Best NRE Account in India for NRIs in 2024

When it’s about saving or investing your money in India or anywhere around, as an NRI, you will need an account for the same. While there are plenty of options to choose from, among the most popular ones is NRE saving account.

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Most NRIs (Non-resident Indians) choose an NRE account for multiple purposes such as savings, sending money to their family, and diversifying their portfolio. 

However, with so many bank options, it would be overwhelming to choose the best NRE account in India. But don’t worry — this guide is here to help you! 

What is an NRE Account? 

An NRE account (Non-Resident External Account) is a type of bank account in India that is quite popular among NRIs and Overseas Citizens of India (OCIs). With this account, you can manage your income from abroad and convert deposits in foreign currency into Indian rupees (INR). This amount can then be used for investment plan or other financial purposes. 

Who Can Open an NRE Account?

If you belong to any of the following categories, you can open an NRE account —

  • NRI
  • PIO (Person of Indian Origin)
  • OCI

Note: PIO was merged with OCI in 2015.

What Documents Are Required to Open an NRE Account?

To open an NRE account in India, you will need the following documents —

  • Valid passport and visa
  • Overseas address proof 
  • Current passport-size photographs
  • Account opening form

What are the Benefits of NRE Account? 

Here are the major NRE account benefits that you can enjoy as an NRI — 

Tax-free Interest You can earn tax-free interest on your savings
Flexible Fund Transfer You can easily transfer funds from your NRE account without any restrictions
Currency Conversation These accounts give you the flexibility to convert foreign currency into Indian Rupees (INR)
Joint Account Holding You can also open a joint account with another NRI or OCI and manage your finances efficiently
Repatriability You can conveniently manage your funds by transferring them to your family/relatives or use them for investment and other financial activities
Quick Fund Transfer Hassle-free experience of transferring funds between India and abroad as the NRE account allows you to quickly send a large sum of money
Investment Opportunities With this account, you can participate in various investment opportunities and benefit from India’s growing economy 
Innovative Online Services Most banks in India offer online or digital banking services that let you manage your account/funds remotely

Which Bank is Best for NRE Account in 2024?

Banks for NRE Account Interest Rate Minimum Balance Requirement Key Features
DBS Bank NRE Account Up to 3.5% per annum ₹25,000 (AED 1087.83)*
  • Free chequebook
  • Free monthly statements
  • Digital banking services
  • Investment opportunities, and more

HSBC NRE Bank Account

Starts from 2% p.a. ₹25,000 (AED 1087.83)*
  • Easy access to online banking
  • Family banking
  • Easy fund transfers to foreign accounts

Axis NRE Bank Account

Starts from 3% per annum ₹12,000 (AED 522.16)*
  • Numerous NRE account types
  • Tax-free interest
  • Easy to park your income, and so on
SBI NRE Account Starts from 2.7% p.a N/A
  • NRI family card
  • Internet banking
  • International or domestic debit card and more
HDFC NRE Account N/A ₹10,000 (AED 435.13)* in metro/urban areas and ₹5,000 (AED 217.57)* in semi-urban areas
  • Easy fund transfer
  • Tax-free interest
  • International debit card
  • 24x7 net banking, and so on
Yes Bank NRE Account  Starts from 3% p.a. N/A
  • Loan availability
  • International debit card
  • Exciting rewards, and more

IDFC First NRE Bank Account

Progressive rate starts from 3% p.a. N/A
  • 24x7 fund transfer
  • Tax savings on interest, 
  • Easy money transfers, and so on
Kotak Mahindra NRE Bank Account Starts from 3% p.a. ₹10,000 (AED 435.13)*
  • Easy money transfer
  • Phone banking
  • Global debit card, and more
ICICI NRE Account Starts from 3% p.a. ₹10,000 (AED 435.13)*
  • Free chequebook
  • Tax-free interest
  • No repatriation limits, and more
RBL Bank NRE Account Up to 7.5% p.a. ₹50,000 (AED 2175.65)*
  • Tax-free interest
  • Joint account availability
  • Quick fund transfers and more

Here is the list of the best banks for NRE accounts in India along with the key features — 

DBS Bank NRE Account

DBS Bank's NRE account allows NRIs to deposit their foreign-earned money in India and repatriate it. It also offers investment opportunities for them with joint or individual accounts. 

  • The account offers an attractive interest rate to maximise your savings 
  • Provides flexible management of your funds with tax-free interest
  • You can enjoy convenient banking services with an Internet banking facility 
     

HSBC NRE Bank Account

HSBC Bank is known for its trustable banking and finance services. With the NRE Bank Account on the HSBC Bank, you can save your money in Indian currency and use it for various purposes. 

