Non Resident Indians (NRIs) need to maintain NRE and NRO depending on the necessity. An NRE (Non-Resident External) account is a savings account maintained in rupees where you invest your foreign income earned outside India.
Take a look at some of the best NRE Savings Acccount, in terms of foreign network branches, interest rates etc.
NRIs can earn high interest rate of 6 per cent per annum on your YES Bank NRE Savings Account. You can repatriate the funds held in the account along with the interest earned at any point of time. You are exempt from paying taxes on the interest amount.
The bank offers interest rate of 4 per cent per annum for an amount up to 10 lakhs. The interest rate is 6 per cent on remaining balance above 10 lakhs.
Kotak Mahindra Bank
Kotak Mahindra Bank offers its NRI customers 8.90% interest rate on NRE Fixed Deposits. To add to the good news, the interest amount earned on these fixed deposits is completely taxfree & fully repatriable. Interest rate on NRE savings account balance is 4 per cent.
ICICI Bank NRE Account
NRIs should maintain a monthly average balance of Rs 10,000 at account level or Rs 25,000 at Customer ID level. The bank offers a free mandate card & cheque book for your family in India, giving them anytime, anywhere access to your account.
SBI NRE Accounts
NRIs should minimum monthly balance of Rs 1000. Interest rate is 4% per annum and is calculated on a daily basis. SBI has its presence in many countries like US,UK,Canada,Middle East etc.
HDFC NRE Accounts
One can remit funds easily through Quickremit, IndiaLink, Telegraphic Transfers and Cheque and draft facility is for free for this account holders One can avail of free ATM Card for the mandate holder in India
CitiBank NRE Account
The bank has offshore branches in India ("Citibank India") which provides NRIs with access to products and services. Initial money to open the account is USD 5000 for USA & Canda (varies with other countries). The bank also provides free platinum debit card for its customers.
Axis Bank NRE Accounts
The minimum account balance requirement of Rs 5,000. Free iConnect account access through secure Internet banking facility from anywhere and anytime.
Advantages of NRE Accounts
The advantage of having NRE accounts is income earned as interest is exempted from tax. The funds are repatriable and can be sent to any country outside India.
The funds can be transferred from this account to an NRO account. However, it is advisable not to do so, given the fact that there is a TDS on interest rates on NRO acccounts.