NRI Bank Accounts & Deposits

Exhcange Rate: Current value of 1 USD is 49.232 Indian Rupees

 

Different NRI Bank Accounts

  • Non-Resident (External) Rupee (NRE) Accounts: This is the most common type of NRI bank account. Amount deposited in NRE account is maintained in Indian Rupees and is fully repatriable. NRE accounts can be savings as well as checking accounts. The interest rate in this bank account is fixed by RBI and is currently at 3.5%. You can find more details and compare NRE accounts from different banks at NRE accounts page
  • NRO Accounts: These accounts are maintained in India rupees and are partially repatriable. This account is most suitable for NRIs who have some earnings getting generated in India in form of interest/ rent/ dividend etc. You can find more details and compare NRE accounts from different banks at NRO accounts page
  • Resident Foreign Currency Account: This account is for NRIs who are returning back to India. This account is maintained in foreign currency. The funds in RFC accounts are free from all restrictions regarding utilization of foreign currency balances including any restriction on investment in any form outside India
  • Premium NRI Accounts: These accounts are offered by many banks to provide premium facilities to NRIs with high net worth. Holders of this account enjoy extra privileges and facilities from banks in lieu of higher deposits in the accounts.

Coming soon: Different NRI Bank Deposits

 

 

Name Products & Services Description
Citibank Preferred checking account, dollar checking account, citi online remit, home loans, loans & overdrafts, FCNR deposits, life insurance, global investments Citibank in India operates 42 full-service Citibank branches in 30 cities and over 450 ATMs across the country. It is the largest foreign direct investor in financial services in India with a total capital commitment of over USD 4 Billion in its onshore banking and financial services business, its principal and alternate investment program
ICICI Bank Money transfer facilities; Saving accounts like NRE, NRO, RFC; Fixed accounts like NRE Fixed deposit, NRO Fixed deposit, FCNR fixed deposit; Insurance, Investments, Loan against FD, Home loans ICICI Bank is India's second-largest bank with total assets of Rs. 3,634.00 billion (US$ 81 billion) at March 31, 2010 and profit after tax Rs. 40.25 billion (US$ 896 million) for the year ended March 31, 2010. The Bank has a network of 2,035 branches and about 5,518 ATMs in India and presence in 18 countries.
SBI Accounts and deposits including NRE, NRO, RFC, FCNR; Remittances, Investments, Home Loans, Car loans State Bank of India, India's largest bank was founded over two centuries ago and is the flagship of Indian banking. Has a group network of over 14000 branches
HDFC Bank Accounts and deposits, home loans, loans against securities, preferred banking, money transfer to India HDFC Bank was incorporated in August 1994, and, currently has an nationwide network of 1,725 Branches and 4,393 ATM's in 780 Indian towns and cities
Axis Bank NRI accounts including NRE savings account, NRO Savings account, NRI priority, RFC; Deposits including NRE Rupee deposit, NRO Rupee deposit, FCNR, RFC Term deposit; Remittance Axis Bank was the first of the new private banks to have begun operations in 1994, after the Government of India allowed new private banks to be established. The Bank has a network of over 4474 ATMs (as on 30th June 2010) providing 24 hrs a day banking convenience to its customers. This is one of the largest ATM networks in the country.
HSBC Bank Accounts & Deposits, Remittance & money transfer services The HSBC Group commenced operations in India in 1867 with a branch in Calcutta. In India, the Group provides 24 hour banking services through an extensive network of 155 in-branch and off branch ATMs, Phone Banking through an integrated Contact Centre, SMS alert services on mobile phone and internet banking
Punjab National Bank NRI Accounts & deposits, Housing loan, Remittance, Portfolio Investment scheme PNB is ranked as the 3rd largest bank in the country (after SBI and ICICI Bank) and has the 2nd largest network of branches (5002 offices including 5 overseas branches ).
Kotak Mahindra Bank NRI Saving accounts & Deposits, click2Remit remittance services, Mutual fund invesment for NRIs Established in 1985, the Kotak Mahindra group has been one of India's most reputed financial conglomerates. In February 2003, Kotak Mahindra Finance Ltd, the group's flagship company was given the license to carry on banking business by the Reserve Bank of India (RBI). Kotak Mahindra Bank has over 245 branches and a customer base of over 8 lakhs.