If you are a Non Residential Indian and you are planning to open a bank account in India, then there are certain things that you must keep in mind before opening the account. There are two sorts of NRI bank account, NRE- Non Resident External and NRO-Not Resident Ordinary.
There is part of contrast in the middle of NRE vs NRO accounts, and you have to choose which account you need to open, depending the cash you are going to put in. For instance, NRE Savings Account gives you a chance to exchange your profit to India advantageously with complete security.
You can repatriate the assets held in the record alongside the premium earned anytime of time and you don’t need to pay the charge on the premium sum. Then again NRO Savings record will permit you to keep your Indian profit from rent, altered store interest, profits and different sources. Here is a list of the best banks for opening an NRI account 2016.
1. YES Bank
It is a comparatively new bank, but it is the most preferred bank when it comes to open a NRI Account.
The features they provide are:
- They give a personalized cheque book, mandate facility for your people in India and gives a domestic debit card from which they can access your account.
- They allow flexibility in balances in your NRE and NRO accounts and if you have both these accounts with YES bank, then you need not worry about the average quarterly income.
- It also allows enhanced spending limit and provided inter-city banking facility which is very convenient.
2. ICICI Bank
It is also one of the most preferred banks for opening a NRI account. The benefits with this bank are:
- You get a benefit on tax that is the income earned is not taxable in India, they also have easy movements of the funds, and the lowest average quarterly balance required is 10.000 Rupees only.
- The bank has ATM’s across the country, so you can easily use them.
- You can easily transfer your money online and you apart from that you can also open an account with another NRI.
- It provides free cheque books and ATM debit card to the mandate holder.
3. HDFC Bank
It is one the most reputed Indian Bank and if you open an account with this bank you will get the following facilities:
- It allows you to invest in Mutual Funds and it also assigns a personal relationship.
- It allows you transfer your money easily at any place outside India.
- It gives you an international debit card. And one of the best feature of this bank is that it allows you to appoint a mandate, which means giving an authorization to any person you trust to operate your account on your behalf.
- The average quarterly income for this bank is 10000 for urban banks and 5000 for non urban banks.
4. Kotak Mahindra
It is a private bank and they have a very simple way to open an account. Features:
- The main features of this bank are 2 way sweeps that provided a double opportunity to earn higher interest and manage the cash flow at the same time.
- There click2remit service is just brilliant by which you can easily transfer the money. They also give you global debit card when you open the account with them.
- The lowest average quarterly balance is Rs. 10,000 only and you can also easily transfer money from one account to another.
If you want to open NRI account in public sector banks, then SBI is the most trusted bank in India. Check out our article to Open a NRE or NRO Account in India for NRIs.