Top 10 NRO and NRE Banks in India

For any Non-Resident Indian (NRI) willing to invest in India, a savings account is a must which cannot be the regular savings account offered to the residents of India. Hence, to uplift the investment opportunity for NRIs, some of the top banks have come up with specialized deposit accounts especially for them, that is, NRO (Non-Resident Ordinary) account and NRE (Non-Resident External) account.

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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

Particulars NRO Account NRE Account
Account Purpose Account opened with earnings made in India from Indian assets or investments like dividend, rent, interest, etc. and denominated in Indian Rupees Account opened with earnings from the foreign residing country and denominated in (INR) Indian Rupee
Account Type Savings, Recurring, or Current Savings, Recurring, or Current
Currency denomination INR INR
Joint holding facility Can be held with other Indian residents or NRI Can be held with other NRI
Tenure of fixed deposits As applicable to resident accounts From 1 to 3 years. For Asset-Liability Management purposes account can be held for a longer period
Repatriation Facility Interest earned is fully repatriated Balance is fully repatriable
Exchange rates Does not fluctuate in any circumstance Fluctuates with respect to existing exchange rates
Taxability Interest income is taxable Tax is exempted on the interest income

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.

Past 5 Year annualised returns as on 01-07-2024

^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in 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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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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