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.
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:
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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.
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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.
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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.
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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.