Abhishek Parekh asked on 06/04/2020

Which is the best bank to open an NRI Account?

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SBNRI Team
answered on 06/04/2020

The selection of the best bank to open an NRI account is entirely dependent on your needs. To explore the account opening processes for the top banks in India, let us go through the following Account Opening Grid. Based on your needs you can select the best bank to open an NRI account.

 

Account Opening Grid

 

Documentation Requirements

NRE/NRO/FCNR Account opening process for each bank is different. The structure to account opening is –

 

1. Get the required documents ready,

2. Attestation and KYC

3. Bank gets the courier pick up done from NRI’s residence or NRI couriers it to the bank branch

4. Done! All set

 

The documents required to open an NRE (for money earned outside India), NRO (for money earned in India) and FCNR (For term deposits in Dollar) account in one bank are the same which means if you want to open all these accounts in one bank altogether, you can do it using the similar set of documents:

 

But different banks may require different documents and proofs for KYC:

 

Let’s first understand the common set of documents required to open an NRE/NRO/FCNR account in all the banks:

 

A. Required Common Documents: (1 to 5)

 

1. [Identity Proof] Passport: (Photo page and Address Page) Photocopy of the relevant pages of the passport where customer’s name, date of birth, date and place of issue, expiry date, photograph and signature of the applicant.

 

2. [Non-Resident Status Proof] VISA: Valid Visa / Work Permit / Residence Permit (card) 

 

3. Overseas Address Proof: Any one of the listed documents below :

    • Address on Passport
    • Utility bill, i.e. electricity bill, landline telephone bill, gas connection bill, water connection bill
    • Overseas/Indian Bank Statement with at least two transactions initiated by the customer (Bank passbook will not be accepted)
    • Rent receipt along with duly stamped/registered lease deed (wherever applicable). The lease deed should be valid as on date of account opening
    • Letter from existing banker,-  This letter should clearly specify that the mentioned address is your communication address and that your period of relationship with the bank is more than 3 months
    • Residence permit (Government issued identity card)
    • Driving license (only if issued by United States of America or the United Kingdom authorities)

If you want your communication address in India to be the same as it is in your passport then it’s alright. If not, then you can provide any one of the above-listed documents as Communication Address Proof in India.

 

4. Photograph

 

5. PAN Card (You can also submit Form 60 in the absence of a PAN Card for opening the bank account. If you want to invest in opportunities such as Mutual Funds or Shares, a PAN Card is mandatory. However, You can opt for a NRE/NRO FD and FCNR Deposits without a PAN Card.)

In case of an OCI, The OCI Card is also required in addition to the above mentioned documents.

 

B. Attestation and KYC

 

All the above documents need to self-attested. Once you are ready with the common set of documents, understand the KYC process followed by the bank – Generally it requires attestation from one of the mentioned sources below other than self-attestation of the document:

    • Notary
    • Embassy/High Commission
    • Overseas Branch of Indian Bank
    • Foreign Bank with Indian Presence

If the Notary/Embassy/Overseas branch of the bank is far off and it’s a pain for you, don’t worry – you can still open your account in few banks by: SELF attesting the common documents and submitting the extra documents required by those few banks. 

 

The process of account opening, documents required, and Attestation, KYC requirements for different banks are mentioned below. Select the best bank to open an NRI Account according to your needs:

 

Bank

Process

(Based on actual user experience)

KYC Documents Required Interest Rates 
Common Documents Attestation (Any one along with self-attestation)
NRE FD Savings Account
ICICI
  • Register for NRI Account on website
  • You will receive a call within 30 minutes
  • You will receive form after call
  • Download the form, fill it and attach required documents and submit form
  • Account will be opened after the receipt of the original set of forms and documents at the bank
Yes
  • Notary
  • Embassy/High Commission
  • Overseas Branch of Indian Bank
  • Foreign Bank with Indian Presence
5.50%* 3.5% (below 50 Lakhs)

4% (above 50 Lakhs)

SBI
  • Download the account opening form from the website and fill it manually
  • The form has 7 parts and is detailed
  • Get the form attested from either (SBI Foreign Office, Notary Public or Indian Embassy)
  • Post all the forms to the mentioned address
  • Account will be opened after the receipt of the original set of forms and documents at the bank
Yes
  • Notary
  • Embassy/High Commission
  • Overseas Branch of Indian Bank
5.40%*

