5 min read
Updated on Mar 07, 2023
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.
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.
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.
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.
|Name of the Bank||Minimum Balance|
|Axis Bank||INR 10,000 or INR 25,000, depending on the account|
|Bank of Baroda||INR 50,000 average quarter balance|
|HDFC Bank||INR 10,000 (Urban and Metro city branches)
INR 5,000 (Rural city branch)
|RBL Bank||INR 50,000|
|State Bank of India||INR 1,00,000 (Urban and Metro city branches)
INR 50,000 (Rural city branch)
|YES Bank||INR 10,000|
|DBS Bank||INR 5,00,000|
|SBM Bank||0 Balance|
|Kotak Mahindra Bank||INR 10,000|
|ICICI Bank||INR 10,000|
|Canara Bank||INR 1 lakh|
Let us explain them a bit more.
From the above-mentioned list, you can choose the best bank for NRE account, as per your preference.
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It totally depends upon your need. However, several banks in India are considered the best when it is about NRE accounts. The banks are Bank of Baroda, HDFC Bank, RBL Bank, State Bank of India, YES Bank, DBS Bank, SBM Bank, Kotak Mahindra Bank, ICICI Bank, etc.
There are several types of accounts for NRIs in India such as Savings NRE Accounts, Current NRE Accounts, Fixed Deposit NRE Accounts, and Recurring Deposit NRE Accounts.
For the NRE savings accounts, the rate of interest is 6.50% per annum; for NRE fixed deposit accounts, the interest rate is 7.55% per annum.
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