A large number of Keralites migrate abroad for education and employment. Living out of India, they need to open an NRI bank account to save and manage their overseas as well as Indian earnings in a bank in India. In this blog, we will delve into the best NRI account in Kerala along with their features and benefits.
Best NRI Account in Kerala
We have curated a list of 7 banks for the best NRI account in Kerala based on interest rates, minimum balance requirements, physical presence in Kerala and other banking services:
| Name of the Bank | NRI Savings Account Interest Rates | Minimum Monthly Balance Required |
|---|---|---|
| SBI Bank | 2.70% p.a. 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 |
| HDFC Bank | 3.50% p.a. for balance ≥ Rs. 50 lakh 3% p.a. for balance < 50 Lakhs | Rs. 10,000 (Metro & urban branches) & Rs. 5,000 (Semi-urban/Rural branches) |
| South Indian Bank | 2.50%- 6.00% p.a. | NRI Silver Account- Rs. 5,000NRI Gold Account- Rs. 10,000NRI Platinum Account- Rs. 1,00,000 |
| Federal Bank | 3.05% – 6.00% p.a. | Rs. 5,000- 1,00,000 |
| Yes Bank | 4%- 6.25% p.a. | Rs. 10,000 |
| RBL Bank | 4.25% to 7.00% p.a. | Rs. 50,000 |
| Bank of Baroda | 2.75% p.a. | Quarterly Average Balance Rs. 50,000 |
Note: Interest rates are subject to periodic change.
Best NRI Account in Kerala: In Detail
Given below is the detailed account of the best bank for NRI account in Kerala:
1. State Bank of India NRI Account
Here are the main characteristics of the SBI NRI account for NRIs from Kerala:
- A minimum balance of Rs. 1 lakh in Metro/Urban areas and Rs. 50,000 in Semi-Urban/Rural areas is required to be maintained.
- State Bank of India offers an interest rate of 2.70% p.a. for balance less than Rs. 10 crore and 3% p.a. for a balance of Rs. 10 crore and above.
- Access to internet banking and SMS alerts.
- Offers services such as international and domestic debit card, Multi-City Cheque book, NRI Family Card, and a lot more.
- SBI NRI accounts can be opened either individually or jointly with other NRIs / PIOs / OCIs.
2. HDFC Bank NRI Account
Here are the features and benefits of the HDFC Bank NRI account for NRIs from Kerala:
- To maintain an NRI account at HDFC bank, a minimum balance of Rs. 10,000 is required in Metro/Urban branches and Rs. 5,000 in Semi-Urban/Rural branches.
- Enjoy attractive interest rates on your NRI savings account with HDFC Bank.
- HDFC bank offers an interest rate of 3.00% p.a. for balance less than Rs. 50 lakhs and 3.50% p.a. for a balance of Rs. 50 lakhs and above.
- Access an international debit card with HDFC Bank for convenient cash withdrawal and worldwide shopping.
- WIth HDFC bank, you can appoint your loved ones in India as a Mandate holder so that they can operate the account on your behalf.
3. South Indian Bank NRI Account
Given below are the features and benefits of the South Indian bank for NRIs from Kerala:
- Get attractive interest rates with South Indian bank NRI account:
- Up to and including Rs 2.00 lakh – 2.50% p.a.
- Above Rs. 2.00 lakh – less than Rs. 5.00 crore – 2.75% p.a.
- Rs. 5.00 crore – less than Rs. 25.00 crore – 4.50% p.a.
- Rs. 25.00 crore – less than Rs. 50.00 crore – 4.20% p.a.
- Rs. 50.00 crore and above – 6.00% p.a.
- South Indian bank offers three types of NRI accounts. Each account has different average monthly minimum balance requirement:
- NRI Silver Account- Rs. 5,000
- NRI Gold Account- Rs. 10,000
- NRI Platinum Account- Rs. 1,00,000
- User-friendly internet and mobile banking platform.
- Get value added services like Global ATM-cum-Debit card for NRE accounts and Domestic ATM-cum- Debit card for NRO accounts.
4. Federal Bank NRI Account
Here are some key features of the Federal Bank NRI account for NRIs-
- Federal Bank NRI savings account interest rate ranges from 3.05% – 6.00% p.a.
- The average monthly balance starts from Rs. 5,000. To Rs. 1,00,000 for the Federal bank NRI account.
- It provides free internet banking,mobile banking and email alerts.
- Federal Bank offers 24×7 customer support.
5. Yes Bank NRI Account
Given below are some of the key features and benefits of the YES Bank NRI account:
- Yes Bank offers competitive NRI savings account interest rates that are mentioned below:
- 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. 10 cr to Rs. 25 Cr)
- Depositors have to maintain a minimum balance of Rs. 10,000.
- YES Bank provides round-the-clock customer support through various channels, including phone, email, and live chat, ensuring prompt assistance to NRIs.
