My sister stays in the US. She was thinking of opening an NRE account at the IDFC FIRST Bank. After researching a lot on the best bank for NRE account, she opted for the IDFC FIRST Bank. Customers who have an IDFC FIRST Bank NRE Savings Account have the option to repatriate 100% of their deposit at any time to their home country.
Which is the Best Bank for NRE Account?
My sister considered IDFC FIRST Bank as one of the best NRE Bank. She was informed by the Bank executives that,
The savings bank account interest will be computed on a daily end-of-day balance at the interest rate that IDFC FIRST Bank may from time to time specify, following directions from the Reserve Bank of India.
interest is paid regularly to accounts held at Savings Bank. As appropriate, interest will be computed on progressive balances within each Interest Rate Slab.
The interest is computed on a basis of 365 days for the time falling in a non-leap (financial) year and 366 days for the period falling in a leap (financial) year. The interest is rounded to the nearest rupee.
She was also provided with a below-given rate slab table, which is considered to be effective from 01/01/2024;
| Balance (Rupees) | Rate of Interest (% p.a.) (Progressive) |
<= 1 Lac |
3.00% |
> 1 lac <= 5 lac |
4.00% |
> 5 Lac <= 50 Cr |
7.00% |
> 50 Cr <= 100 Cr |
5.00% |
> 100 Cr <= 200 Cr |
4.50% |
Apart from the competitive interest rates, IDFC Bank also provides a flexible tenure available ranging from 1 year – 10 years.
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An NRE account is an account where a non-resident of India can invest and get his/her money converted into Indian rupees, or INR, at the time of deposit. NRE stands for Non-Resident External Account. I have my savings account at HDFC, and there only I saw a poster where it was stated that they are the best NRE account in India. I am not sure whether it is the best or not, but I did a bit of research and learned they do come within the top 10 best NRE accounts in India list. So let me highlight the names of some famous or reliable NRE account banks here.
Which bank is best for NRE account in India?Here is a list of banks from where you can decide which NRE account is best in India as per its interest rate and minimum balance-
(The interest rate mentioned here is below Rs 2 crore)
| Bank | The interest rate for 1 Year | The interest rate for 2 Years | The interest rate for 5 Years | Minimum Balance |
Axis Bank |
5.15% |
5.25% |
5.50% |
Rs. 10,000 or Rs. 25,000, |
Bank of Baroda |
4.90% |
5.00% |
5.25% |
Rs. 50,000 average quarter balance |
Bank of India |
5.25% |
5.30% |
5.30% |
Minimum Balance: Rs. 200 per quarter |
Canara Bank |
5.25% |
5.40% |
5.50% |
Rs. 1 lakh |
Citibank |
2.75% |
3.00% |
3.50% |
Rs. 80,000 |
DBS Bank |
4.25% |
4.75% |
5.50% |
Rs. 5,00,000 |
HDFC Bank |
4.90% |
4.90% |
5.30% |
Rs. 10,000 (Urban and Metro city branch) Rs. 5,000 (Rural city branch) |
ICICI Bank |
4.90% |
5.00% |
5.35% |
Rs. 10,000 |
Kotak Mahindra Bank |
4.60% |
4.75% |
4.50% |
Rs. 10,000 |
RBL Bank |
5.40% |
6.10% |
6.30% |
Rs. 50,000 |
I feel it will be better if you evaluate these aspects of the banks and then deide which is the best NRE account in India.
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Sushma
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2023-05-23T10:00:16+00:00 2024-01-20T10:10:29+00:00Comment
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