  • Minimum balance required to operate an NRE Bank account 
  • Tax-efficient option to save more on your earnings 
  • You can easily transfer the funds to overseas bank accounts 

 

Axis NRE Bank Account

With its extensive international banking and financial services, Axis Bank is a top choice among NRIs for handling their foreign money. It features exclusive benefits, ensuring a seamless banking experience for customers. 

  • Tax benefits with an Axis NRE Bank Account  
  • Access to convenient mobile and internet banking services 
  • Utilise the AXIS Bank NRE account for investment opportunities 

 

SBI NRE Account

As India’s largest bank, SBI offers an NRE account that lets you enjoy unparalleled banking services and customer support. It features several facilities to meet your various needs. 

  • Save and manage your overseas earnings without any difficulties 
  • Range of account types available 
  • Manage your SBI NRE account from anywhere with SMS alerts and internet banking services 

 

HDFC NRE Account

HDFC, one of India’s leading private banks, offers various financial and banking services for NRIs to handle and manage their foreign-earned income. 

  • Easily transfer funds with high interest rates
  • You can shop with an international debit card whenever you want 
  • Enjoy a free email statement facility and personalised chequebook 

 

Yes Bank NRE Account 

As an NRI, you can get lucrative options to grow your foreign income with tax-free interest with Yes Bank. Moreover, it provides a personal relationship manager to ensure that you get an exceptional banking experience. 

  • Get high returns on your savings 
  • Personalised assistance and support from a relationship manager 
  • Seamless repatriation 

 

IDFC First NRE Bank Account

This bank is popular for its comprehensive suite of financial and banking services — an NRE Bank account is one of them. With IDFC First NRE Bank Account, you can enjoy several benefits tailored to meet your banking needs. 

  • High interest rates on your savings 
  • Robust customer support 
  • Easily manage your income with innovative Internet banking services 

 

Kotak Mahindra NRE Bank Account

With nominal balance requirements and a host of features, Kotak Mahindra Bank’s NRE account is among the top ones in India. As an NRI, you can easily save, invest, and transfer funds without any major restrictions. 

  • Enjoy internet banking services from the comfort of your home 
  • Low minimum balance 
  • Attractive interest on your savings

 

ICICI NRE Account

You can park your foreign income in an ICICI NRE Account with exclusive features such as a debit card, attractive rates, and more. With the account also allowing wire transfers in 8 currencies, it’s certainly one of the best options. 

  • Full repatriation available 
  • Get tax exemption on interest earned on your foreign income
  • Flexibility to manage your account with internet banking services 

 

RBL Bank NRE Account

RBL Bank NRE Account is ideal for those seeking high interest on their foreign income. It also offers a mobile banking facility through which you can manage your funds anywhere in the world. 

  • Maximise your savings with high interest rates
  • Funds held in the account are completely repatriable 
  • Easily manage your account with the RBL MoBank App 

Note: It’s advised to check the interest rates and balances with the bank before applying as they are subject to change over time. 

How to Choose the Best NRE Account? 

When opening an NRE account in India, take note of some points to get the best one for yourself — 

  • Always compare the interest rates of different banks to maximise your tax-free interest in India 
  • Look at the fees and charges required by the banks for maintenance and other services 
  • Choose the bank that offers quick and hassle-free money transfers from an NRE account to a foreign account or vice versa 
  • Make sure your bank is offering dedicated customer service for NRIs
  • Go for a bank that offers seamless online banking facilities 
  • Before opening an NRE account, read all the terms and conditions

Frequently Asked Questions

1. Can I have more than one NRE account in India?

Yes, NRIs can have multiple NRE accounts in India.

2. Are there any fees for not maintaining a minimum balance in an NRE account?

This depends on the bank. Some banks in India don’t have any such balance requirements, while others have and charge a fee for not meeting them.

3. How to open an NRE account in India?

You can easily open an account online from the bank’s website or visit a branch in person.

4. Which bank offers best NRE account in India?

While there is no specific bank that ranks first, the list of the top-rated banks offering the best NRI account services in India includes SBI, HDFC, ICICI, YES Bank, and more.

5. How can I find the best bank for an NRI account in India?

To find the best NRI account in India, you must compare the features, interest rates, minimum balance requirements, and other factors of the top accounts and make a choice as per your specific personal needs.

6. Should I transfer money to NRE or NRO?

The choice depends upon your needs. To save your money in Indian currencies only, an NRO account is advisable. But if you want to manage your money earned in foreign currencies, you must open an NRE account.

7. Can I withdraw money from my NRE account?

Yes, it’s possible to withdraw your money from an NRE bank account.

8. How is interest calculated on an NRE account?

The interest is calculated on a daily basis at the end of the day in an NRE account. Note that the interest rate is fixed by the bank.

9. Can I open an NRI account online?

Yes, various banks nowadays offer the facility to open an NRI account online.

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