If you are an NRI looking to have an account in an Indian bank where you can deposit your savings, an NRE account might be the right option for you. When you open an NRE account online in an Indian bank, you can deposit all your foreign currency into the bank in Indian rupee. 

NRE account

NRE account is all where your foreign currency savings will be converted into Indian rupees at the time of deposit and can be withdrawn in Indian rupees. As per your personal requirements, you can choose different types of NRE accounts, such as savings, current, recurring, or fixed deposit accounts. You can either choose to open the account individually or jointly. However, when you open an NRE account with a respective bank, you will get exchange rates prevailing at the time of deposit.

Let us now take it forward to learn more about opening an NRE savings account online and get ahead through a comparison of NRE accounts, requirements, and benefits at various banks in India.

 How to open an NRE savings account online?

To benefit the NRI residents, all the Indian banks provide the facility to open the NRE account online. Most banks in India follow a similar procedure for opening an NRE account. Here is a step-by-step guide to help you how to open an NRE account online. If you are in India and are trying to open an NRE account, you should visit a branch of the bank in person to open an account, but if you are overseas, you can easily open an NRE account online in an easy and simple process. The facility to open an account online is provided for the NRIs who want to open an account in India while staying overseas. With the intense competition between the banks in India, few banks provide doorstep services to collect documents. On the other hand, few banks provide a facility to open an account online, making it completely paperless.

Procedure how to open an NRE account online 

• Visit the chosen bank website and fill out the account application online. While applying for an NRE loan, make sure you note down the tracking ID to check the status of the loan application later.
• Every bank needs a list of documents to process your loan application, whether it is online or offline. 
• You may have to print the documents and sign them wherever required, along with attaching photos wherever required.
• A few banks require you to scan all these documents and upload them using the columns provided in the application form.
• While you are opening the NRE bank account overseas, you have to send remittance through foreign demand drafts payable in India and foreign telegraphic transfers payable in India.
• The processing procedure is bank-specific.
• Many public and private sector banks offer NRE account services to overseas customers, so you should be very informed before choosing the best NRE savings account. The comparison stated here will help you make an informed decision.

SBI NRE account 

SBI is the most trusted public sector bank in India while choosing different banking services. Being a public sector bank, it is no less than private banks in providing services to customers, and the NRE account is one of the services offered by the bank. The bank allows the opening of NRE accounts either jointly or individually. The joint holder can be NRIs / PIOs / OCIs. The funds will be retained in the NRE bank account in the form of fresh remittances from overseas. As NRI residents cannot visit the country to close the account, the bank allows relatives to close the account on a “former or survivor” basis. Interest earned on the account is not taxable, and the money can be withdrawn for local payments.

Features of NRE account with SBI

• Rupee-dominated accounts can be opened with zero balance. However, the bank recommends funding the account with upfront charges for non-maintenance of the minimum average balance.
• The interest on the account deposits is paid quarterly on your EOD balances for the savings account.
• The minimum balance for general branches is subject to their discretion, but in the case of personal banking branches, it is 1 lakh for urban areas and 50,000 for the rest of the areas. 
• You will get an interest rate of 3.5. a if the deposits are up to 1 lakh. If the deposits go beyond 1 lakh, you will earn an interest of 3% on the entire balance.
• The minimum tenure to held funds in NRE account is 1 year and maximum is 10 years. Any desired withdrawal of funds from the account should be made before 7 days of opening the account or you should wait till the maturity of the deposit. Premature withdrawals are subject to penalty.

You can easily request a transfer of funds to the overseas account anytime with a single click through Internet banking. If you want 

• For more information about NRE accounts at SBI Bank, please refer to https://www.sbi.co.in/portal/web/nri/nre-accounts

Documents required

• Self-attested passport-size photos, two in number 
• First remittance
• Attested Visa/passport and ID cards by notary/ banker/ Indian embassy/introducer to the bank.
• Verified signature by public notary/embassy/ introducer to the bank/consulate 
• Duplicate copies of telephone/electric bills, cheques drawn from bank accounts abroad, etc.

Reasons why you should choose SBI

SBI is the most trusted bank for customers across India to go for any banking services. The bank had a wide range of branches across both rural and urban areas. You can earn a quarterly interest rate on your deposits as low as one lakh. The bank, of course, needs you to have the highest minimum average balance of 5000 for rural and 1 lakh for urban. The interest rate on the deposits 

of NRE accounts are low when compared to other banks; you can choose the bank if trust lines are your concern and you want to operate it from a rural area.

HDFC NRE account 

It is the leading private bank in India, and it offers many facilities to overseas customers that open NRE account with them. With a host of direct banking channels at fingertips, customers of HDFC can enjoy more convenience operating the NRE savings account at HDFC bank

Features 

• You can conduct free transfers between overseas and Indian account
• Enjoy zero tax on the interest earned for the deposits in your overseas account
• Get an international debit card to shop across the world 
• Offers 24/7 banking facility 
• A mandate in India can operate the account for you
• The minimum monthly balance for urban areas is 10,000, and for rural areas, it is 5000.
• You will get safe deposit lockers in certain branches 

For more 

information on NRE account HDFC, please refer https://www.hdfcbank.com/nri_banking/accounts/savings_accounts/nre_savings_account/nre_savings_account.htm

Documents required 

• Copies of the passport containing all the details of the account opener, along with one passport-size photo
• Copy of PAN/form 60
• Copy of work permit
• Address proof confirming either overseas or Indian residence
• A demand draft/cheque for the amount required to maintain an average monthly balance 

Reasons 

If you are looking for leveraged technology banking, HDFC can be your choice for the best NRE savings account. With a large number of branches across urban and rural places, your mandates can have good access to the account. The interest rates of the NRE account at HDFC keep changing from time to time. Check for the interest rates on the website before you open the account.

