Over the last 2 decades, there has been a high increase in the number of Indians moving abroad for education, jobs and business. These individuals, popularly known as Non-Resident Indians (NRIs), often need to do several banking and financial transactions in India, such as NRI accounts opening, investment in Indian market, applying for bank loans, remittance, etc. Since visiting a bank branch is not possible, NRIs are greatly dependent on digital banking services while staying abroad. Here are the best digital banking services for NRIs.
Also Read: 10 Best NRE Savings Accounts for NRIs in 2023
Best Digital Banking Services for NRIs
Almost all major Indian banks offer NRI banking services for Indians living abroad. These banks offer digital services like NRI account opening online with additional features like free remittance, NRI FD account opening, investment in India, etc. Let’s look at the top banks that offer best digital banking services for NRIs.
Bank of Baroda NRI Banking
Bank of Baroda, popularly known as India’s international bank, has a global presence with its branches in the UAE, and many other countries. The bank offers a wide range of digital banking services for NRIs. Bank of Baroda NRI banking services are as under:
- NRI accounts (NRE/ NRO accounts)
- NRI fixed deposits (NRE/ NRO/ FCNR/ RFC deposits)
- NRI loan facilities
- Depository services
- Investment services
- Money transfer to India
SBI NRI Banking
State Bank is the largest public sector bank of India with its presence in several countries across the world. Indians living abroad can avail a host of SBI NRI banking services. Some of the SBI NRI online banking services are as under:
- NRI accounts: NRE/ NRO accounts, NRE salary account, NRO salary account, FCNR(B) account, RFC account, SBI NRI Demat account
- NRI loans: Home loan, car loan, loan against deposits, overdrafts against deposits
- Investments: Mutual funds, insurance, equity trading, NPS for NRIs
- Remittances: Remittance from UK, USA, Middle East, and other countries
Also Read: How to open NRI Account in SBI
ICICI NRI Banking
ICICI Bank is one of the best banks for non-residents to avail banking and financial services while they are away from the country. The bank offers technology-enabled services for NRIs. ICICI NRI banking services include:
- NRI accounts: NRE/ NRO savings accounts, NRI premium accounts, FD accounts
- Money transfers: Funds transfers from the USA, UAE, UK, Europe, Canada, Singapore, and other countries
- Investments: Fixed deposits, mutual funds, fixed deposits, insurance
- Loans: Home loan, loan against property, overdraft against FDs
Also Read: ICICI Bank NRI Account Opening
HDFC NRI Banking
HDFC is a leading private sector bank in India. Indians living abroad can avail a variety of NRI Banking services such as NRE, NRO accounts, fixed deposits, loans, securities, etc. HDFC NRI banking services are as under:
- NRI accounts: NRI savings account, current accounts, salary accounts
- NRI FDs: FD rupee accounts, foreign currency accounts, offshore accounts & deposits
- Investments: NRI mutual funds, offshore investment, equities and derivatives and depository services
- Loans: Home loan, loan against securities, loan against fixed deposit
Axis Bank NRI Banking
Axis Bank is one of the leading private sector banks and extends a wide spectrum of online banking and financial services for Indian citizens living abroad. Here are some of the Axis Bank NRI services:
- NRI accounts: NRE/ NRO accounts, mariner account, prime savings account, easy savings accounts
- NRI FDs: NRE Rupee deposit and recurring deposit, NRO Rupee and recurring deposit, FCNR deposit, and RFC deposit
- Loans: Home loan, loan against property
- Insurance: General insurance, life insurance
- Investments: Mutual funds, portfolio investment scheme
Also Read: Axis Bank NRI Account Opening
Kotak NRI Banking
Kotak Mahindra Bank is a technology-enabled next-gen bank. Kotak NRI banking products are as under:
- Accounts & deposits: Savings accounts, current accounts, and deposits
- Money transfer: Bank transfer, direct transfer, wire transfer, foreign currency cheques
- Loans: NRI home loan, home improvement loan
- Insurance & investment: Life insurance, mutual funds, National Pension System (NPS), portfolio investment scheme, Demat account
Citibank NRI Banking
Citibank is one of the most popular banks among NRIs. It provides customers with a wide array of NRI banking products. Citibank NRI banking products are as under:
- NRI accounts: NRE accounts, NRO accounts, NRE term deposits, NRO term deposits, FCNR deposits
- Payment & transfers: Global transfers, international wire transfers,
RBL NRI Banking
RBL Bank offers one of the best interest rates on NRI accounts. Banking services offered to Indians living abroad are as under:
- NRI accounts: Ace NRE savings account, NRO savings account, and Prime Edge NRE savings account, NRO savings account, etc.
- NRI deposits: NRE fixed deposits, NRO fixed deposits, FCNR fixed deposits, NRO tax saver fixed deposits
- NRI money transfer: Wire transfers, foreign currency cheques
Yes Bank NRI Banking
Yes Bank is a next-gen private sector bank. The bank extends a wide range of banking solutions to its Indian and Non-Resident Indians (NRIs).
- NRI accounts: NRE savings account, NRO savings account, seafarer savings account
- NRI deposits: NRO FD, FCNR FD, RFC, recurring deposit and overdraft against fixed deposit
- Remittances: Wire transfers, Yes remit-money transfer, foreign currency cheque
- Loan: Home loan
SBM NRI Banking
To provide NRIs with a convenient and rewarding experience, State Bank of Mauritius offers them an array of banking solutions. Here are some of the key SBM NRI banking services:
- NRI accounts: NRE savings account, NRO savings account
- NRI deposits: NRE deposit, NRO deposit, NRI superia deposit, FCNR deposit
- Online remittances
Due to lots of information and documentation required to apply for NRI accounts, NRI account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRI account with nominal documentation in just 10 minutes.
You can also click on the button below to open NRI account. Visit out blog and Youtube Channel for more details.
FAQs
There are mainly three types of accounts for NRI and PIOs:
– NRE accounts
– NRO accounts
– FCNR accounts
An NRI fixed deposit is a financial service offered by Indian banks for Non-Resident Indians. NRIs can invest in majorly four types of fixed deposits – NRE fixed deposit, NRO fixed deposit, FCNR fixed deposit and RFC fixed deposits.
As State Bank of India is the leading Indian Bank with the largest network in India and abroad, the bank has the highest NRI accounts in India.
Yes, you can open an NRI account online. However, you need to confirm it with the bank where you want to open an NRI account. For NRI account opening online, you can download the SBNRI app or apply on SBNRI.com.
