12 Best NRE Savings Accounts for NRIs in India – Know Meaning, Benefits and Features of NRE Account

Best saving solutions and NRE account in India specialized for NRIs!

Are you a Non-Residential Indian who wants to invest in your home country? Well, if your answer is yes, then you can choose the best NRI account in India. There are several banks and financial institutions that will enable you to open an NRE account. Curious to know what an NRE account is? Let us discuss the NRE account here.

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What is an NRE account?

A Non-Residential External account also called an NRE account, is one type of savings account for NRIs. This means, if you are an NRI, you can transfer your money to one such account in India.

Salient features related to NRE account:

• The denomination in the account is in Indian Rupees
• You can open a joint NRE account but the other party has to be an NRI
• The deposits that you make in the NRE account have to be the earnings of a foreign country and not of India
• While withdrawing, the currency will be of the country where the NRI lives in
• You can transfer funds from one NRE account to another NRE or NRO account, smoothly
• There are various types of NRE accounts, such as Savings Accounts, Current Accounts, Fixed Deposit Accounts, and Recurring Deposit Accounts
• As an NRI, you can make investments in India through your NRE account.

Benefits of NRE account

Before you choose the best Non-Residential External (NRE) account in India, you must be aware of the benefits that are related to one such account. Let us discuss some of the benefits here today.

• The interest you receive on the NRE account is not taxable in India
• The money is open to currency exchange risk
• You can get NRE facilities in the majority of the banks in India
• You can transfer funds at decent rates to your NRE account
• You will have access to mobile and internet facilities. This means you can operate your account even when you are not in India.

Best banks for NRE account in India

While you are looking for banks that offer NRI accounts, you will come across many of them. Here are some of the best NRE accounts in India.

Top 12 Banks for NRE Accounts in India 2023 – Key Features, Interest Rates, and MAB

Let us explain them a bit more.

1. Citibank NRE account

• On average, you have to maintain a minimum balance of INR 80,000
• The deposit rate for an NRE account in Citibank starts at 2.75% for a year
• You can have access to Net Banking and Debit Cards facilities.

2. Axis Bank NRE account

• You would be required to maintain a minimum balance of INR 10,000
• The rate of deposits starts at 5.15% for a year
• On your behalf, someone who resides in India can operate the account
• You would get access to Net Banking.

3. Bank of Baroda NRE account

• The minimum amount of balance that you would be required to maintain in the account is INR 50,000 per quarter
• You can avail of 24 hour Net Banking facility
• The rate of deposit starts at 4.90% per year
• The interest you earn on your NRE income is tax exempted.

4. HDFC Bank NRE account

• For rural areas, the minimum balance to be maintained is INR 5000; and for urban areas, the minimum balance to be maintained is INR 10,000
• The rate of deposit starts at 4.90% for a year
• You can avail of Internet banking facilities as well as international debit cards.

5. RBL Bank NRE account

• The minimum balance to be maintained is INR 50,000
• The rate of interest starts at 5.40% for a year
• You will have access to both Internet Banking and International Debit Cards.

6. State Bank of India NRE account

• The minimum balance to be maintained in rural areas is INR 50,000; while in urban areas, it is INR 1,00,000
• The rate of deposit starts at 4.90% in a year
• You will be able to use their Internet Banking facilities and International Debit Cards.

7. YES Bank NRE account

• The minimum balance you have to maintain in this NRE account is INR 10,000
• The rate of deposit starts at 6.50% for a year
• You would be able to avail of the Internet Banking facility
• A personal relationship manager will be assigned to you.

8. DBS Bank NRE account

• The minimum balance that has to be maintained in this NRE account is INR 5 Lakh
• The rate of deposit starts at 4.25% for a year
• You will have access to the Internet facility
• You will also get a nomination facility.

9. SBM Bank NRE account

• Unlike NRE accounts in other banks, you do not need to maintain any minimum balance in this account
• The rate of deposit starts at 6.50% for a year
• The principal amount, as well as interest, are repatriable.

10. Kotak Mahindra Bank NRE account

• The minimum balance to be maintained on average is INR 10,000
• The rate of interest starts at 4.60% for a year
• Both home banking and internet banking are available
• Only the NRIs and PIOs can open this account.

11. ICICI Bank NRE account

• The minimum balance that must be maintained is INR 10,000
• The rate of interest starts at 4.40% for a year
• It comes with an Internet Banking facility.

12. Canara Bank NRE account

• You have to maintain an average balance of INR 100,000 in this NRE account
• The rate of deposit in this account starts at 5.25% for a year
• You will also come across several deposit schemes
• You will get the nomination facility.

From the above-mentioned list, you can choose the best bank for NRE account, as per your preference.

Related Articles by PayBima

• Difference Between Non-Resident Indian (NRI) and Non-Resident External (NRE) Accounts
• NRI Account – Types and Benefits

 

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