Best NRE Savings Accounts for NRIs in 2024

Non-Resident Indians (NRIs) looking to maintain a savings account in India have a variety of options, each offering unique benefits and features tailored to suit their lifestyle. NRE (Non-Resident External) Savings Accounts have emerged as a popular choice for NRIs who wish to park their foreign earnings in India, earn attractive tax-free interest, and enjoy the flexibility of repatriation.

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What is an NRI Account?

An NRI, or Non-Residential Indian, is an individual who resides outside India for at least 120 days in a year and has spent less than 365 days in India over the last four years. An individual is immediately classified as an NRI upon leaving India to seek employment abroad. For NRIs looking to invest in India, it is mandatory to open an NRI account. They have the option to select between an NRE (Non-Resident External) account and an NRO (Non-Resident Ordinary) account, depending on their financial needs and objectives.

NRE Savings Account

An NRE Savings Account is a specialized savings vehicle designed for Non-Resident Indians (NRIs), enabling them to remit their overseas earnings back to India with ease.

Key features of the best NRE Account include:

  • Currency: The account is maintained in Indian Rupees (INR).

  • Account Types: Options include Current, Savings, Recurring Deposit, and Fixed Deposit accounts.

  • Eligibility: NRIs and Persons of Indian Origin (PIOs) can open an NRE account, subject to fulfilling criteria set by the Reserve Bank of India (RBI).

  • Joint Accounts: An NRE account can be jointly held, provided the other account holder is also an NRI.

  • Deposit Sources: Funds deposited must originate from abroad, as income earned within India is not permissible.

  • Withdrawals: Account holders can withdraw in the local currency of their residence, which may lead to value fluctuations due to exchange rates.

  • Fund Transfers: Transferring funds between NRE accounts, or to NRO (Non-Resident Ordinary) accounts, is straightforward.

  • Tax Benefits: The balance and interest earned in the NRE account are not subject to Indian tax.

  • Investment Opportunities: The NRE account serves as a gateway for NRIs to invest in Indian markets and assets.

Best NRE Account for NRIs in 2024

Name of the Bank NRE Deposit Interest rates below Rs. 2 crores Minimum Balance Requirement
1 year 2 years 3 years 5 years
Axis Bank 6.75% 7.20% 7.00% 7.00% Rs. 10,000 or Rs. 25,000, depending on the account type
Bank of Baroda 6.75% 6.75% 7.05% 6.50% Rs. 50,000 average quarterly balance
Bank of India 6.00% 6.75% 6.50% 6.00% Minimum Balance: Rs. 200 per quarter
Canara Bank 6.90% 6.85% 6.80% 6.70% Rs. 1 lakh
Citibank 6.75% 7.20% 7.00% 7.00% Rs. 80,000
DBS Bank 6.25% 5.75% 5.00% 5.00% Rs. 5,00,000
HDFC Bank 6.60% 7.00% 7.00% 7.00% Rs. 10,000 (Urban and Metro city branch)
Rs. 5,000 (Rural city branch)
ICICI Bank 6.70% 7.00% 7.00% 6.90% Rs. 10,000
Kotak Mahindra Bank 7.10% 7.00% 6.50% 6.20% Rs. 10,000
RBL Bank 7.00% 7.50% 7.10% 7.00% Rs. 50,000
SBM Bank 7.05% 7.30% 7.40% 7.75% 0 Balance
State Bank of India 6.80% 7.00% 6.50% 6.50% Rs. 1,00,000 (Urban and Metro city branch)
Rs. 50,000 (Rural city branch)
YES Bank 7.50% 7.25% 7.25% 7.00% Rs. 10,000

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular company or product. The investment risk in the investment portfolio is borne by the policyholder.

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Key Features of NRE Account Saving Banks

  1. Axis Bank NRE Account

    • The required average monthly balance in an NRE Axis bank account is Rs. 10,000.

    • NRE deposit rates for Axis Bank begin at 5.15% for deposits with a tenure of 1 year.

    • The account permits operation by an Indian resident as a joint account holder with the NRI.

    • Convenient management of the account through internet banking is available.

  2. Bank of Baroda NRE Account

    • The average quarterly balance requirement is Rs. 50,000.

