Both public sector and private sector Indian banks are present in the USA. In addition, Indian banks also have subsidiaries in the US to offer banking services to NRIs in the USA. Key banking and financial services offered to NRIs include various NRI accounts, investments, remittances, online account opening, etc. Some of the banks that provide NRI bank accounts for Indians in the USA are SBI, HDFC Bank, ICICI Bank, Axis Bank, Yes Bank and many more.
SBNRI is a business partner of many leading Indian banks, including Axis Bank. An NRI can apply for an NRE/ NRO account by clicking the link below.
Open NRI Account
Also Read: NRI Account Opening in UAE: Best Banks for NRI Accounts
What is NRI Account?
NRI Accounts are type of bank accounts that can be held by an NRI in India and can be used to maintain their income generated abroad (in NRE account) and in India (in NRO account).
The interest earned on NRE accounts is tax-free in India. The NRI Bank Accounts can be maintained in form of savings, current, fixed and recurring deposits. You can find the best NRI Account for yourself depending on your needs.
Top 8 banks for NRI Account for Indians in USA
Here is the list of 8 best NRE savings accounts for NRIs in USA. Check the NRI account interest rates, minimum balance requirements and other banking services.
| Bank Name | Interest rate (%) p.a. | Minimum monthly balance requirements |
|---|---|---|
| SBI | -Balance < Rs. 10 cr: 2.70% – Balance Rs. 10 cr & above: 3.00% | – Rs. 1 lakh for Metro & Urban areas and – Rs. 50,000 for Semi-Urban and rural areas |
| ICICI Bank | 3% (below 50 Lakhs) 3.50% (above 50 Lakhs) | Rs. 10,000 |
| HDFC Bank | – 3.50% (Rs. 50 Lakhs and above) – 3% (below 50 Lakhs) | Rs. 10,000 (Metro & urban branches) & Rs. 5,000 (Semi-urban/Rural branches) |
| Axis Bank | – 3% (below 50 Lakhs) – 3.50% (above 50 Lakhs) | Rs. 25,000 |
| HSBC Bank | – 2.00% (balance up to Rs. 10 cr) – 2.50% (balance Rs. 10 cr and above) | Rs. 150,000 |
| YES Bank | -4% (up to 1 lakh) -4.25% (Rs. 1 lakh to 5 lakh) -5% (Rs. 5 lakh to 10 lakh) -6% (Rs. 10 lakh to Rs. 1Cr) -6.25% (Rs. 1 cr to 10 cr) -6.00% (Rs. 10cr to Rs. 25 Cr) | Rs. 10,000 |
| Bank of Baroda | 2.75% | Quarterly average balance Rs. 50,000 |
| Kotak Bank | 3.50% | Rs. 10,000 |
Note: Interest rates are subject to periodic change.
SBI NRI Account for Indians in USA
SBI NRI account is one of the best NRI accounts in India due to a variety of reasons like a widespread network in India as well as a large number of countries abroad, higher interest rates, internet banking service, and many more. State Bank of India offers multiple NRI accounts viz. SBI NRE account, NRO account, FCNRB account, RFC account, RFC account, etc.
SBI NRE Account
Key features of SBI NRE account
- You can open NRE account from USA to park their overseas income and convert it into INR.
- Account can be opened either individually or jointly with other NRIs/ PIOs/ OCIs and close relatives on ‘former or survivor’ basis.
- Interest earned on SBI NRE account is exempt from Indian Income Tax.
- Rupee loan available against NRE deposits.
Also Read: SBI NRI FD Rates: SBI NRE FD Interest Rates 2023
SBI NRO Account
Key features of SBI NRO account
- NRIs can park their India-based income in Rupees in India.
- Account can be opened either individually or jointly with other NRIs/ PIOs/ OCIs and close relatives on a ‘former or survivor’ basis.
- Interest income is subject to deduction of tax at 30.90%.
- Rupee loan available against NRO deposits.
