Top 10 Best Savings Bank Accounts in India for NRIs
Here we are introducing Top 10 Best Savings Bank Accounts in India for NRIs. These banks are leading in the banking field. All are earned good reputation as well as popularity. Most of them won many awards. They truly made the NRI banking facility much easier to transfer funds to India without problem. Those who live outside India can easily open an NRE or NRO savings accounts through these banks. If you are looking for a good NRI bank in India for saving account, check out our list.
1. NRE Account
NRE Account is a best option for those who residing abroad or students who are studying as well as young professional of deputed oversees. If you are living outside India, you can open an NRE account. Besides, you can easily transfer funds via online. Tax advisory services, multi-city cheque books, low minimum balance requirement and online transaction capabilities are the features of this account.
2. NRO Account
NRO Account is suited for non-residents for the purpose of depositing income earned in India once you move overseas. It may be opened in the form of current, savings, fixed or recurring deposit accounts. When you are opening an NRO account in the name of individuals/, entities of Bangladesh ownership, entities of Pakistan nationality/ ownership requires prior approval of Reserve Bank of India. The difference between NRE and NRO is, the person can easily deposit Indian currency in NRO account, but this is not possible in NRE account. The NRE account is tax free, but NRO account is subject to tax.
3. Axis Bank NRI Account
Life Insurance Corporation of India (LIC), Unit Trust of India, General Insurance Corporation of India (GIC), The New India Assurance Company Ltd., National Insurance Company Ltd., United India Insurance Company Ltd. and The Oriental Insurance Company Ltd. are promoted the Axis Bank. It is one of the privileged private banks in India. The bank won many awards like ‘Best Loyalty Program of the year’ for the second year in a row, 9th Loyalty Awards 2016, ‘Best Performing Private Bank’ award at the Financial Advisor Awards 2015-16 and ‘Best Reward Program of the year’ for the second year in a row, 9th Loyalty Awards 2016.
4. State Bank of India’s NRI Account
State Bank of India is considered as the largest bank in India. This is the only bank from the Indian subcontinent in the elite group of Fortune 500 companies. Its branches are fully computerized. This bank is a government owned undertaking that looks to provide financial services to the Indian and NRI clients. It has many branches all across the globe. You can easily maintain the account with zero balance.
5. HSBC Bank NRI Account
HSBC Bank is a known as one of the world’s largest banking and financial services organizations, which has four global businesses such as Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets and Global Private Banking. It serves more than 45 million customers through these global businesses. The bank has network in 71 countries. It was opened in Hong Kong on 3 March 1865.
6. YES Bank NRI Account
Yes Bank is a well known India’s fifth largest private sector Bank, which was established by Rana Kapoor in 2004. This bank is headquartered in Mumbai, India. It won many awards and recognition. The bank will provide a cheque book as well as debit card to the account holders. This cheque book and debit card are accessible worldwide. It also received ISO 14001:2004 certification in the year 2013. There is 24 hours internet banking facility is available.
7. ICICI Bank NRI Account
ICICI Bank is a well known Indian multinational banking and financial services company, which was set up in 1994. Its headquarters located in Mumbai, Maharashtra, India. This bank was known as the second largest bank in India in terms of assets. They introduced internet banking operations in 1998. It provides various kinds of banking products and financial services to corporate and retail customers. The bank will provide International ATM and Debit card provided. Those who residing abroad for employment, studies or business can open an NRI account.
8. HDFC Bank NRI Account
HDFC Bank an Indian banking and financial services company, which was formed in 1994. There are almost 4000 branches across India. They are the largest bank in India by market capitalization as of February 2016. The bank is headquartered in Mumbai, Maharashtra. They were ranked 69th BrandZ Top 100 Most Valuable Global Brands in 2016. Any non-resident Indians with Indian nationality can open the account.
9. Punjab National Bank’s NRI Account
Punjab National Bank is known as a domestically largest nationalized bank, which was founded in the year 1894. This is an Indian multinational banking and financial services company as well as state-owned corporation. The headquarters located in New Delhi, India. It was won ‘Golden Peacock National Training Award’ in the year 2016. Their accounts are easy to operate. The bank has been serving around 80 million customers.
10. Citibank NRI Account
Citibank is known as the consumer division of financial services multinational Citigroup, which was formed in 1812. The headquarters of the bank is located in New York City, United States. It is a US based multinational financial service firm. Any non-resident Indians with Indian nationality can open their account. They have an exclusive set of customers. The account holder can use the online facility to deposit funds.
11. Canara Bank NRI Account
Canara Bank is a well known Indian state-owned bank, which is located in Bangalore, Karnataka and was founded at Mangalore in 1906. They have offices abroad in Hong Kong, Moscow, London, South Africa, Dubai, Shanghai, Doha, Bahrain, Tanzania and New York. It has specialized services for non-resident Indians. They have lots of branches across the globe. This bank sponsors two regional, rural banks (RRB): Kerala Gramin Bank and Pragathi Krishna Gramin Bank.The NRE account offers remittance from abroad. Besides, this account is free of tax.
12. South Indian Bank NRI Account
South Indian Bank is considered as a major private sector bank, which was established in the year 1929. Its headquarters located in Thrissur, Kerala, India. They gained good reputation in the banking field. The bank offer NRO as well as the NRE accounts for the non-resident Indians. There are a number of branches and customers can be easily approached these branches.