Répondu il y a 57w
It is sad that everybody is talking only about transferring money to India. That’s Money transfer and not Banking. You can use XOOM or Western Union or any other agency for money transfer. But let’s talk about real banking.
- Being a NRI for more than 40 year and I have bounced across a few banks in India and here are my 2¢ worth suggestions:I consider a good service if a Bank can help you in the following:
- Open a PSC account. Open a trading account for trading stocks and derivatives.
- Maintain and Demat Accounts and report Capital gains/losses in a timely fashion. Produce reports in a timely fashion
- Accumulate/Invest in Fixed Deposits / Mutual Funds. They do a get a fat commission- but they never tell you how much they get out of you.
- Provide you a NRO credit card
- Convert NRO money to NRE and transfer money out of the country , whenever required.
Here are my experience with the following banks:
- AXIS bank : They will charge for anything and everything. Even if you ask the bank official to transfer money from one of your own account to another one of your account, they will charge you….(You better do it yourself). The Bank has a high turnover of people. So don’t expect to the see the same person in the bank, who promises you awesome service. Unless you plan to hold lots of money in the back- Service charges will kill you
- ICICI Bank: The promises are great, but there is no commitment from any banking banking staff to provide any service. It took me ONLY 9 months to open a NRE account. And they send an unsecured e-mail disclosing your account no. Transferred amount, Bank Balances, IFSC code etc. They have absolutely no sense of security or maintaining your privacy. When I questioned them about this they say that they verifying the details.
- HDFC : Pinnacle of Bureaucracy and Red-tapism. Awful segregation of departments. Your personal Banker will not help you and you can start chasing your own tail. Never produce reports on time. Help line for NRE’s are practically useless- they have a lots of standard dumb answers. Labor Intensive and a sweat shop.
- CITIBANK: the services are good- only if you are not an NRI from US or Canada. And if you are, they will not help you in any way to open PSC accounts or Demat accounts, or investing in Mutual funds. But if you are an NRI from other countries, you have hit a jackpot. Very good in reports and resolving issues and structured approach.
- IDBI : Mediocre Government bank. If you expectations aren’t great and you can put up with little tardiness then this is the ban for you.
This time I am going to investigates the Banks ( not the Biggies) like Yes Bank , Bank of Baroda or Canara Bank and ensure that they don’t have any corresponding banks in the US or Canada. I am keen to hear opinion from others reading these banks.
Jatin Ganhotra, Know a thing or 2 about NRE/NRO accounts
Mise à jour il y a 95w
Actualiser - I moved to US and finally decided to put the Citibank global transfer to test. As expected, there are no transaction charges and I found the currency rates to be pretty good too.
For folks who can’t open Citibank NRE/NRO accounts as they don’t have a branch nearby, you can use the Xoom app (now acquired by PayPal, so much more trustworthy). Some of my friends who don’t have Citibank accounts use Xoom and it works fast and perfectly well. Use the link - Xoom Refer link and we’ll both get 20$ Amazon gift cards on your first transaction.
Short answer -
Citibank hands down. Just make sure to open a Citibank account in USA as well and life will be perfect. NO TRANSACTION FEE EVER.
Long answer -
After long research, going through many answers here on Quora and web search, I finally decided to visit the bank branches and get to the bottom of it myself. I visited Citibank, HDFC and Standard Chartered bank branches in Connaught Place, New Delhi. Before I describe why I chose Citibank, let me cover some important points that led me to my choice.
1. There are inbound and outbound transaction fee for every transaction for each bank. So, let's say I have account with bank A in USA and with bank B in India. When I transfer money from USA (bank A) to India (bank B), both bank A as well as bank B will charge you transaction fee. Similarly, if you wish to transfer money back to USA, then both banks will charge the transaction fee as well.
For example, Chase bank would charge 50$ and Citibank would charge 30$, if you transfer money from Chase US account to Citibank NRE account. Similarly, there is Citibank transaction fee of around 20/25$ if you transfer money back from Citibank NRE account to Chase account (don't know inbound Chase bank fee, I think it's free, not sure though).
2. The conversion rates is another key factor and I found Citibank conversion rates much better than HDFC (usually said better than other banks). When I visited Citibank, the dollar rate was 68.14 and the Citibank buy and sell rates were 67.13 and 69.14 respectively. On the other hand, the same day, HDFC bank buy and sell rates were around 66.5 and 70/71 (the HDFC bank representative I met wasn't 100% sure as it took him a while to get these numbers).
To understand this, let's take an example and let's completely ignore the transaction fee for now, so that we can only account for the difference in conversion fee. Say I transfer 1$ to my Citibank NRE account, 67.14 rupees would be deposited, but if I decide to send the money back, then I'd need to add 2 rupees more as per the sell rate. However, if you do the same calculations for HDFC, I would need to add around 4/5 rupees more. This difference might come in handy, if you have to get money back in USA for some emergency.
3. Ease of use/ facilities/ Customer Banking - This is a gray area and there is no silver bullet. Different people have had different experiences with the same bank, so you can't say much here. But, I can definitely say that based on the reviews that I have read, Citibank, Kotak and HDFC, they all have pretty good customer services.
