Which is the best bank to open an NRI Account?
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 :
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:
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 |
| Yes |
| 5.50%* | 3.5% (below 50 Lakhs) 4% (above 50 Lakhs) |
| SBI |
| Yes |
| 5.40%* | 2.70% |
| Kotak |
| Yes |
OR
+ Additional Overseas Address Proof in Original + Funding from his own account in India / overseas | 5.10%* | 3.50% |
| RBL |
| Yes |
OR
+ Additional Overseas Address Proof in Original + Funding from his own account in India / overseas | 7.15%* | 6.75% |
| HDFC |
| Yes |
| 5.50%* | 3.5% (below 50 Lakhs) 4% (above 50 Lakhs) |
| IndusInd |
| Yes |
OR
+ 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 |
| Yes |
| 5.40%* | 2.75% |
| Axis |
| Yes |
| 5.50%* | 3.5% (below 50 Lakhs) 4% (above 50 Lakhs) |
| SBM |
| Yes |
| 7%* | 5% (up to 5 Lakhs) 6% (above 5 Lakhs) |
| Federal |
| Yes |
OR
+ Funding from his own account in India / overseas | 5.50%* | 2.50% |
| Citibank |
| Yes |
| 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.
Related Questions
SBNRI Team
answered on 05/03/2021
In your case, it would be preferable to convert your funds from NRE Account to an FCNR Account before you return to India. Doing that will give you the benefit of converting the FCNR into an RFC account post your return to India. After the conversion of an FCNR Account to an RFC Account, […]
SBNRI Team
answered on 07/12/2021
Credits refer to the money that can be deposited in a bank account. The permissible credits in an NRE account are: Inward remittance from outside India Interest earned on the money deposited in the NRE account Interest on investments made through the NRE Account Transfer from other NRE/ FCNR(B) accounts Maturity gains from investments (if […]
SBNRI Team
answered on 01/03/2023
Yes. NRIs can open a joint account with other NRIs for an NRE/NRO or FCNR Account. Joint Account Holding: Can Indian Residents open a joint account with an NRI? Indian Residents can open a joint account with an NRI on “either or survivor” basis according to the Reserve Bank of India (RBI). The term […]
SBNRI Team
answered on 30/03/2020
Nomination has some essential benefits for any savings or Fixed Deposit account. The benefits benefits of Nominees in an NRI bank account are: Ease of transfer of account ownership to nominee after the death of current owner Settlement of other claims after death of the account owner can be done by nominee No Dues certificates […]