ICICI NRI Account for Indians in USA
ICICI Bank is one of the 4 largest Indian banks. If you are looking for the best NRI account in India, ICICI Bank could be an ideal option. The bank has branches in many other countries including United States, Singapore, Bahrain, Hong Kong, Qatar, Oman, Dubai and South Africa. NRIs in USA can open an NRI account online or by visiting any of the bank branches. NRIs in USA can open ICICI NRE, NRO, FCNR, RFC accounts.
ICICI NRE Account
Key features of ICICI NRI account
- NRIs can park their US income in an ICICI NRE account.
- Interest earned is not taxable in India.
- Funds deposited in NRE accounts are fully and freely repatriable.
- Low minimum monthly account balance starting from Rs. 10,000 only.
- Attractive interest rate at 3.50% per annum for balance equal to or above Rs. 50 lakh and 3.00% per annum for balances below Rs. 50 lakh.
- NRI can open a joint account with another NRI.
Also Read: ICICI Bank NRI FD Rates: ICICI Bank NRE FD Rates 2021
ICICI NRO Account
Key features of ICICI NRO account
- NRIs can park their INR funds collected from earnings in India.
- Free money transfer at attractive interest exchange rates.
- Minimum monthly account balance as low as Rs. 10,000 only.
- Joint account holding with an Indian resident or eligible NRI.
- Interest earned on NRO deposits is subject to the applicable tax deduction at the source.
HDFC NRI Account for US NRIs
HDFC Bank is one of the leading banks in India that caters to its domestic as well as global customers. Indians living in the United States can open NRI Accounts with HDFC Bank.
HDFC NRE Account
Key features of HDFC NRE account
- Interest earned on HDFC NRE savings account is not taxable in India.
- NRIs can effortlessly repatriate funds through HDFC NRE account.
- NRIs can enjoy a host of digital banking solutions through NetBanking and MobileBanking while living in the USA.
- You can add other NRIs or resident Indians as joint holders in NRE accounts. In case of resident joint account holder, the mode of operation will be on ‘Former or Survivor’ basis.
Also Read: HDFC Bank NRE FD Rates: Latest NRI FD Rates 2021
HDFC NRO Account
Key features of HDFC NRO account
- Money deposited in the NRO account is converted to INR at the prevailing foreign exchange rate.
- Income earned in India or abroad by the NRIs living in the US can be deposited in the HDFC NRO account.
- Interest earned on the amount in the NRO account is subject to TDS (Tax Deductible Source).
- You can add other NRIs or resident Indians as joint holders in NRO accounts. In the case of resident joint account holders, the mode of operation will be on a ‘Former or Survivor’ basis.
Axis Bank NRI Account for NRI in USA
Axis Bank is a premier private sector bank in India. The bank extends a wide array of banking products and services to its customers in India as well as abroad. An Axis NRI account is one of the best options for an NRI in USA who wants to save his/ her foreign and Indian income and earn attractive interest.
Axis Bank NRE Account
Key features Axis NRE account
- An NRI in USA can deposit their US-based earnings in an Axis NRE account and tax free interest.
- Funds including principal and interest are fully repatriable.
- Free internet and mobile banking for NRIs
- Low minimum monthly account balance starting from as low as Rs. 25,000.
Axis Bank NRO Account
Key Features of Axis NRO account
- NRIs living in the USA can open an Axis NRO savings account to save their income earned in India such as pension, dividends, or deposit their existing savings.
- Convenient depositing and management of funds.
- Close relatives and parents of the account holder can operate the account in the absence of NRIs.
Also Read: Axis Bank NRE FD Rates: Latest NRI FD Interest Rates 2021
HSBC Bank NRI Account for Indians in America
HSBC Bank has customized solutions for Indians moving overseas and returning Indians. NRI accounts and deposits offered by HSBC Bank include NRE account, NRO account, NRE deposit, FCNR deposit, RFC deposit, etc.
