Top 10 NRO and NRE Banks in India

NRO and NRE accounts are specially designed keeping in mind the financial needs of Non-Resident Indians. Non-Resident Ordinary (NRO) accounts, on one hand, allows NRIs to deposit their income earned in India from various sources like rent, dividends, etc., whereas the Non-Resident External (NRE) accounts allow NRIs to deposit their foreign income or earnings to India.

Here are the top 10 NRO and NRE Banks in India where an NRI can surely think of putting their savings and receive decent returns.

Top 10 NRO and NRE Banks in India

1. Top 10 NRO Banks in India

   Bank Name	Regular Interest Rates	Senior Citizen Interest Rates	Minimum Balance
   Axis Bank	2.70% - 5.50%	3.50% - 7.25%	Rs. 10,000 - Rs. 10 lakhs
   Bank of Baroda	2.90% - 5.30%	4.50% - 7.30%	Rs. 1,000
   Citi Bank	2.75% - 3.90%	NA	Rs. 2 lakhs
   DBS Bank	3.00% - 5.00%	3.00% - 5.00%	Rs. 50,000
   HDFC Bank	2.75% - 5.50%	3.25% - 6.25%	Metro Areas - Rs. 10,000 Semi-urban Areas - Rs. 5,000
   ICICI Bank	2.50% - 5.45%	NA	Rs. 10,000
   Kotak Mahindra Bank	2.75% - 4.50%	2.75% - 4.50%	Rs. 10,000
   RBL Bank	3.25% - 6.25%	NA	Rs. 50,000
   State Bank of India	2.90% - 5.40%	3.40% - 6.20%	Rs. 1 lakh
   Yes Bank	5.00% - 7.00%	NA	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.

2. Top 10 NRE Banks in India

   Bank Name	NRE Interest Rate for less than Rs. 2 crores per annum
   	1 year	1 year to 3 years	3 years to 5 years	5 years to 10 years
   Axis Bank	5.15%	5.40%	5.40%	5.50%
   Bank of Baroda	4.90%	5.00% - 5.10%	5.25%	5.25%
   Federal Bank	5.10%	5.10% - 5.50%	5.35%	5.50%
   IndusInd Bank	6.50%	6.50%	6.50%	6.25%
   Syndicate Bank	5.20%	5.20% - 5.40%	5.50%	5.50%
   Punjab National Bank	5.20%	5.20%	5.30%	5.30%
   Kotak Mahindra Bank	4.50%	4.50% - 5.00%	5.10% - 5.25%	5.30%
   RBL Bank	5.40%	6.10%	6.30%	6.30%
   State Bank of India	5.00%	5.00% - 5.10%	5.30%	5.40%
   Yes Bank	6.25%	6.25% - 6.50%	6.75%	6.75%

   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.

Difference Between NRO and NRE Accounts

How to Choose the Right NRI Account?

Many banks are offering Non-Resident Indian (NRI) account options in India but the main question arises as to which bank one should choose for investment? Here are some reasons one should take into consideration while looking for an NRI bank account in India:

1. NRO Vs NRE Account

   It is important to know what is the source of income of the NRI before opting for either NRE or NRO deposit account option. Non-Resident External (NRE) accounts allow NRIs to deposit their foreign income or earnings to India whereas Non-Resident Ordinary (NRO) accounts allow NRIs to deposit their income earned in India from various sources like rent, dividends, etc.

2. Deposit Interest Rate

   Every bank offers different Interest rates, both for their NRE Accounts and NRO Accounts. An NRI, before making any kind of investment, should study carefully and select the Bank that suits their requirements the best.

3. Minimum Balance Maintenance

   Different banks have different minimum balances for maintenance if one opts for an NRE or NRO Deposit account. An NRI should go for a bank that matches their financial ability to maintain that minimum balance and not leave them over-burdened.

4. Convenience

   Every Non-Resident Indian (NRI) should go for the bank they find most convenient. For example, some look for easy accessibility of the NRE/NRO account, other looks for nearby branch, online banking facility, etc.