    • NRE deposit rates are competitive, starting at 4.90% for a 1-year term.

    • Access to 24-hour internet banking services.

    • Interest earned on NRE account deposits is exempt from Indian income tax.

  3. Canara Bank NRE Account

    • An average minimum balance of Rs. 1,00,000 is to be maintained.

    • Attractive NRE deposit rates start at 5.25% for 1 year.

    • A variety of deposit schemes are tailored to the needs of NRIs.

    • Nomination is available for these accounts.

  4. Citibank NRE Account

    • The average minimum balance requirement is Rs. 80,000 but may vary based on the country of residence.

    • NRE deposit rates start at 2.75% for a 1-year duration.

    • Debit card and Internet banking facilities are provided to account holders.

  5. DBS Bank NRE Account

    • An average minimum balance of Rs. 5 lakhs is required for maintaining an NRE account.

    • NRE deposit rates begin at 4.25% for a 1-year term.

    • The account comes with a nomination facility and allows for joint holding with two or more NRIs.

    • Internet banking facility is available for convenient account management.

  6. HDFC Bank NRE Account

    • The average balance requirement for an HDFC NRE account is:

    • Rs. 10,000 in urban branches

    • Rs. 5,000 in semi-urban and rural branches

    • NRE account deposit rates start at 4.90% for a 1-year term.

    • Internet banking facilities and international debit card options are available.

    Investment Plans for NRIsInvestment Plans for NRIs
  7. ICICI Bank NRE Account

    • The average minimum balance in an NRE account is Rs. 10,000.

    • Interest rates start from 4.40% for a 1-year fixed deposit.

    • The account offers tax exemption on interest income and full repatriability of funds back to the country of residence.

    • Internet banking is available for all account holders.

  8. Kotak Mahindra Bank NRE Account

    • The Kotak Mahindra Bank NRE account requires an average monthly balance of Rs. 10,000.

    • Interest rates start at 4.60% for a 1-year deposit.

    • Internet banking and home banking facilities are available in India.

    • The account can be opened jointly with other NRIs or Persons of Indian Origin (PIOs).

  9. RBL Bank NRE Account

    • The average minimum balance for the NRE account is Rs. 50,000.

    • Interest rates start at 5.40% for a 1-year fixed deposit.

    • Internet banking is available for all account holders, along with international debit card services.

  10. SBM Bank NRE Account

    • No minimum balance requirement is set for the SBM NRE account.

    • The interest rate is attractive, starting at 6.50% for a 1-year deposit.

    • Both the principal amount and the interest earned are fully repatriable.

  11. State Bank of India NRE Account:

    • The required average monthly balance for an SBI NRE Savings account is Rs. 1,00,000 for urban branches and Rs. 50,000 for rural branches.

    • The NRE account offers a competitive deposit rate starting from 4.90% per annum

    • Internet banking facilities are available, enabling NRIs to manage their finances from anywhere in the world.

    • International debit cards are issued to NRE account holders, allowing easy access to funds globally.

  12. Yes Bank NRE Account:

    • The average monthly balance requirement is Rs 10,000, 

    • Attractive deposit rates starting from 6.50% per annum for a 1-year term

    • Internet banking facilities are provided to all NRE account holders

    • A dedicated personal relationship manager is available to NRE account holders

NRE Savings Account Benefits

NRE Savings Account Advantages for NRIs:

  • Transfer funds efficiently with competitive rates.

  • Interest earned is tax-free in India.

  • Mobile and internet banking options for convenient access.

  • Option for joint accounts with other NRIs.

  • Subject to currency fluctuation risks.

  • Widely available across Indian banks.

  • Interest rates and minimum balance requirements differ by bank.

SIP Investment for NRIsSIP Investment for NRIs

Best NRO Savings Account for NRIs in 2024

Name of the Bank NRO Deposit Interest Rates Below Rs. 2 Crore Minimum Balance
Axis Bank 4.40% to 5.40% Rs. 10,000 to Rs. 10,00,000
Bank of Baroda 2.75% Rs.1,000
Citi Bank 2.50% Rs,2,00,000
DBS Bank 3.00% Rs. 5,00,000
HDFC Bank 3.00% Rs.10,000
ICICI Bank 3.00% Rs. 10,000
Kotak Mahindra Bank 3.50% Rs.10,000
RBL Bank 4.25% Rs. 50,000
State Bank of India 2.70% Rs.1,00,000
Yes Bank 4.00% Rs. 10,000

Key Features of NRO Account Saving Banks

Here are some of the main benefits of the best NRE (Non-Resident External) Savings account:

  1. Axis Bank NRE Account

    • The average minimum balance required for an NRE savings account with Axis Bank is Rs. 10,000l.

