Best NRE Savings Accounts for NRIs in India in 2024

The best NRE (Non-Resident External) Account in India for NRIs offers exclusive benefits and features tailored to meet the financial needs of Non-Resident Indians (NRIs). This makes it a top choice for managing finances while living abroad.

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What is an NRE Account in India?

An NRE (Non-Resident External) account in India is a type of bank account designed for Non-Resident Indians (NRIs) to park their foreign earnings. It allows NRIs to deposit and manage income earned abroad in Indian Rupees.

NRE accounts are maintained in Indian currency and offer easy repatriation of funds, meaning NRIs can freely transfer money back to their country of residence. These accounts are ideal for NRIs looking to invest in India or manage their finances from abroad.

Features of the Best NRE Account in India for an NRI

The key features of a Non-Resident External (NRE) account for an NRI are listed below:

  • High Interest Rates: Earn attractive interest rates on your NRE account balance.

  • Tax-Free: Interest earned on NRE accounts is tax-free in India, making it an ideal choice for NRIs.

  • Repatriation: Easily repatriate both principal and interest earned without any restrictions.

  • Currency Options: Available in major foreign currencies like USD, GBP, EUR, etc., providing flexibility.

  • Online Access: Convenient online banking facilities for easy account management from anywhere in the world.

  • Joint Accounts: Option to open joint NRE accounts with other NRIs for shared financial goals.

  • Nomination Facility: Nominate a beneficiary to ensure a smooth transfer of funds in case of unforeseen circumstances.

  • No Minimum Balance: Some accounts offer the flexibility of maintaining a zero minimum balance.

Best NRE Savings Account in India

Name of the Bank NRE Deposit Interest rates below Rs. 2 crores Minimum Balance
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
Bank of Baroda 6.75% 6.75% 7.05% 6.50% Rs. 50,000 average quarter 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.

Details of Best NRE Account in India for NRI in 2024

  1. Axis Bank NRE Account

    • Zero fees: No maintenance or remittance charges.

    • Global access: Free online/mobile banking & international debit card.

    • Tax-free: Interest earned escapes Indian tax.

    • Investment options: Grow your wealth through various schemes.

    • Repatriate funds: Transfer money abroad freely.

    • Multi-currency: Hold & manage different currencies.

    • Secure: Nominate beneficiaries for peace of mind.

  2. Bank of Baroda NRE Account

    • Easy Account Opening: Starts with $10,000, no minimum balance.

    • Global Convenience: Free online banking, international debit card, 24/7 support.

    • Multi-Currency: Hold up to 15 currencies, access competitive exchange rates.

    • Investment Options: Diversify your savings with fixed deposits, mutual funds, bonds.

    • Tax-Exempt Interest: Enjoy tax-free earnings on your NRE savings.

    • Loan Facility: Access loans against your account balance (subject to eligibility).

    • Automated Savings: Sweep-in facility invests surplus funds for higher returns.

    • Secure Future: Nominate beneficiaries for account balance protection.

  3. HDFC Bank NRE Account

    • No minimum balance: Easy to open, maintain ₹10,000 for interest.

    • Competitive FX rates: Convert currency seamlessly with favourable rates.

    • Global debit card: Access funds worldwide with international acceptance.

    • Earn interest: Grow your savings with competitive interest rates.

    • Easy fund transfers: Move money between accounts seamlessly.

    • Invest in diverse products: Mutual funds, fixed deposits, and more.

    • Priority banking (high balance): Enjoy personalized service with a Relationship Manager.

    • Exclusive wealth management (very high balance): Access specialized products for significant wealth growth.

    Investment Plans for NRIsInvestment Plans for NRIs
  4. Canara Bank NRE Account

    • Tax-free interest: Earn interest without paying taxes in India.

    • Full repatriation: Send your money abroad anytime, hassle-free.

    • Invest in India: Use your funds for Indian investments like fixed deposits, mutual funds, and bonds.

    • International debit card: Access your money worldwide with a Visa or Mastercard debit card.

    • Open to diverse NRIs: Crew members, OCI/PIO cardholders, and others are welcome.