HSBC NRE Account
Key features of HSBC NRE account
- NRIs can deposit their US income into the NRE account by transfer from US or other NRE accounts in India.
- Interest earned on savings in NRE accounts is exempt from tax in India.
- You can access your account anytime from anywhere around the world.
- International debit cards that can be used at HSBC Group ATMs and ATMs affiliated to the visa network and access to visa merchant outlets worldwide.
HSBC NRO Account
Key features of HSBC NRO account
- The HSBC NRO account is held in Indian Rupees to deposit your earnings in India such as rent income, dividends, pension, etc.
- NRIs can access their account from anywhere around the world.
- Local debit card/ ATM card is issued to account holders.
- Debit cards that can be used at HSBC Group ATMs and merchant outlets affiliated to the visa network and within India.
YES Bank NRI Account for Indians in America
Yes Bank is a private sector bank in India that offers a range of financial services for NRIs, including NRI bank accounts. For Indians living in America, opening an NRI account with Yes Bank is a hassle-free process.
YES Bank NRE Account
Key features of YES Bank NRE account
- Principal & interest are exempted from Indian income tax.
- Principal & interest are fully & freely repatriable.
- Yes Bank offers attractive interest rates up to 6.25% p.a.
- With Yes Bank, NRIs from USA can enjoy global access to over 1.5 million ATMs, offers, discounts and much more.
- Yes Bank provides 24/7 customer support to assist NRIs with their banking needs.
YES Bank NRO Account
Key features of YES Bank NRO account
- Earn attractive interest rates up to 6.25% p.a with Yes Bank.
- Interest earned is subject to taxes in India.
- It offers nomination and overdraft facility.
- Yes Bank also offers joint account facility with another NRI or a resident Indian.
Bank of Baroda NRI Account for Indians in USA
Bank of Baroda is one of the leading public sector banks in India, with over 132 million customers. Bank of Baroda (BOB) has a global presence with 107 branches/overseas offices in 24 countries. The bank offers a wide range of NRI banking services to its customers living overseas.
Bank of Baroda NRE Account
Key features of Bank of Baroda NRE account
- Full repatriability of Principal and interest.
- Bank of Baroda offers easy liquidity and convertibility.
- It also provides remittance facilities to NRIs.
- Bank of Baroda NRE account interest rate is 2.75% p.a.
- NRE account can be opened jointly with an eligible NRI or PIO..
Bank of Baroda NRO Account
Key features of Bank of Baroda NRO account
- You can mandate your family member in India to operate the account in your absence.
- Get the cheque book facility with BOB.
- NRO savings accounts are subject to withholding tax at 30.90% plus applicable surcharge where DTAA is not applicable.
Kotak Bank NRI Account for Indians in America
Kotak Mahindra Bank is a private sector Indian bank that has a wide spectrum of NRI banking services for NRIs and PIOs. Indians living abroad can open Kotak NRI accounts to save their foreign income at attractive interest rates, transfer funds, and pay bills.
Kotak NRE Account
Key features of Kotak NRE account
- Easy and economical transfer of funds to India via cheque or wire transfer or Click2Remit.
- Both the principal amount and the interest earned on NRE accounts are not taxable in India.
- Free repatriability of funds (both principal and interest).
- Kotak NRE account interest rate is 3.5% p.a. and is paid on quarterly basis.
- Home banking services in India.
Kotak NRO Account
Key features of Kotak NRO account
- Easy and economical transfer of funds to India via cheque or wire transfer or Click2Remit.
- The principal amount in the NRO account is exempt from taxes in India. However, the interest earned on NRO accounts is subject to a tax of 30% + surcharge and cess.
- Interest earned on saving is fully repatriable after payment of applicable tax. However, you can’t repatriate more than $1 million or equivalent per financial year.
- NRO account at Kotak can be opened jointly by NRIs/ PIOs and resident Indians.
