Best Online NRI Banking Experiences | North Loop Official Blog
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North Loop
13 Oct 2020

Best Online NRI Banking Experiences

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Introduction -

What are the things that come to your mind when you think of online banking? Is it financial security, convenience or peace of mind? Online banking has indeed made our lives infinitely simpler with its wide range of services and facilities. But how do you choose between the various online banking options present in the market? Here we have created a list of the top NRI online banking experience available to you based on the interest rates offered, ease of account-opening, prompt online customer services etc. But before we begin, let us look at the different types of NRI accounts you can open in India.

What are the types of NRI accounts?

NRE Account - This account is for saving foreign earnings in Indian rupees. It allows full repatriation of overseas income and also helps to carry out banking and investment in India.

NRO Account - This account is for managing income earned in India like rental or dividend income. While it allows full repatriation of interest income, there is a limit of USD 1 million per financial year for repatriation of the principal amount.

Get a zero-balance, no-fee NRE/NRO account with North Loop in 5 minutes

North Loop NRI banking -

This is one of the best online NRI banking experience you can enjoy in the market today. North Loop not only allows you to open NRE or NRO accounts digitally but also offers online investment facilities and high-interest rate (7.5%) fixed deposits. You can open an account on North Loop in 5 minutes with minimal paperwork and utmost convenience. The account opening process is 100% digital, and there are no account minimum requirements either. It also allows free remittances to India, commission-free investing and the highest levels of security. It is also FDIC insured up to $250000. With North Loop, you can enjoy the best digital NRI banking experience and invest in a wide variety of financial instruments like mutual funds, stocks and even curated ETFs. It also provides instant no-fee Demat and PIS account as well as wealth advisory and tax planning facilities.

Bank of Baroda NRI banking -

Bank of Baroda offers an NRE savings account that comes with additional features like free remittance facility (only if it gets maintained at a branch in India) as well as free custodial services. It also provides a preferential exchange rate for conversion and allotment of lockers and interest at the rate of 4% p.a. on the daily balances. While Bank of Baroda allows you to download the NRE account forms from its website, the process is not 100% online as you have to submit the account opening form along with other relevant documents physically to its branch (in India or abroad except New York). Moreover, the list of paperwork is also quite lengthy and cumbersome.

SBI NRI banking -

SBI offers NRE account with a monthly minimum average balance requirement of Rs.3000. The interest rate offered is 4% per annum for balances above Rs.1 crore and gets calculated daily. It also provides other features to NRIs like multi-city cheque book, NRI family card and internet banking. However, if you are looking for a digital banking experience, SBI may not be the desired choice. That is because you can only download the account opening application form after registering on its website using your SBI login details. The rest of the procedure has to be done manually and sent to the preferred home branch in India along with the attested copies of proofs and documents selected for KYC in the application. Moreover, the SBI login portal and its website, in general, can get unresponsive sometimes and become annoying to use.

Federal NRI banking -

Federal Bank's account opening happens centrally, and the request to open an NRE account gets sent to their Central Processing Centre (CPC). The bank offers a Debit card with its NRE account that gets dispatched to the branch and further distributed. While Federal Bank provides an online account opening facility, the list of paperwork involved is pretty long. Some of the mandatory ones include Address Proof, NRI status proof and attested ID proof. Also, even though you can download and apply for the bank's account from its website, the process is not exclusively online and therefore becomes quite tedious.

Canara NRI banking -

Canara Bank offers various financial instruments and investment options for NRIs like NRE savings or current account, Demat account, trading account and Portfolio Investment Schemes. However, from a digital banking perspective, Canara Bank remains far behind. That is because you can only download the account opening forms online. Similar to SBI, the entire procedure after that requires to get done offline. That includes filling the form and affixing your photographs in the relevant space provided as well as getting the form along with all the relevant documents attested and stamped by any of the entities like Notary Public, Magistrate, Indian Embassy etc. You also have to then send all the above to the designated Canara bank branch. While the bank falls in the digital banking category because of the availability of its forms online, the process it follows cannot get considered as part of digital banking experience.

ICICI NRI banking -

ICICI Bank offers online NRE account opening with a minimum monthly balance requirement of Rs.10000 or Rs.25000 at Customer ID level. The bank also provides a free ATM card and cheque book. The interest on your ICICI Bank NRE account gets calculated on an annual basis and paid on a half-yearly basis. For a balance above Rs.50 lakhs, it is 4% p.a. and that below it is 3.5% p.a. Also, ICICI online banking facility allows you to download the account opening forms online after selecting your country of residence. After submitting the relevant documents and the filled-in form, the account gets opened in 2 working days. You can also use your ICICI net banking login ID and password to manage your account and transfer funds. However, looking at ICICI from a digital banking viewpoint, it has failed to impress its customers with most NRI users giving terrible feedback on various online customer review platforms. Most customers have professed that the ICICI online banking facility is dreadful and non-functional and that its customer support system is even worse. NRI users have complained of a variety of things ranging from complete unresponsiveness from the customer support team to even wrongful deduction of their money. Even the ICICI net banking facility has gotten severely criticised by its customers.

Perfect digital banking experience is one where you can enjoy 24*7 instant access to your account, check balances, view records of your transactions, transfer funds between accounts and pay bills all through your mobile. If you want to take advantage of the above digital banking facilities, then signing up on North Loop is one of the best ways you can do so. We not only offer all of these benefits but also ensure prompt customer services so that you always remain satisfied. At North Loop, you can enjoy simplicity and convenience with zero fees or hidden charges.

To begin your NRI banking journey with us, sign up here.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.