    • The rate of interest for NRE savings accounts is competitive, allowing NRIs to earn tax-free interest in India.

    • NRIs are free to repatriate both the principal and the interest earned on their NRE account without any upper limit.

  2. Bank of Baroda NRE Account

    • The average minimum balance for an NRE account is Rs. 1,000, making it accessible for NRIs with varying financial capabilities.

    • The interest earned on NRE accounts with the Bank of Baroda is tax-free in India.

    • Offers convenient net banking facilities for global access.

  3. Citi Bank NRE Account

    • The minimum balance requirement for a Citi Bank NRE savings account is Rs. 2,00,000.

    • NRIs can enjoy competitive interest rates on their savings, with the interest being not taxable in India.

    • Provides secure net banking facilities for easy international transactions.

  4. DBS Bank NRE Account

    • An NRE account with DBS Bank requires a minimum balance of Rs. 5,00,000.

    • The interest rates are attractive, and the interest earned is exempt from tax in India.

    • The option for a joint NRE account is available, with the other account holder also being an NRI.

  5. HDFC Bank NRE Account

    • The minimum balance requirement for an NRE account with HDFC Bank is Rs. 10,000.

    • Offers competitive interest rates on the NRE savings account, with the benefit of tax-free interest in India.

    • The net banking facility ensures smooth banking operations for NRIs across the globe.

  6. ICICI Bank NRE Account

    • An NRI needs to maintain a minimum balance of Rs. 10,000 in their NRE account.

    • The interest rates are attractive, and NRIs can enjoy tax-free interest on their deposits.

    • Provides a simple and secure online platform for money transfers internationally.

    Investment Plans for NRIsInvestment Plans for NRIs
  7. Kotak Mahindra Bank NRE Account

    • The minimum balance for an NRE account is Rs. 10,000, making it easily maintainable for NRIs.

    • Interest earned on NRE accounts is not only competitive but also not taxable in India.

    • 24/7 phone banking services are available for NRIs to manage their accounts conveniently.

  8. RBL Bank NRE Account

    • An NRI must maintain a minimum balance of Rs. 50,000 in their RBL Bank NRE account.

    • The interest rates are competitive, and the interest income is exempt from Indian taxes.

    • Net banking facilities are provided for easy account operation from anywhere in the world.

  9. State Bank of India NRE Account

    • The minimum balance requirement for an NRE account with SBI is Rs. 1,00,000.

    • The interest rates are competitive, with the advantage of the interest being tax-free in India.

    • The account can be opened either jointly with another NRI or as an individual account.

  10. Yes Bank NRE Account

    • An NRI needs to maintain a minimum balance of Rs. 10,000 in their Yes Bank NRE account.

    • Offers a good rate of interest, which is not subject to tax in India.

    • The net banking facility simplifies the RTGS or NEFT payment process for global transactions.

FAQ's

  • Where should I open my NRE account?

    You can open an NRE account at any bank in India that offers NRE accounts. Some of the most popular banks for NRE accounts include HDFC Bank, SBI, ICICI Bank, and Axis Bank.
  • Can we have 2 NRE accounts?

    Yes, you can have more than one NRE account. However, you will need to open each account with a different bank.
  • Which is better, NRI or NRE?

    NRI and NRE are not mutually exclusive terms. NRI stands for Non-Resident Indian, and NRE stands for Non-Resident External. An NRI is an Indian citizen who lives outside of India for more than 182 days in a financial year. An NRE account is a type of savings account that can be opened by NRIs in India to hold their foreign income.

    The main difference between an NRI and an NRE is that an NRI can also hold an NRO account, while an NRE account holder cannot. An NRO account is a type of savings account that can be opened by NRIs in India to hold their income earned in India.

Past 10 Year annualised returns as on 01-07-2024

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