4. Interest Rates - Everyone loves higher interest rates. All banks except Yes bank offer around 4% interest rate on deposits, where Yes bank offers 7% (read on Internet, didn't confirm it myself). What everyone forgets comfortably and turns a blind eye to, are the above 3 factors. I am not saying that no one can benefit from the 7% interest rate, but you definitely need to plan for it. Otherwise, for general purpose use-cases that I could think of, I found myself deciding not to go for Yes bank based on points 1-3.
Core Points and Conclusion:
The core point is that when we setup NRE account, we forget about the transaction fee that the US bank would charge us. We also ignore the case that we might need to get money back to USA in the case of an emergency and use-of-ease.
With Citibank, if I have NRE account in India and I have a Citibank account in USA, you don't need to worry about transaction fee at all. Ever. All your bank accounts get linked and any transactions are free.
So, if you ask me, which bank is better, Citibank hands down.
Couple of side-notes -
1. You need to maintain 40,000 Indian rupees balance combined in your NRE+NRO accounts in India. (Not so much for someone earning in USA)
2. You need to maintain 1500$ in your Citibank account here in USA or setup a direct deposit to your account i.e. make it your salary account ( again, not so much of a problem)
Roshan Kuki, studied at Piping
Répondu il y a 100w
I personally prefer Axis bank. I opened NRE NRO account from UAE. They provided me zero balance account for both. I don’t have to maintain any minimum balance in my accounts. That was the best.
And I also have been given personal relationship manager. Their internet banking services are also pretty good. I got my debit cards , cheque books for both accounts directly couriered to my UAE adresss with no extra charge. I have been using this account for more than a year now, and am gonna stick with it certainly.
Ankur Mehta, Jack of all trades. Probably
Répondu il y a 80w · L'auteur dispose de réponses 55 et de vues de réponses 159.3k
Any one but ICICI
ICICI has the worst service. They consider customer for granted.
Here is my story with ICICI (with service request numbers)
(Writing in anger and frustration. Excuse me for poor writeup)
Wanted to convert account to NRO.
Visited ITPL, Bangalore branch around Jan 15th 2017 and SUBMITTED documents .
Bank committed that account will be converted in 2 weeks.
I mailed customer care after >3 weeks (Yes I was cool and it was not that urgent for me)
They called me and told to contact branch (Why on earth do they claim themselves to be nationalized when I need to call local branch?)
After few weeks more and escalation, started getting calls from them.
They asked me to send the documents (Well, when I submitted documents IN PERSON what was the need to resend them)
Finally after more mails/calls they agreed and sent me welcome email stating that documents will reach me within 10 days.
But that was not over. There was another mail from the bank saying unfortunately account cannot be converted. (So there were 2 mails now. One said cannot be opened and other said welcome kit should reach with in days) I was shocked.
Almost 75 days gone. Its 4th April today and I got a mail saying that my concern will be addressed by 10th. (This is 3rd such commitment by the bank).
Here are the different cases on same issue (Well, they may seem just numbers to the readers).
SR457989717 - Feb
SR461430220 - March
SR463315974 - March again
SR465690456 - April
ICICI is hopelessly costly and has worst service.
NOTE:- I discussed with one of my colleague and he said that he suffered similar issues (it took him 2 months to get his account converted). Another colleague with whom I discussed also had similar opinion.
Anidhya Bhatnagar, 7 Années d'expérience bancaire
Répondu il y a 139w · L'auteur dispose de réponses 104 et de vues de réponses 1m
The best bank to open an NRE Account, if you ask me I would definitely say HDFC Bank. Because if you are looking for the ease of operating or we can say that ease of banking, the HDFC Bank is the one on the top of the list.
You can easily open an NRE Account with the HDFC Bank and though the bank will always give you the meilleurs taux de change against most of the currencies and Transaction Processing time is less. The Net Banking interface is very well designed and developed and you will always find it best among the peers.
Also the phone banking response is great! And the services are quick and responses are prompt. For a world class bank you should go for HDFC Bank.
However, you can try with Axis Bank and Kotak Mahindra Bank as I have read that kotak's offerings are also good.
For PSU's you can go with SBI (State Bank of India) as it has much to offer you in its bucket but for a rich experience I would recommend Private Banks.
Jigar Patel, CFA, CPA, MBA, CA | Consultant pour investissements avec spécialisation pour NRI
Répondu il y a 126w · L'auteur dispose de réponses 167 et de vues de réponses 549.9k
Being an NRI, service is the most important.
I have interacted with most of all major banks in India, including nationalized, private and foreign banks. Foreign banks have increased compliance requirements and restrictions, whereas nationalized banks have service issues. With nationalized banks, you would need to visit them; whereas the other banks will have a relationship manager, who will visit you and take care of you.
I would recommend any one of the largest 4 private banks in India e.g. ICICI, HDFC, Kotak, or Axis. You may choose anyone based on your personal preference, proximity of location of your home town, contact/relationships with the bank, etc.
For remitting funds, please make sure to negotiate with the bank for higher rates. You may be able to get upto Rs.1/$ better rates than mentioned, provided you have right contacts.