HDFC Website

<aside> <img src="/icons/forward_red.svg" alt="/icons/forward_red.svg" width="40px" /> Amongst private sector banks, Axis Bank seems to be the best choice for both NRE and NRO deposits, probably owing to high-interest rates. HDFC Bank is a midfield player in this field. Consumers are likely to select HDFC Bank owing to its large size and reputation around the world.

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Best NRE Savings Account for NRIs in 2023

Here are some important features related to some of the top NRE savings bank accounts for Non-Resident Indians in 2023.

1. Axis Bank NRE Account
   • The average minimum balance in an NRE Axis bank account is Rs. 10,000.
   • NRE deposit rates for Axis Bank start from 5.15% for 1 year.
   • The account can be operated jointly by an Indian resident on behalf of the NRI.
   • The account can be managed easily through net banking.
2. Bank of Baroda NRE Account
   • The average minimum balance in an NRE Bank of Baroda account is Rs. 50,000 per quarter.
   • NRE deposit rates start from 4.90% for 1 year.
   • 24-hour net banking facility available.
   • Tax exemption is available on the interest earned on NRE income.
3. HDFC Bank NRE Account
   • The average balance in an HDFC NRE account is:
     • Rs. 10,000 in urban cities
     • Rs. 5,000 in rural areas
   • NRE account deposit rate starts from 4.90% for 1 year.
   • Internet banking facilities and international debit cards are available for all NRE account holders.
4. ICICI Bank NRE Account
   • The average minimum balance in an NRE account is Rs. 10,000.
   • The interest rate starts from 4.40% for 1 year.
   • Tax exemption and full repatriability of funds available in India.
   • Internet banking facility available for all.
5. Kotak Mahindra Bank NRE Account
   • The average minimum balance of Kotak Mahindra bank NRE account is Rs. 10,000 monthly.
   • The interest rate starts from 4.60% for 1 year.
   • Internet banking and home banking are available in India.
   • The account can be opened jointly by NRIs and PIOs only.
6. State Bank of India NRE Account
   • The average balance in a State Bank of India NRE account is:
     • Rs. 1,00,000 in urban cities
     • Rs. 50,000 in rural areas
   • NRE account deposit rate starts from 4.90% for 1 year.
   • Internet banking facilities and international debit cards are available for all NRE account holders.

Best NRO Savings Account for NRIs in 2023

Key Features of NRO Account Saving Banks

Here are key features of some of the top NRO savings bank accounts for Non-Resident Indians in 2023.

1. Axis Bank NRO Account
   • The average minimum balance that an NRO can hold in his/her NRO savings account with Axis Bank ranges between Rs.10,000 to Rs,10,00,000.
   • The rate of interest for NRO savings bank account ranges between 4.40% to 5.40%.
   • An NRO is free to transfer or repatriate the interest he/she earns on the deposited amount.
2. Bank of Baroda NRO Account
   • The average minimum balance that one should have in this account is Rs.1,000.
   • An NRO's interest rate with his account in Bank of Baroda is 2.75%.
   • Bank of Baroda offers facility of net banking.
3. HDFC Bank NRO Account
   • The minimum account balance that an NRI should maintain in his/her HDFC Bank NRO account is Rs.10,000.
   • The average rate of interest for this account is 3.00%.
   • The facility of net banking makes the banking process smooth for NRIs.
4. ICICI Bank NRO Account
   • The minimum amount that an NRI has to maintain in this NRO account is Rs.10,000.
   • The rate of interest that an NRI gets with ICICI Bank NRO account is 3.00%.
   • Simple and safe online money transfer.