 2.70%

Kotak
  • Fill online form (with autosave feature)
  • If left incomplete,  you will receive a follow-up email to help you with form filling
  • Get the print out of filled form and attach self-attested KYC Documents
  • Bank will arrange for the documents pickup from you and on the receipt of the original document at the bank the account with be opened with debit-freeze
  • Fund to unfreeze (The bank will push you to use their remittance service Click2Remit or else they will demand the bank statement of the funds transferred to their account)
Yes
  • Notary
  • Embassy/High Commission
  • Overseas Branch of Indian Bank
  • Foreign Bank with Indian Presence

             OR

  • Self Attested KYC Documents

 + 

Additional Overseas Address Proof in Original

 + 

Funding from his own account in India / overseas

5.10%* 3.50%
RBL
  • Fill your details online and you will receive a call from the Bank Representative
  • Download and fill form and attach KYC documents (self-attested with Overseas Address Proof; a cheque from an overseas bank account or existing NRE account with statement of account not more than 2 months old)
  • Bank will arrange for the courier pickup
Yes
  • Notary
  • Embassy/High Commission
  • Overseas Branch of Indian Bank
  • Foreign Bank with Indian Presence

             OR

  • Self Attested KYC Documents

 + 

Additional Overseas Address Proof in Original

 + 

Funding from his own account in India / overseas

7.15%* 6.75%
HDFC
  • Fill your details online
  • You will receive a call from the bank to guide you through the next steps
  • The account will be opened after finishing the next steps as discussed with the bank representative
Yes
  • Notary
  • Embassy/High Commission
  • Overseas Branch of Indian Bank
  • Foreign Bank with Indian Presence
5.50%* 3.5% (below 50 Lakhs)

4% (above 50 Lakhs)

IndusInd
  • Fill up your information online with otp option
  • You can fill the account opening form online
  • You can even select your account number and generate your mobile banking pin while filling the form
  • After filling form, take print out of photo and signature
  • The account will be opened with debit freeze
  • Freeze will be removed after the bank receives original documents and fund transfer from your own account
Yes
  • Notary
  • Embassy/High Commission
  • Overseas Branch of Indian Bank
  • Foreign Bank with Indian Presence

             OR

  • Self Attested KYC Documents

 + 

Funding from his own account in India / overseas

7%* 4% (Up to 1 Lakh)

5% (1 Lakh to 10 Lakhs)

6% (above 10 Lakhs)

BOB
  • Get the online form printed
  • Fill the form and get the KYC documents attested
  • Send the form and documents to Bank of Baroda branch
Yes
  • Notary
  • Embassy/High Commission
  • Overseas Branch of Indian Bank
  • Foreign Bank with Indian Presence
5.40%* 2.75%
Axis
  • Fill the online form
  • Every page requires  a captcha verification
  • Get the KYC Documents attested
  • Upload documents online for an initial check by the bank and the bank will arrange for a courier pick-up
  • Account will be opened after the receipt of the original set of forms and documents at the bank
Yes
  • Notary
  • Embassy/High Commission
  • Overseas Branch of Indian Bank
  • Foreign Bank with Indian Presence
5.50%* 3.5% (below 50 Lakhs)

4% (above 50 Lakhs)

SBM
  • Fill your contact details online
  • Wait for a call back from the bank
  • They are setting up the process the open the account on scanned documents followed by the original set of documents
Yes
  • Notary
  • Embassy/High Commission
  • Overseas Branch of Indian Bank
  • Foreign Bank with Indian Presence
7%*

5% (up to 5 Lakhs)

6% (above 5 Lakhs)

Federal
  • Fill the form online. You need an otp to start the form
  • Upload KYC Documents
  • They will open account
  • You need to visit the bank personally in 12 months
Yes
  • Notary
  • Embassy/High Commission
  • Overseas Branch of Indian Bank
  • Foreign Bank with Indian Presence

             OR

  • Self Attested KYC Documents

 + 

Funding from his own account in India / overseas

5.50%* 2.50%
Citibank
  • Fill the form online
  • Get it printed and get the documents attested (Notary, Embassy or bank who has a presence in India)
  • For Non-US, download the form, fill the details and attach the KYC documents
  • Send the documents to the Citibank Branch
  • Account will be opened after the receipt of the original set of forms and documents at the bank
Yes
  • Notary
  • Embassy/High Commission
  • Overseas Branch of Indian Bank
  • Foreign Bank with Indian Presence
3.90%* 2.75%

Hence, the best bank to open an NRI account can be chosen as per the following requirements: if you want to open account with higher interest rates and smooth processes – you can opt for Kotak, IndusInd or Federal, If you are looking to open in a larger bank – ICICI has the best process, and if you are looking to get highest rate of returns, State Bank of Mauritius (SBM) would also be a good option.

 

Let us know and we would be happy to assist! For further queries like “Best bank to open an NRI Account” , you can contact us using the button below.

 

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