Is HDFC good bank for NRI?
HDFC NRI account benefits
HDFC Bank, India's No.1 Bank for NRI Services, offers you a range of banking tools custom-made for NRIs. We offer you a one-stop-shop for all NRI services, from banking to investment to loan.
ICICI is a highly recommended trading account for NRIs who are looking for investing in the stock market and mutual funds in India. It offers a convenient way to invest with competitive brokerage charges. It offers a range of investment options along with a dedicated RM, NRI support desk, free research, and tips.
- Kotak Mahindra Bank.
- ICICI Bank.
- SBI Bank.
- HDFC Bank.
- Axis Bank.
| ACCOUNT MAINTENANCE CHARGES | |
|---|---|
| Minimum Balance - Average Monthly Balance (AMB) Requirement | Rs 10,000 (Metro / Urban branches) Rs 5, 000 (Semi-Urban / Rural branches) |
| Chequebook Return due to negative reason (no such consignee / consignee shifted & no such address) | Rs 50/- |
| Phonebanking | No Charge |
You can open NRI Account for Indians staying in America with HDFC Bank. Make the most of the features and benefits offered through our simple and smarter banking solutions. Effortless and seamless repatriation of funds to your country of residence through our NRE Account.
Some of the best banks for NRI saving account are Axis Bank, ICICI, HDFC, Kotak Mahindra, Bank of Baroda, Deutsche Bank, and the State Bank of India (SBI). They offer attractive rates and best services.
Case in favour of HDFC Bank
"Thus, assuming a similar asset quality profile, HDFC Bank is better placed than ICICI Bank on the growth (due to improved reach) and profitability) improved operating leverage) fronts.
Deposits made in foreign currencies in an NRE account are subject to conversion into Indian rupees. Hence, such deposits might fluctuate in value due to appreciation of domestic currency (or depreciation of foreign currency), thereby incurring losses during repatriation.
Overall, the past stock performance of HDFC Bank, ICICI Bank, and Axis Bank reflects the overall strength of the Indian banking industry. While HDFC Bank and ICICI Bank have been more consistent performers, Axis Bank has also made progress in improving its financial performance and investing in digital technology.
How do I convert my HDFC account to a NRI account?
All you need to do is fill a form online, take a printout, attach the self-attested copy of the required documents and courier it to the bank in India. HDFC Bank allows conversion of your existing Resident account to NRO account by simply emailing the required documents to the Branch via your register email id.
As an NRI you can avail of a special provision related to investment income. An NRI is taxed at 20% when he invests in certain assets in India. All the more, he/she is not required to file an income tax return if his/her income comprises only special investment income and TDS on the same has been deducted.
| Bank Name | Interest rate (%) p.a. |
|---|---|
| SBI | -Balance < Rs. 10 cr: 2.70% – Balance Rs. 10 cr & above: 3.00% |
| ICICI Bank | 3% (below 50 Lakhs) 3.50% (above 50 Lakhs) |
| HDFC Bank | – 3.50% (Rs. 50 Lakhs and above) – 3% (below 50 Lakhs) |
| Axis Bank | – 3% (below 50 Lakhs) – 3.50% (above 50 Lakhs) |
To calculate your AMB, the bank takes the sum of the closing balances for all days in a month and divides it by the number of days in the month. If the average is less than the AMB, the bank will notify you in 2 months that you maintain the minimum balance to avoid the non-maintenance charges.
An NRE Account or Non-Resident External Account offers you this facility. Here, your money is converted into Indian Rupee or INR at the time of deposit. This means that you can deposit money in any foreign denomination, e.g. US Dollar and withdraw it in Indian Rupees.
*For Security reasons, ATM cash withdrawal limit is capped at ₹ 0.5 Lakhs per day and ₹ 10 Lakhs per month for first 6 months from Account opening date. For accounts older than 6 months, ATM cash withdrawal limit is capped at ₹ 2 Lakhs per day and ₹ 10 Lakhs per month. This is implemented with immediate effect.
WELLS FARGO BANK, N.A.
You can also transfer funds instantly to your family in India and invest in Indian assets through our NRI Savings Accounts. Get better interest rates, 24x7 Netbanking access, attractive foreign exchange rates and an array of features that will make banking in India and abroad hassle-free.
Yes, the HDFC Bank credit card can be used abroad. However, the activation process must be completed in order to use the card abroad.
Receiving Indian income in NRI Account – An NRI may be earning income in the form of dividends, rental income, business income, etc. in Indian currency. For any such credits, an NRI must open NRO Account only. An NRE Account does not allow any credits in Indian currency and may reject the transaction.
Which is best NRI or NRE?
Tax benefits- NRE exempts the entire fund from any Income Tax. In FCNR accounts, only the interest is tax exempted. Purpose- NRE accounts take the deposit of earnings from the country where the NRI is currently residing but denominated in INR.
An NRE account is affected by exchange rate risks such as fluctuations and conversion losses/gains. An NRO account is less likely to be affected by daily exchange rate fluctuations, although not always free from the risk as foreign income can also be transferred to NRO account.
Why choose HDFC Bank? Having offered the best-in-class financial and banking products and services for decades, today, HDFC Bank holds the status of being India's most trusted bank.
Renowned for its robust performance and innovative solutions, HDFC Bank is a key player in retail, corporate, and institutional banking. On July 1, 2023, HDFC Bank merged with HDFC Ltd., its sister housing finance company. The merger took place to provide better and more comprehensive financial services to the users.
After over a decade, ICICI Bank's stock seems to be charting its way back on the league tables from a valuations standpoint. Trading at about 2.3x one-year forward price to book value, the core or standalone asking price of ICICI Bank seems to have overtaken HDFC Bank (2x FY25 price-to-book) by a small margin.
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