NRI Account Opening from USA
Non-Resident Indians living in the USA can apply for an NRI account online by clicking the ‘Apply for NRI Account’ button in this blog or using SBNRI App.
Click the ‘Apply for NRI Account’ button on this page.
Fill in the form and submit it.
One of the bank representatives will call you to help complete the application.
or
- Download the SBNRI App and sign in using your credentials.
- Click on ‘Open NRI Account’ button and select the bank where you want to open an NRI account.
- Use the in-app scanning feature to scan and upload KYC documents.
- Click on ‘Apply’ and that’s it.
Best NRI Account in India
Finding the best bank for NRI Account is something NRIs are focused upon and what if told you it’s really easy to do that. All you need to do is connect with our expert using the button at the end of the article and get your profiling done to find the best bank for NRI Account as per your needs.
Due to lots of information and documentation required to apply for NRI accounts, NRI account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRI account easily in just 10 minutes.
SBNRI is a one-stop destination for NRI Bank Account Opening. You also click on the button below to open NRI account and find more information.
Open NRI Bank Account Now
FAQs
Is it possible to open an NRI account online?
Yes. You can apply for an NRI account online through a bank’s website. You can fill an NRI account opening form online and upload required documents.
Can I open an HDFC NRE account from the USA?
Indians staying in the US can easily open an HDFC NRE account from the USA. HDFC Bank uses state-of-the-art technologies to offer digital banking services to its customers in India and abroad.
What is the difference between NRE and NRO accounts?
An NRE account is opened by NRIs (Non-Resident Indians) in India to park their foreign income. An NRO account, on the other hand, is opened by NRIs to deposit their Indian income like rent, dividends, pension, etc.
Can I open a bank account as a tourist in the USA?
Yes, you can open a bank account in the US. But it is not an easy process, there are many hurdles that you will have to face. As per the USA Patriot Act, foreigners require more identification than permanent residents and citizens.
Can an OCI have an NRI account?
Yes, OCIs are also eligible to open an NRI account. They can hold NRI accounts including NRE, NRO and FCNR accounts.
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As an expert with in-depth knowledge of NRI banking, I have a comprehensive understanding of the concepts and practices mentioned in the article. My expertise is backed by a thorough understanding of the banking and financial services industry, particularly in the context of Non-Resident Indians (NRIs) and their banking needs.
Firstly, the article discusses the presence of both public sector and private sector Indian banks in the USA, catering to NRIs. These banks offer a range of services, including various NRI accounts, investments, remittances, and online account opening. The key players mentioned in the article include SBI, HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, and others.
The concept of NRI accounts is explained, emphasizing the distinction between NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts. The tax implications and repatriability of funds associated with these accounts are highlighted.
The article further provides a detailed list of the top 8 banks for NRI accounts in the USA, specifying interest rates, minimum balance requirements, and additional banking services offered by each bank. The banks listed include SBI, ICICI Bank, HDFC Bank, Axis Bank, HSBC Bank, Yes Bank, Bank of Baroda, and Kotak Bank.
Individual sections are dedicated to specific banks, such as SBI, ICICI Bank, HDFC Bank, Axis Bank, HSBC Bank, Yes Bank, Bank of Baroda, and Kotak Bank. Each section outlines the key features of the NRE and NRO accounts offered by these banks, including interest rates, taxation, and account management.
The article also provides a step-by-step guide on how NRIs in the USA can open an NRI account online. It mentions SBNRI as a business partner of leading Indian banks, facilitating NRI account openings.
Lastly, frequently asked questions (FAQs) address common queries about opening NRI accounts online, the possibility of opening HDFC NRE accounts from the USA, the difference between NRE and NRO accounts, and whether OCIs (Overseas Citizens of India) can have NRI accounts.
In summary, this article is a comprehensive guide for NRIs in the USA, offering detailed information about NRI banking, specific bank offerings, and the process of opening NRI accounts. The depth of information provided demonstrates a high level of expertise in the subject matter.
