas bank.
- HSBC NRE Account holders need to have Rs.1,50,000 Average Quarterly Balance(AQB) in a combination of Savings Account/Current Account or Fixed Deposit Balance
Also read: HSBC India NRI Account: Open NRI Account Online
Axis Bank NRE Account
Axis Bank NRE account is one of the best NRE bank accounts for NRIs. Listed below are the key features and benefits of Axis Bank NRE account:
- You should maintain a monthly average balance of Rs. 10,000 to Rs. 12,000 (easy savings account) and Rs. 25,000 (prime savings account).
- You can authorize a resident to operate the account on your behalf.
- Axis Bank NRE interest ranges from 3.0% to 3.50% per annum.
- Ease of operation and access to internet and mobile banking.
Also Read: Axis Bank NRI Account Opening
Yes Bank NRE Account Interest Rate
- A minimum balance of Rs. 10,000 is to be maintained by depositors.
- Yes Bank interest rate ranges from 4% to 6.0% per annum.
- 4% (up to 1 lakh)
- 4.25% (Rs. 1 lakh to 5 lakh)
- 5% (Rs. 5 lakh to 10 lakh)
- 6% (Rs. 10 lakh to Rs. 1Cr)
- 6.25% (Rs. 1 cr to 10 cr)
- 6.00% (Rs. 10cr to Rs. 25 Cr)
- Dedicated personal relationship manager is assigned to account holders.
Also Read: YES Bank NRE FD Rates: YES Bank NRI FD Interest Rates 2023
Kotak Mahindra Bank NRE Account
- You should maintain a monthly average balance of Rs. 10,000 only.
- Fully and freely repatriable deposit (both principal and interest).
- Kotak Mahindra NRE interest rate is 3.50% per annum and is paid on a quarterly basis.
- Home banking services in India.
- Kotak NRE account can be jointly opened by NRIs/PIOs only.
Also Read: Kotak NRI account opening: Apply for account online in 10 mins

ICICI NRE Account
ICICI NRE account is one of the most preferred savings bank accounts by NRIs.
Key Features of ICICI NRE Account:
- You need to maintain a monthly average balance of Rs. 25,000 and Rs. 10,000 at the account level and customer ID level respectively.
- ICICI NRE interest rate ranges from 3% for a balance less than Rs. 50 lakh and 3.50% for greater than Rs. 50 lakh respectively.
- Full repatriability of funds and tax-free interest in India.
Also Read: ICICI Bank NRI Account Opening
HDFC NRE Account
- A minimum balance of Rs. 10,000 in Metro/ Urban branches and Rs. 5,000 in Semi-Urban/ Rural branches is to be maintained.
- Earn higher interest rates on your NRE savings account.
- HDFC NRE interest ranges ranges 3% to 3.50%.
- International debit card for easy cash withdrawal and shopping worldwide.
Also Read: HDFC NRI Account Opening: Steps to Open NRI Savings Account
SBI NRE Account
Listed below are the key features of SBI NRE account.
- A minimum balance of Rs. 1 lakh in Metro/ Urban areas and Rs. 50,000 in Semi-Urban/ Rural areas is to be maintained.
- The interest rate offered by the State Bank of India is 2.70% p.a.
- Internet banking and SMS alert.
- International and domestic debit card.
Also Read: How to open NRI Account in SBI: 2 Ways (No. 2 will surprise you)
Bank of Baroda NRE Account
- Quarterly average balance of Rs. 50,000 is to be maintained by the account holder.
- Free debit card, cheque book and 24×7 account through internet banking facility available.
- Bank of Baroda NRE interest rate is 2.75%.
- Free re remittance facility if beneficiary maintenance account with any of the branches in India.
- Tax exemption on interest earned.
Also Read: Bank of Baroda NRI Account Opening: Open NRI Account Online
RBL Bank NRE Account
- An average balance of Rs. 50,000 is to be maintained by account holders.
- It is one of the best NRE savings accounts in terms of interest payment running from 4.25% to 6.50% p.a.
- Account opening process is completely digital.
- International debit card, free SMS alert, internet banking services are available.
Also Read: RBL Bank Full Form: Ratnakar Bank Limited
Federal NRE Account
- A minimum balance of Rs. 5,000. To Rs. 1,00,000 is to be maintained in the NRE account. Although the amount varies based type of Federal Bank NRE account you apply for.
- Free mobile banking, internet banking, and email alerts.
- Multiple NRE account types to cater to varied financial needs of different customers.
SBM NRE Account
- SBM NRE account interest rate ranges from 3.50% to 5.0%.
- 3.50% (up to 2 Lakhs)
- 4% (2 lakhs to 5 lakhs)
- 5% (above 5 Lakhs)
- Both interest and principal are fully repatriable.
- Dedicated relationship manager to help you with everything related to NRE savings accounts.
What is an NRI Account?
An NRI savings account is a bank account that allows Non-Resident Indians to maintain their foreign and Indian earnings in a bank registered with the RBI. As per their requirements, NRIs can choose between NRE and NRO accounts. You can also convert a resident account to an NRO account.
What is an NRE Account?
A Non-Resident External (NRE) account is a Rupee denominated savings account. NRIs can open an NRE account to transfer and manage their foreign earnings in INR in India.
Key Features of NRE Bank Account
- When you deposit your foreign currency earnings in an NRE account, it is converted into Indian Rupees or INR at the time of deposit.
- There are many types of an NRE account – NRE savings account, current account, fixed deposit account, recurring deposit account, etc.
- NRIs and PIOs can open an NRE account with any bank authorized by the Reserve Bank of India.
- An NRE account can be held jointly with an NRI/ OCI, or with a resident relative on ‘former or survivor’ basis.
- Only income earned abroad can be deposited in an NRE account, not the earnings made in India.
