Best NRE Savings Accounts for NRIs in 2022

India is a growing economy and is getting a lot of global recognition these days. It has shown immense growth in the past two decades. Growth in the economy is the reason why India is attracting Foreign Direct Investments (FDIs). So much so that the Non-Resident Indians (NRIs) have also started considering investing in India as one of the most viable options.

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Indian Government with the help of their banks and other financial institutions is opening more doors for NRIs (Non-Resident Indians) to invest in their home country and hence is coming up with vital options so that NRIs can diversify their global portfolio. With a plethora of options available in the financial market these days, let us have a look at some of the best NRE savings account options for NRIs in the coming year of 2022.

What Is an NRI Account?

An NRI or Non-Residential Indian is a person who has been residing outside the geographical boundaries of India for a minimum of 120 days and stayed in India for less than 365 days in the preceding 4 years. An Indian can be termed as an NRI with immediate effects if they leave their home country with the purpose of attaining employment in a foreign country.  All NRIs, in order to make any kind of investment in India, have to have an NRI account. One can choose between an NRE or an NRO account as per their requirement. 

Investment Plans for NRIsInvestment Plans for NRIs

NRE Savings Account

An NRE Account or Non-Resident External account is a kind of savings account for NRIs that allows them to transfer their income to India.

Here are some key features related to NRE Account:

  • The account shall be denominated in Indian Rupees.

  • An NRE account can be in the form of a Current account, Savings account, Recurring Deposit account, or Fixed Deposit account.

  • NRIs and PIOs can open an NRE account in India with an authorized bank under the guidelines of RBI (Reserve Bank of India).

  • An NRE account can be operated jointly but only with another NRI.

  • Deposits in an NRE account can be made of earnings from a foreign country only and not of earnings made in India.

  • Withdrawals can be made in the currency in which the NRI resides in and therefore there is a possibility of amount fluctuation.

  • Funds from one NRE account can be transferred to another NRE or NRO account easily.

  • Income from the NRE account is tax-free as the principal and interest amounts are exempted from taxation.

  • Investments in India can be made with the help of the NRE (Non-Resident External) account.

Best NRE Savings Account for NRIs in 2022

Here is a list of some of the top banks in India that offer NRE Savings account to NRIs at the best interest rates.

Name of the Bank NRE Deposit Interest rates below Rs. 2 crores Minimum Balance
1 year 2 years 3 years 5 years
Axis Bank 5.15% 5.25% 5.40% 5.50% Rs. 10,000 or Rs. 25,000, depending on the account
Bank of Baroda 4.90% 5.00% 5.10% 5.25% Rs. 50,000 average quarter balance
Bank of India 5.25% 5.30% 5.30% 5.30% Minimum Balance: Rs. 200 per quarter
Canara Bank 5.25% 5.40% 5.50% 5.50% Rs. 1 lakh
Citibank 2.75% 3.00% 3.50% 3.50% Rs. 80,000
DBS Bank 4.25% 4.75% 5.50% 5.50% Rs. 5,00,000
HDFC Bank 4.90% 4.90% 5.15% 5.30% Rs. 10,000 (Urban and Metro city branch)
Rs. 5,000 (Rural city branch)
ICICI Bank 4.90% 5.00% 5.15% 5.35% Rs. 10,000 
Kotak Mahindra Bank 4.60% 4.75% 4.75% 4.50% Rs. 10,000 
RBL Bank 5.40% 6.10% 6.10% 6.30% Rs. 50,000
SBM Bank 6.50% 6.50% 7.50% 6.50% 0 Balance
State Bank of India 4.90% 5.10% 5.30% 5.40% Rs. 1,00,000 (Urban and Metro city branch)
Rs. 50,000 (Rural city branch)
YES Bank 6.50% 6.50% 6.75% 6.75% 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

Here are some important features related to some of the top NRE savings bank accounts for Non-Resident Indians in 2022.

  1. Axis Bank NRE Account

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

    • NRE deposit rates for Axis bank start from 5.15% for 1 year.

    • The account can be operated jointly by an Indian resident on behalf of the NRI.

    • The account can be managed easily through net banking.

  2. Bank of Baroda NRE Account

    • The average minimum balance in an NRE Bank of Baroda account is Rs. 50,000 per quarter.

    • NRE deposit rates start from 4.90% for 1 year.

    • 24-hour net banking facility available.

    • Tax exemption is available on the interest earned on NRE income.

  3. Canara Bank NRE Account

    • The average minimum balance in an NRE account is Rs. 1,00,000.

    • NRE account deposit rates start from 5.25% for 1 year.

    • Various other deposit schemes are available for NRIs.

    • The nomination facility is available in the Canara bank NRE account.

  4. Citibank NRE Account

    • Generally, the average minimum balance in a Citibank NRE account is Rs. 80,000.

    • The amount may vary from one country to another.

    • NRE account deposit rate start from 2.75% for 1 year.

    • Debit cards and net banking facilities are available for the account holders.

  5. DBS Bank NRE Account

    • Average minimum balance in an NRE account is Rs. 5 lakhs.

    • NRE account deposit rate starts from 4.25% for 1 year.

    • A nomination facility is available and it also offers the facility of 2 or more joint account holders.

    • Internet banking facility is available for all the account holders.

  6. HDFC Bank NRE Account

    • The average balance in an HDFC NRE account is:

      • Rs. 10,000 in urban cities

      • Rs. 5,000 in rural areas

    • NRE account deposit rate starts from 4.90% for 1 year.

    • Internet banking facilities and international debit cards are available for all NRE account holders.

  7. ICICI Bank NRE Account

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

    • The interest rate starts from 4.40% for 1 year.

    • Tax exemption and full repatriability of funds available in India.

    • Internet banking facility available for all.

  8. Kotak Mahindra Bank NRE Account

    • The average minimum balance of Kotak Mahindra bank NRE account is Rs. 10,000 monthly.

    • The interest rate starts from 4.60% for 1 year.

    • Internet banking and home banking are available in India.

    • The account can be opened jointly by NRIs and PIOs only.

  9. RBL Bank NRE Account

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

    • The interest rate starts from 5.40% for 1 year.

    • Internet banking is available for all account holders.

    • International debit card services are also available.

  10. SBM Bank NRE Account

    • There is no minimum balance applicable for the SBM NRE account.

    • The interest rate starts from 6.50% for 1 year.

    • The principal amount and interest are fully repatriable.

  11. State Bank of India NRE Account

    • The average balance in a State Bank of India NRE account is:

      • Rs. 1,00,000 in urban cities

      • Rs. 50,000 in rural areas

    • NRE account deposit rate starts from 4.90% for 1 year.

    • Internet banking facilities and international debit cards are available for all NRE account holders.

  12. Yes Bank NRE Account

    • The average balance in Yes Bank NRE Account is Rs. 10,000.

    • NRE account deposit rate starts from 6.50% for 1 year.

    • Internet banking facility is available for all the account holders.

    • A personal relationship manager is assigned to all the account holders.

Investment Plans for NRIsInvestment Plans for NRIs

NRE Savings Account Benefits

Here are some of the main benefits of an NRE Savings account:

  • Money can be transferred at decent rates in an NRE account.

  • Interest on NRE accounts is not taxable in India.

  • Most of the banks offer mobile and internet banking facilities making it easier for NRIs.

  • Most of the banks offer joint holder facilities in an NRE account.

  • Funds are open to currency exchange risk in NRE accounts.

  • Most of the Indian banks offer NRE account facilities.

  • Interest rate, minimum balance, and other important features may vary from one bank to another.

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