NRI Banking: The best Bank for NRI

 

NRI Banking: The best Bank for NRI

Are NRI (Non-Resident Indian) and looking for the best banking services in India for your investments? Well, than this article will help you a lot. In this article, I will tell you from my own personal experiences that which Indian banks are best for NRIs?

Banking Services for NRIs

NRIs can open following types of accounts and services with Indian Banks.

• Non-Resident Ordinary Account (NRO)
• Non-Resident External Rupee Account (NRE)
• Non-Resident Foreign Currency Account (FCNR)

You can remit assets up to a limit of US$ 100,000 per year through banking channels. This amount is exempt from income tax in India.

The above are the 3 basic types of accounts that you can open in many Indian banks as an NRI.

Now, the main question is that which Indian bank offer fast, accurate and smooth NRI services? Almost every Indian bank offers the above 3 accounts but it is very important to know that which bank to prefer?

Best Indian Banks for NRIs

Well, I have not personally tried or reviewed any NRI banking services of any bank. But according to statistics of NRI Banking accounts of various reputed Indian Banks, the Citibank has 200,000+ NRI account. Thus, we can assume that Citibank is the most preferred NRI Bank among the NRIs.

Citibank NRI account can be open with just $ 1000 and with the help of its online banking you can transfer the funds between your country and India very easily.

Second best Bank for NRIs is ICICI Bank. ICICI Bank is growing at very faster rate in providing NRI services.

Other Indian banks which holds bulk of NRI accounts are,

- HSBC
- Standard Chartered
- American Express Bank
- State Bank of India (SBI)
- ABN Amro

Thus, all of the above are the best banks for NRI services. So choose any of the above banks for smooth services.