Both public sector and private sector Indian banks are present in the USA. In addition, Indian banks also have subsidiaries in the US to offer banking services to NRIs in the USA. Key banking and financial services offered to NRIs include various NRI accounts, investments, remittances, online account opening, etc. Some of the banks that provide an NRI account for Indians in the USA are SBI, HDFC Bank, ICICI Bank, Axis Bank and HSBC Bank.
What is NRI Account?
NRI Accounts are type of bank accounts that can be held by an NRI in India and can be used to maintain their income generated abroad (in NRE) and in India (in NRO). The FCNR Account also facilitates foreign investments in India. The interest earned on NRE and FCNR are tax-free in India. The NRI Bank Accounts can be maintained in form of savings, current, fixed and recurring deposits. You can find the best NRI Account for yourself depending on your needs.
Best Bank for NRI Account
Finding the best bank for NRI Account is something NRIs are focused upon and what if told you it’s really easy to do that. All you need to do is connect with our expert using the button at the end of the article and get your profiling done to find the best bank for NRI Account as per your needs.
SBI NRI Account for Indians in USA
SBI NRI account is one of the best NRI accounts in India due to a variety of reasons like a widespread network in India as well as a large number of countries abroad, higher interest rates, internet banking service, and many more. State Bank of India offers multiple NRI accounts viz. SBI NRE account, NRO account, FCNRB account, RFC account, RFC account, etc.
SBI NRE Account
Key features of SBI NRE account
- You can open NRE account from USA to park their overseas income and convert it into INR.
- Account can be opened either individually or jointly with other NRIs/ PIOs/ OCIs and close relatives on ‘former or survivor’ basis.
- Interest earned on SBI NRE account is exempt from Indian Income Tax.
- Rupee loan available against NRE deposits.
SBI NRO Account
Key features of SBI NRO account
- NRIs can park their India-based income in Rupees in India.
- Account can be opened either individually or jointly with other NRIs/ PIOs/ OCIs and close relatives on a ‘former or survivor’ basis.
- Interest income is subject to deduction of tax at 30.90%.
- Rupee loan available against NRO deposits.
ICICI NRI Account for Indians in USA
ICICI Bank is one of the 4 largest Indian banks. If you are looking for the best NRI account in India, ICICI Bank could be an ideal option. The bank has branches in many other countries including United States, Singapore, Bahrain, Hong Kong, Qatar, Oman, Dubai and South Africa. NRIs in USA can open an NRI account online or by visiting any of the bank branches. NRIs in USA can open ICICI NRE, NRO, FCNR, RFC accounts.
ICICI NRE Account
Key features of ICICI NRI account
- NRIs can park their US income in an ICICI NRE account.
- Interest earned is not taxable in India.
- Funds deposited in NRE accounts are fully and freely repatriable.
- Low minimum monthly account balance starting from Rs. 10,000 only.
- Attractive interest rate at 4% per annum for balance equal to or above Rs. 50 lakh and 3.5% per annum for balances below Rs. 50 lakh.
- NRI can open a joint account with another NRI.
ICICI NRO Account
Key features of ICICI NRO account
- NRIs can park their INR funds collected from earnings in India.
- Free money transfer at attractive interest exchange rates.
- Minimum monthly account balance as low as Rs. 10,000 only.
- Joint account holding with an Indian resident or eligible NRI.
- Interest earned on NRO deposits is subject to the applicable tax deduction at the source.
HDFC NRI Account for US NRIs
HDFC Bank is one of the leading banks in India that caters to its domestic as well as global customers. Indians living in the United States can open NRI Accounts with HDFC Bank.
HDFC NRE Account
Key features of HDFC NRE account
- Interest earned on HDFC NRE savings account is not taxable in India.
- NRIs can effortlessly repatriate funds through HDFC NRE account.
- NRIs can enjoy a host of digital banking solutions through NetBanking and MobileBanking while living in the USA.
- You can add other NRIs or resident Indians as joint holders in NRE accounts. In case of resident joint account holder, the mode of operation will be on ‘Former or Survivor’ basis.
HDFC NRO Account
Key features of HDFC NRO account
- Money deposited in the NRO account is converted to INR at the prevailing foreign exchange rate.
- Income earned in India or abroad by the NRIs living in the US can be deposited in the HDFC NRO account.
- Interest earned on the amount in the NRO account is subject to TDS (Tax Deductible Source).
- You can add other NRIs or resident Indians as joint holders in NRO accounts. In the case of resident joint account holders, the mode of operation will be on a ‘Former or Survivor’ basis.
Axis Bank NRI Account for NRI in USA
Axis Bank is a premier private sector bank in India. The bank extends a wide array of banking products and services to its customers in India as well as abroad. An Axis NRI account is one of the best options for an NRI in USA who wants to save his/ her foreign and Indian income and earn attractive interest.
Axis Bank NRE Account
Key features Axis NRE account
- An NRI in USA can deposit their US-based earnings in an Axis NRE account and tax free interest.
- Funds including principal and interest are fully repatriable.
- Free internet and mobile banking for NRIs
- Low minimum monthly account balance starting from as low as Rs. 25,000.
Axis Bank NRO Account
Key Features of Axis NRO account
- NRIs living in the USA can open an Axis NRO savings account to save their income earned in India such as pension, dividends, or deposit their existing savings.
- Convenient depositing and management of funds.
- Close relatives and parents of the account holder can operate the account in the absence of NRIs.
HSBC Bank NRI Account for Indians in America
HSBC Bank has customized solutions for Indians moving overseas and returning Indians. NRI accounts and deposits offered by HSBC Bank include NRE account, NRO account, NRE deposit, FCNR deposit, RFC deposit, etc.
HSBC NRE Account
Key features of HSBC NRE account
- NRIs can deposit their US income into the NRE account by transfer from US or other NRE accounts in India.
- Interest earned on savings in NRE accounts is exempt from tax in India.
- You can access your account anytime from anywhere around the world.
- International debit cards that can be used at HSBC Group ATMs and ATMs affiliated to the visa network and access to visa merchant outlets worldwide.
HSBC NRO Account
Key features of HSBC NRO account
- The HSBC NRO account is held in Indian Rupees to deposit your earnings in India such as rent income, dividends, pension, etc.
- NRIs can access their account from anywhere around the world.
- Local debit card/ ATM card is issued to account holders.
- Debit cards that can be used at HSBC Group ATMs and merchant outlets affiliated to the visa network and within India.
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 easily in just 10 minutes.
Yes. You can apply for an NRI account online through a bank’s website. You can fill an NRI account opening form online and upload required documents.
Indians staying in the US can easily open an HDFC NRE account from the USA. HDFC Bank uses state-of-the-art technologies to offer digital banking services to its customers in India and abroad.
An NRE account is opened by NRIs (Non-Resident Indians) in India to park their foreign income. An NRO account, on the other hand, is opened by NRIs to deposit their Indian income like rent, dividends, pension, etc.
Yes, you can open a bank account in the US. But it is not an easy process, there are many hurdles that you will have to face. As per the USA Patriot Act, foreigners require more identification than permanent residents and citizens.
Yes, OCIs are also eligible to open an NRI account. They can hold NRI accounts including NRE, NRO and FCNR accounts.