    • Convenient banking: Manage your account online or through the mobile app.

    • Future-proof: Convert your account to RFC if you return to India.

  5. Citibank NRE Account

    • Zero fees: Enjoy no monthly maintenance charges.

    • Higher interest: Earn competitive interest rates on your balance.

    • Effortless repatriation: Easily transfer funds back to your home country.

    • Global access: Manage your account online, on the mobile app, or via 24/7 support.

    • Free debit card: Make purchases and withdraw cash worldwide without foreign transaction fees.

Benefits of Best NRE Account in India

The NRE account in India offers various benefits to an NRI, which are as follows:

  • Higher interest rates compared to regular savings accounts

  • Tax-free interest earnings for non-resident Indians (NRIs)

  • Convenient repatriation of funds from abroad

  • Easy access to funds through online banking

  • Option to hold funds in Indian rupees or foreign currency

  • Flexible deposit and withdrawal options

  • Dedicated customer support for NRE account holders

SIP Investment for NRIsSIP Investment for NRIs

Difference Between NRE and NRO Account

A concise comparison between NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts is listed below:

Aspect NRE Account NRO Account
Purpose For repatriation of foreign earnings For managing income earned in India
Currency Maintained in Indian Rupees (INR) Maintained in Indian Rupees (INR)
Repatriation Fully repatriable Partially repatriable
Taxation Tax-free Taxable
Source of Funds Income earned outside India Income earned in India
Deposits Can be in the form of foreign currency Only in Indian Rupees (INR)
Joint Account Can be held jointly with other NRIs Can be held jointly with residents or NRIs
Interest Tax-free Taxable
Investments Can't be used for certain investments Can be used for investments in India

FAQ's

  • What is an NRE account and who can open it?

    An NRE (Non-Resident External) account is a savings account in India specifically for Non-Resident Indians (NRIs). NRIs who spend less than 182 days in India in a financial year can open and maintain an NRE account.
  • What are the benefits of having an NRE account?

    • Tax-free interest income: Interest earned on NRE accounts is exempt from income tax in India.

    • Full repatriation of funds: You can freely repatriate your principal amount and earned interest back to your overseas account.

    • Favorable exchange rates: Many banks offer competitive exchange rates when transferring funds to your NRE account.

    • Multiple account options: NRE accounts come in various forms like savings, current, fixed deposit, and recurring deposit accounts.

    • Investment opportunities: Funds in your NRE account can be used for further investments in India.

  • What are the documents required to open an NRE account?

    Documents typically required include:

    • Valid passport and PIO/OCI card (if applicable)

    • Address proof in overseas country

    • Proof of NRI status (foreign resident certificate)

    • PAN card (optional)

  • Can I open an NRE account online?

    Yes, many banks offer online NRE account opening facilities for NRIs. You may need to upload scanned copies of your documents and complete an online application process.
  • What are the minimum balance requirements for NRE accounts?

    Minimum balance requirements vary depending on the bank and account type. Some banks may have no minimum balance requirement, while others may have a minimum of ₹5,000 or ₹10,000.
  • What are the interest rates offered on NRE accounts?

    Interest rates offered on NRE accounts vary depending on the bank, account type, and maturity period. You can compare rates from different banks before choosing an account.
  • Can I have a joint NRE account?

    Yes, you can have a joint NRE account with another NRI. However, both account holders must meet the NRI status criteria.
  • Can I use my NRE account for debit card transactions?

    Yes, many banks offer debit cards linked to NRE accounts, allowing you to make international purchases and ATM withdrawals.
  • What are the charges associated with NRE accounts?

    Banks may charge fees for account opening, account maintenance, transactions, and ATM withdrawals. Make sure to compare the fee structure of different banks before choosing an account.
  • Which bank offers the best NRE account for me?

    The "best" NRE account depends on your individual needs and priorities. Consider factors like interest rates, fees, minimum balance requirements, online banking features, and customer service when making your decision. Research and compare offerings from different banks before choosing an account.

Past 10 Year annualised returns as on 01-04-2024

^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.

Tax benefit is subject to changes in tax laws. Standard T&C Apply
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