Best Indian Banks for NRIs Living in the USA

I went with HDFC Bank after comparing a few options.

My priorities were slightly different because I wanted a bank where I could handle NRI banking mostly online. HDFC has separate NRI savings-account options and provides digital banking facilities for NRI customers.

I also considered remittance services because I transfer money from my US account to India several times a year.

One thing I would recommend is not choosing a bank simply because someone says it has the “best NRI account.” There are different categories of best.

For example, SBI might make more sense if you value its large branch network and existing relationship. A private bank may be more attractive if digital banking and remote servicing are your priorities.

Also, if you are a US person investing in Indian mutual funds, check the bank and investment platform's US-related compliance requirements separately. Banking itself may be straightforward while investments can involve additional FATCA reporting and restrictions.

I use ICICI for my NRE and NRO accounts and have generally found it convenient from the US.

The main reason I chose it was the ability to manage most routine banking online. I don't travel to India very often, so remote access was more important to me than having a branch near my family.

I also like having both NRE and NRO accounts with the same bank. My US earnings go through the NRE side, while Indian income is handled through NRO.

One thing I'd specifically tell US-based NRIs is to pay attention to the FATCA/US tax documentation during account opening. It isn't necessarily difficult, but you need to provide accurate information about your US tax residency.

The choice isn't really just SBI vs HDFC vs ICICI. Your US state, the type of income you have in India, whether you're an OCI, how frequently you remit money and whether you invest in India can all affect which bank works best for you.

I’ve been with SBI for my NRI banking for quite a while. I initially chose it because my family already had accounts there and I was familiar with the bank.

For me, the biggest advantage is the size of the network and the fact that SBI has a dedicated NRI banking setup. Their NRO account supports internet banking, domestic debit cards and different types of deposits, and they also provide options for opening or servicing NRI accounts through their NRI channels.

I wouldn't say the digital experience is necessarily the best among all the banks, though. Some of my friends in the US prefer private banks because they find the online onboarding and communication easier.

SBI worked well for me because I already had a relationship with them and most of my banking requirements are fairly simple.

If you're starting completely from scratch, I'd compare SBI with at least two private banks before deciding.