- Depending upon which account type, NRIs may get free RTGS/NEFT payment facility through Net Banking.
6. RBL Bank NRI Account
Given below are the features and benefits of the RBL bank for NRIs from Kerala:
- RBL bank offers high interest rates that lie between 4.25% and 7.00% p.a.
- Avail services like international debit card, free SMS alert, internet banking, etc with RBL bank.
- A dedicated personal relationship manager is assigned to NRI account holders.
- Exclusive payable-at-par cheque book that allows access to your NRI account from any bank branch across India.
- The average monthly balance requirement for an RBL NRI account is Rs. 50,000.
7. Bank of Baroda NRI Account
Features and Benefits of Bank of Baroda NRI account are as follows:
- The account holder is required to maintain a quarterly average balance of Rs. 50,000.
- Enjoy the convenience of a complimentary debit card, cheque book, and round-the-clock access to the account through internet banking.
- Bank of Baroda offers an interest rate of 2.75%.
- Benefit from a free remittance facility if the beneficiary maintains an account with any of the branches in India.
How to Open an NRI Account?
ONLINE
The process of opening an NRI account online through a bank’s website may vary slightly depending on the bank you choose. Here are some general steps to follow when applying for an NRI account in Kerala:
- Choose a bank that offers NRI account services and suits your financial and banking needs.
- Download the NRI account opening form from the chosen bank’s website and fill it out.
- Make sure to accurately fill in all the required fields and attach the necessary documents.
- Some banks may require you to get your documents attested by the Indian Embassy or Consulate, a notary public, or an overseas branch of the bank, etc. in your country of residence.
- Send the completed application form and the required documents to the bank’s branch in India through courier.
- After your application is approved, the bank will activate your NRI account and provide you with the relevant account details.
- You can then start using online banking or other services to manage your account effectively.
OFFLINE
If you are in Kerala, you can also visit the nearest branch of the respective bank and open an NRI account. Here are some general steps to follow when applying for an NRI account in Kerala:
- Visit the nearest bank in Kerala with which you want to open an NRI account.
- Ask the bank representative for an NRI account form.
- Fill the NRI account opening form.
- Submit the application with supporting documents.
- You must carry original documents for cross-verification by the branch official.
- Once your NRI account is opened, you will be informed by the bank representatives.
Apply for NRI Account through SBNRI App
You can apply for an NRI account online by clicking the ‘Apply for NRI Account’ button in this blog or:
- Simply download the SBNRI App.
- Log in using your Gmail or Apple ID.
- Next, choose a bank from the options available and click on “Apply”.
- From here, SBNRI takes care of the entire process, including bank communication, documentation, account opening, and activation.
With SBNRI, opening an NRI account has never been easier. This one-stop platform for NRIs in India also provides assistance with banking, investment, taxation, real estate and more. Trust SBNRI to simplify your transition to India.
Documents Required for NRI Account Opening
Just like the account opening process, the required documentation for applying for an NRI account in Kerala can vary from bank to bank. Here are the essential documents you need to submit:
- Valid passport (along with photocopies of relevant pages)
- Valid visa or residence permit in Germany
- Proof of address (such as utility bills, rental agreement, or bank statement)
- Proof of address in India (if necessary)
- Passport-size photographs
- PAN card (if available) or Form 16
- Foreign bank statement (usually covering the last 6 months)
- Employment contract or salary slips as evidence of employment
Which Bank is best for NRI Account in India?
The best bank depends on the needs of a particular individual. One can evaluate the features and benefits of NRI accounts provided by different banks to determine the most suitable option. The above given list has the top banks for NRI account opening in Kerala. The table also has the savings account interest rates and minimum balance requirements for you to compare and choose the best bank that suits your requirements.
Contact SBNRI
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 NRE/NRO account with nominal documentation in just 10 minutes.
You can also click on the button below to apply for an NRI account. Visit our blog and YouTube Channel for more details.
FAQs
One is eligible to apply for an NRI savings account in India if he/she is a Non-Resident Individual of Indian nationality or Indian origin.
An individual can fulfill their various needs by opening both NRE and NRO accounts. In the case of any income earned in India, it is mandatory to open an NRO account. If the individual wants to deposit their earnings from abroad in India, they can opt for an NRE account.
Given below are the features and benefits of NRE savings account:
1. NRE accounts are maintained in Indian Rupees (INR), allowing NRIs to hold and manage their foreign earnings in India.
2. The funds in an NRE account are fully repatriable.
3. The interest earned on the funds in an NRE account is exempt from income tax in India.
4. NRE accounts can be opened as joint accounts with another NRI or an Indian resident.
5. The funds in an NRE account can be used for various investment purposes in India, such as purchasing properties, investing in mutual funds, and trading in the Indian stock market.
6. Banks usually provide free mandate cards and cheque books for your family in India, so that they can access your account anytime, anywhere.
