Non Resident Indians (NRIs) need to maintain NRE and NRO depending on the necessity.
What is an NRE Account? NRIs can open two types of accounts, one is the NRO account and the other is the NRE account. The NRO accounts is use to normally make payments locally and funds can be remitted from India or abroad.
NRIs who are travelling abroad can convert their normal domestic account to NRO account. NRE account is an account where there is no tax deducted whether it is a NRE savings account or a NRE fixed deposit account.
In the case of NRO account there is a TDS that is deducted on interest income. Here there is no TDS applicable. What to see when opening the best NRE account? Look for a host of things. The first thing to look when opening the best NRE savings account is whether there is service in the country of your residence.
Check the interest rates also, as these are important if you have large sums of money. We have highlighted a few of the best NRE Savings account. However, you should know that thees could chance over time, especially the interest and other facilities that these banks offer. In any case here they go.
- Deutsche Bank Value Plus Savings.
- Bank of Baroda NRE Savings Account.
- Kotak Mahindra Bank.
- ICICI Bank NRE Account.
- SBI NRE Accounts.
- HDFC NRE Accounts.
- CitiBank NRE Account.
- Axis Bank NRI Accounts.