ICICI NRE account 

With more than 3000 banking outlets across India, ICICI brings vivid features and benefits to customers who want to open an NRE account at their banks. The bank takes advantage of the latest technology and provides 24X7 operational service to the account. The bank provides convenient access to over 11,000 ATMs. 

Features of NRE at ICICI account 

• NRE accounts facilitate the easy movement of funds between online and overseas accounts.
• The minimum monthly balance in the NRE account is as low as 10,000 for the account level and 25000 for the customer ID level.
• The interest rate on your EOD balance is 4% p.a. For balances equal to or above 50 lakhs and 3.5% interest for balances below 50 lakhs.
• Free money transfers at competitive exchange rates 
• Free chequebook and ATM for mandate holders to facilitate easy access.

For more  information related to NRE account ICICI, please refer to the link(https://www.icicibank.com/nri-banking/bankAccounts/nre-saving-accounts.page

Documents required 

• Photocopies of the passport with every detail of the account holder 
• Valid work permit/ employment visa 
• PAN card copy/ form 60
• FATCA / CRS Declaration 
• CKYC Annexure 
• Address proof in India/ overseas 
• All the photocopies you provide to the banker should be self-attested, confirming that the document is true.

Reasons 

ICICI banks give you great convince of conducting transactions with 11,000 ATMs across the city. The bank charges high for maintaining a minimum balance of 25,000. If you want your joint holder in India to have ease in conducting transactions, ICICI Bank can be your choice for the best NRE savings account because it offers a free chequebook and ATM for mandate holders. 

Axis bank 

One can easily park their foreign funds in India through an NRE bank account offered by Axis Bank. The bank facilities both internet banking facility and mobile app for overseas customers to accesses their NRE accounts facilitating seamless transactions. You will additionally benefit from 200,000 accidental coverage on your NRE debit card.

 Features of axis NRE account 

• The bank offers 4% interest on daily balances quarterly for the deposits above 50 lacs and 3.5% for the deposits below 50 lacs.
• You can freely move the funds between your Indian and overseas accounts.
• If you have an NRI with an NRE account and are planning to relocate to India, you can easily convert it to your local account.
• The NRE account at Axis Banks benefits customers with many other features, such as multiple chequebooks and online transactions. 
• You need to maintain a monthly average balance of 10,000

For more information on NRE account axis bank, please refer 

https://www.axisbank.com/nri/accounts/nre-savings-account/fees-and-charges#menuTab

Documents required 

• Three months’ NRE Bank Account Statement from any scheduled Bank in India( I could not find documents specific to the NRE account at Axis Bank; link I have referred for the documents required (https://www.axisbank.com/docs/default-source/download-document/nri/customer-updation-forms-for-re-kyc/acceptable-documents-for-nri-amp-pio-customer-s.pdf?sfvrsn=6 )
• Copy Indian residence birth certificate/ ration card. 
• Registered marriage certificate along with NRI status of proof 
• PIO status provided by the Indian Embassy
• Existing or expired passport/voter ID of a spouse or any other relation( valid relationship proof should be produced )
• Copy of PAN card/ form 60
• Acceptable documents stating address proof in India/ overseas.
•  

Reasons 

Axis bank is your choice for best NRE savings account, additional coverage of an accidental policy of 200,000 with the account. The bank competes with any other top banks in offering competitive interest rates on your deposits, but you need to maintain an average monthly deposit of 10,000 in the account. The bank has less number of branches when compared with other bank branches like ICICI and HDFC.

Federal bank

The bank comes up with an exclusive range of features for customers who want to open an NRE account with the Federal bank. You will enjoy easy banking and great transaction power with an NRE account in a Federal bank in India.

Federal bank NRE account 

• International debit cards have an ATM withdrawal limit of 100,000 and a daily limit for POS/shopping of 100,000.
• You can withdraw 20,000 through any branch.
• Features like 40 cheque leaves per year, internet banking, mobile alerts, and email alters are offered free.
• You need to maintain an average balance of 5000
• You need to hold your account for more than one year to earn an interest rate. 
• For the amounts that are less than 200 lacs with a term between 1 year to 20 months will earn a 7% interest rate; for one year to 20 months, the interest rate is 7.5% for 20 months and above 20 months, 7%.
• If you pre-close the account for any reason before the stated term, you have to bear a penalty of 1%

For more information related to the NRE account of the federal bank, refer to https://www.federalbank.co.in/nre-savings-accounts.

Documents required 

• Copies of the first page and last page of your passport to show address proof and ID proof 
• The copies of ID proof and address proof should be attested by the Embassy/ notary public/ banker/ relationship managers. 
• Account payee cheque of 5000/- with existing NRE account 
• Overseas bank account statement for the past six months.

Reasons to choose Federal Bank. 

Federal Bank is one of the top five banks to open the best NRE savings account. You can choose the bank over other banks for your NRE account if you are looking at high interest rates. However, contrary to other banks, federal banks demand a fixed deposit for a one-year term to earn this interest rate. Choose the bank if you are ready to hold the funds in your account for a year. Otherwise, you have to bear a penalty of 1% on your deposits. On taking an NRE account in the federal bank, you will benefit from the lowest minimum balance of 5000/-  

Comparison table