Australia is one of the favorite overseas destinations of Indians for employment, higher education and tourism. A large number of NRIs or people of Indian origin are living in Australia. As per the guidelines of the Reserve Bank of India, NRI and PIOs have to open an NRI account to conduct banking transactions in India. Based on their transactional needs, NRIs can open an NRE savings account or NRO savings account. Several Indian banks cater to NRI customers residing in Australia through their online and offline channels. Here are some of the best banks for an NRI account for Indians in Australia.
Best banks for NRI account for Indians in Australia
Indians living in Australia can open an NRI account online with one of the below given banks:
|Bank Name||Interest rate (NRE/NRO accounts) p.a.||Minimum monthly balance requirement|
|ICICI Bank||3.50% to 4%||– Rs. 10,000 (Regular ICICI NRI account)|
– Rs. 2,000 (Easy NRI)
|HDFC Bank||3% to 3.50%||– Rs. 10,000 (Metro & urban branches|
– Rs. 5,000 (Semi-urban/ rural branches)
|SBI||2.70%||– Rs. 1 lakh for metro and urban areas|
– Rs. 50,000 for semi-urban and rural areas
|Axis Bank||3%||Rs. 10,000 or Rs. 25,000, depending on the account type|
|Kotak Mahindra Bank||3.50%||Rs. 10,000|
|SBM||3.50% to 5.00%||0 Balance|
Features & benefits of NRI savings account
Mainly there are two types of NRI accounts – NRE & NRO accounts – opened by Non-Resident Indians to park and maintain their earnings. An NRE account can be used by NRIs to maintain their income generated abroad and NRO account to save their foreign and Indian income. Here are the key features of NRI savings accounts:
- Funds transfer from Australia to your NRE account back home in India.
- Easy repatriation of money (principal as well as interest earned) back to Australia through your NRI account.
- Deposits can be done in foreign currency and withdrawal in Indian currency.
- Attractive interest rates on NRE savings accounts, fixed deposits and recurring deposits.
- Interest accrued on NRE savings accounts is not taxable in India.
- Complimentary Netbanking, mobile banking for conducting various transactions on your NRI account.
- Some banks also provide international debit cards linked to an NRE account.
- Prone to exchange rate risk.
- Non-Resident Ordinary (NRO) accounts are opened by NRIs to manage their income earned in India, such as rental income, dividends and pension.
- Interest earned on NRO accounts is taxable.
- Interest amount can be repatriated after payment of tax, the principal can be repatriated within the set limits.
- NRIs can deposit funds in Indian currency as well as foreign currency.
- Not prone to exchange rate risk.
Eligibility for NRI account for Indians in Australia
All NRIs (Non-Resident Indians), PIOs (Persons of Indian Origin) and OCIs (Overseas Citizens of India) living in Australia can apply for NRI account opening online and at bank branches.
NRI account opening
NRI account opening process may slightly vary from one bank to another, for example ICICI NRI account opening process is different from SBI NRI account opening. Here are the steps of NRI account opening online with top Indian banks for NRIs.
ICICI NRI account opening
You can apply for ICICI NRI account opening online or visit a branch of the bank in India or Australia to open an ICICI NRI account. Visit the official website of ICICI Bank and follow the instructions about ICICI NRI savings account opening.
Also Read: ICICI Bank NRE savings account
HDFC Bank NRI account opening
NRIs living in Australia can also open an HDFC NRE account and NRO account. To open an HDFC NRI account online, visit the official website of HDFC Bank and follow the instructions. If you are in India, you can visit a branch of HDFC bank to open an NRI account.
SBI NRI account opening
State Bank is the largest bank of India and operates in Australia through its branches. You can apply for an SBI NRI account online from Australia or visit a branch of the bank in India or Australia to enjoy various benefits.
Axis Bank NRI account opening
Axis Bank is one of the best banks for NRI savings account opening. Indians living in Australia can open an NRI savings account with Axis Bank. You can apply for NRI account opening online or visit a branch of the bank to open an NRI account.
Kotak NRI account opening
Kotak Mahindra bank is a next-gen private sector bank. The bank offers a wide range of banking and financial services to NRI and PIOs. You can open a Kotak NRE account and NRO account from Australia. Kotak NRI account opening process is short and simple.
SBM NRI account opening
SBM NRI account offers a host of benefits to NRI customers such as attractive interest rates up to 5% p.a., dedicated relationship manager, and SBM NRE account is fully repatriable. You can open SBM NRI account online on the bank’s website and SBNRI app.
How to open NRI account online
You can apply for NRI account opening online from Australia through SBNRI app. Take the following steps to open an NRI account on the SBNRI app online:
- Download the SBNRI app from the Google Play Store or App Store.
- Sign in using your credentials.
- Click the ‘Open NRI account’ button and select the bank with which you wish to open an NRI bank account from the bank list.
- Scan and upload KYC documents using the in-app scanning feature.
- Click on ‘Apply’ and you are done.
These are some of the best banks for an NRI account for Indians in Australia based on features and benefits.
NRI account for Indians in Australia: Documents required
While the documentation for NRI account opening may slightly be different from bank to bank, here is the checklist of basic and common documents required to open NRI accounts:
- A copy of a valid passport containing key details such as your name, address, date of birth, date of issue, expiry date, photograph, signature, etc.
- One document that includes either an overseas or Indian address
- The address on the document must be the same as in the account opening form
- NRI status proof through a valid residence/ employment visa copy or work permit
- Proof of overseas and Indian address
- Copy of PAN card or Form 60
- Recent passport size colored photograph
- An initial payment cheque/ demand draft from your own account
- In case of demand draft, DD slip is mandatory
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.
The minimum balance required to maintain the ICICI Bank savings NRE account is Rs. 10,000 for the regular ICICI Bank NRI account and Rs. 2,000 for Easy NRI account.
SBI NRE account is fully repatriable, so you can freely repatriate funds between India and your country of residence, in this case Australia.
Once your status changes from resident to NRI, you can convert your existing resident savings account into NRO savings account by showing NRIs documents.
Interest earned in NRE and FCNR accounts is tax-free in India, but interest earned in an NRO account is taxable.