- Interest earned on an NRE account is tax-free in India.
- Funds in an NRE account are fully and freely repatriable.
- You can transfer funds from an NRE account to another NRE or NRO account easily.
- NRIs can invest in different asset classes in India, using an NRE account.
What is the Difference Between NRE and NRO Account
Here is the table for difference between NRE and NRO accounts:
Feature | NRE Savings Account | NRO Savings Account |
---|---|---|
Full Form | Non-Resident External Savings Account | Non-Resident Ordinary Savings Account |
Purpose | To manage income earned outside India | To manage income earned within India |
Account Holder | Non-Resident Indians (NRIs) | Non-Resident Indians (NRIs) |
Currency | Indian Rupee (INR) | Indian Rupee (INR) |
Source of Funds | Foreign income (earned outside India) | Income earned in India (rent, salary, etc.) |
Repatriation | Fully repatriable | Restricted repatriation |
Taxation | Interest earned is tax-free in India | Interest earned is taxable in India |
Joint Account | Only with another NRI | With an NRI or a resident Indian |
Deposit of Rupees | Not allowed | Allowed |
Conversion to Resident Account | Convertible to a resident account upon change of status | Convertible to a resident account upon change of status |
Please note that these features may vary slightly depending on the specific bank and regulations. Always consult with the bank and verify the information before opening an account.

Best NRI Account in India?
You can select the best bank for NRE Account based on the services and benefits offered by a particular bank. You can always opt for the following best bank in India for NRIs as they are the largest and have a more defined global presence.
- State Bank of India (SBI)
- HDFC Bank
- ICICI Bank
- Axis Bank
- Punjab National Bank (PNB)
At SBNRI, we have selected the top 5 NRI banks in India that offer a wonderful overall experience in terms of NRI Account Opening and maintenance when applied with SBNRI:
- Yes Bank
- IndusInd Bank
- Kotak Mahindra Bank
- RBL (Ratnakar Bank Limited)
- Federal Bank
NRI Account Opening
Non-Resident Indians can apply for an NRI account online by clicking the ‘Apply for NRI Account’ button in this blog or using SBNRI App.
- Click the ‘Apply for NRI Account’ button on this page.
- Fill in the form and submit it.
- One of the bank representatives will call you to help complete the application.
Or
- Download the SBNRI App and sign in using your credentials.
- Click on ‘Open NRI Account’ button and select the bank where you want to open an NRI account.
- Use the in-app scanning feature to scan and upload KYC documents.
- Click on ‘Apply’ and that’s it.
NRE Savings Account Interest Rates
The NRE savings account interest rates vary from bank to bank. These rates are subject to change according to the guidelines of the bank and the RBI (Reserve Bank of India). For example, current SBI NRE account interest rate is 2.70% , Yes Bank NRE account interest rate ranges from 4% to 6.25% and Kotak NRE savings account interest rate is 3.5% p.a.
Getting Expert Assistance for Best NRE Accounts in India
Due to lots of information and documentation required to apply for NRE accounts, NRE account opening process is lengthy and cumbersome elsewhere but you can download SBNRI App to apply for an NRE account with nominal documentation in just 10 minutes.
You can also click on the button below to open an NRI account. Also visit our blog and Youtube Channel for more details.
Best NRE Savings Account: FAQs
An NRE or Non-Resident External savings account is a Rupee-denominated savings account opened by NRIs (Non-Resident Indians) to park their foreign earnings. Interest earned in an NRE account is completely tax free in India. Funds (principal and interest earned) in an NRE account are fully repatriable.
It depends on your requirements. You can compare the features of NRI accounts offered by multiple banks to find the best. For example if you want to open an account with a top bank you can compare the features of SBI NRI account, HDFC NRI account and ICICI NRI account. However in terms of interest rate and minimum balance, SBM, Kotak Mahindra NRI accounts can be a smart choice.
While NRE and FCNR(B) accounts can be opened only by NRIs and PIOs, foreign nationals coming to India as a tourist or for employment are also eligible for an NRO account.
Only foreign currency can be deposited in an NRE account and the account converts it into the Indian Rupee (INR). The NRI account holder can withdraw money from his NRE account in INR (Indian Rupee). The family members or whoever has access to the account in India can withdraw money.
If you are in India, you can visit a bank in India to open an NRI account. To open an NRI account online, you can download SBNRI App or visit SBNRI.com and apply for the account seamlessly.
Key benefits of an NRI account are as under:
– You can deposit and manage your income earned abroad and in India.
– Free funds transfer at attractive exchange rates (in case of NRE account)
– No need to maintain high balances in NRE and NRO accounts.
No, an NRE account is tax-free in India – income tax, wealth tax and gift tax are not applicable.
Yes, NRIs can open as many NRE accounts as they want. There is no restriction to open and maintain multiple NRE savings accounts.
The NRE savings account interest rates vary from bank to bank. For example, current SBI NRE account interest rate is 2.70% and Yes Bank NRE account interest rate ranges from 4% to 6.25%.
Minimum monthly balance requirements vary from bank to bank, ranging zero balance (SBM) to Rs. 150,000 (HSBC).
Some of the well-known banks in India that offer NRE accounts include State Bank of India (SBI), ICICI Bank, HDFC Bank, Yes Bank, and Kotak Mahindra Bank. These banks have a significant presence and offer a range of services tailored to NRIs (Non-Resident Indians).
An NRE (Non-Resident External) account is a type of bank account available to Non-Resident Indians (NRIs). It is specifically designed to help NRIs manage their foreign income and earnings in India.
An NRO (Non-Resident Ordinary) account is a type of bank account available to Non-Resident Indians (NRIs) for managing their income earned in India. It is used when NRIs have income sources in India, such as rent, dividends, pension, or any other earnings.