Your full guide to NRI accounts: NRO and NRE Accounts| North Loop Official Blog
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21 Apr 2020

Your full guide to NRI accounts: NRO and NRE Accounts

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Your full guide to NRI accounts: NRO and NRE accounts

Are you a non Resident Indian (NRI) or Person of Indian Origin (PIO)? Or are you about to become an NRI as you’re about to move overseas from India? If the answer is yes, you will need an NRI bank account! Indian law prohibits non Resident Indians from keeping or using regular savings accounts (the ones used by resident Indians). You will need to open an NRO and NRE account. Read on for our full guide to NRI accounts and how to open them.

NRI Account

An NRI Account can mean either an NRO or NRE account - it usually means the combination of both, as it is always advised to get both an NRO and NRE account in one-go. These accounts let NRI bank in India, enabling them to do nearly all the banking and transactions they would need to do. If you have income in India, or want to send money to india, or want to invest in India, then getting an NRI Bank Account is critical.

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

NRI Savings Account

NRI accounts can be either current or savings. The benefit of an NRI savings account is that you earn a high rate of interest on your deposits. If you are living in a country with a low rate of interest e.g. USA, you can deposit your earnings in an NRE account and get up to 7.5% interest on these accounts. This high rate of interest will help you save for your retirement and grow your wealth. NRE accounts are also tax-exempt, so you won’t have to pay any Indian tax on the interest you earn in these accounts.

Best NRI Account

If you’re looking for the best NRI account, there are many banks that offer the services. But there are only a few that offer good service. When looking for the best bank for NRI Account, here are some things you should consider:
NRI Banking ServicesNorth Loop
Minimum Account BalanceStarts from Rs. 10,000 for basic NRI banking services.
Premium NRI banking services start at Rs. 50,000
Premium NRI Banking services have no
minimum account balance
Global Debit Card DeliverySome banks offer, for a feeFree Debit Card delivery anywhere in the world
Account Opening ProcessNot online - can take 4-6 weeks. If you are in India, you can either wait in
a branch or make an appointment, take your papers and go to the branch
(and then wait again). Follow up meetings are required.
If you are abroad - some banks will let you open an account while you
are abroad. You will have to print the forms, sign them, attach photos,
get them attested (usually by the Indian consulate), and then courier them
to India. Follow up couriers may be required.
Completely online.
Download North Loop app or visit nolobank.com
Sign up in 5 minutes
FeesNRI Bank Fees can go up to 6 pages! Banks charge, on average, at least
100 different types of fees for nearly every transaction. It's confusing, vague
and not at all transparent.
No-fee banking.
Other ProductsVaries on banks. Some will offer investment, remittance and loan productsRemittance to India, Fixed Deposits, Loans, Investment
in Mutual Funds, Financial Advisory, Personal Finance
Management
US Bank AccountNo Indian Bank offers US AccountsYes, free US Checking account Available
Customer ServiceIs there a global 24/7 customer care line? Can you do in-app chat? Most
banks are not known for having good customer service that is friendly
24/7 award winning customer care in-app or on phone

Open NRI Account Online

If you’re looking to open an NRI bank account, the only way to do it online is through North Loop. There are no other banks in India that offer NRIs a way to open NRI account online - they will ask you to fill in a formonline, and you will then have to courier documents to them. North Loop removes the hassle of opening an NRI account by letting you sign up in 5 minutes.

Difference between NRE and NRI Account

The only true difference between NRE and NRI account is that an NRE is a form of NRI account, and there is no such thing as an NRI account - it simply refers to either an NRE or NRO Account. NRE accounts are generally used for depositing foreign earnings, while NRO accounts are used for depositing domestic Indian earnings. You can read more about the differences here .

North Loop NRI Banking Services

North Loop simplifies NRI account opening, letting you get an account in minutes! Zero balance, zero fees. Low interest loans for NRIs. Get access to the very best in NRI banking - sign up here.

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No-fee banking, investments, remittances & insurance for the global Indian

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.