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I recently moved to Australia and am trying to decide which Indian bank would be easiest to manage from here. I still have financial commitments in India, including family expenses and some investments, so I’m looking at opening an NRE and NRO account.
I’ve shortlisted SBI, ICICI Bank, HDFC Bank, and Axis Bank, but I’m finding it difficult to decide which one works better for someone living in Australia.
My main requirements are:
I may also need to convert my existing Indian resident savings account to an NRO account because I became a non-resident after moving abroad.
Has anyone living in Australia been using SBI, ICICI, HDFC, or Axis for NRI banking? Which one has been easier to manage remotely?
I use ICICI Bank and have found the digital side fairly convenient from overseas.
They offer NRE and NRO accounts and also have different NRI banking programmes. Their NRI account documentation includes proof of identity, address, and NRI status, such as a valid visa/work permit or OCI card where applicable.
I particularly like having online access because most of my regular transactions are transfers, bill payments, and monitoring balances rather than visiting a branch.
One thing I would compare carefully before opening the account is the forex/remittance pricing, rather than simply choosing a bank based on its brand name.
For someone in Australia who wants to manage most things remotely, ICICI is worth considering.
I went with SBI mainly because I already had a relationship with them in India. Their NRI setup covers NRE, NRO and FCNR(B) accounts, and SBI specifically allows NRI accounts to be opened from abroad through its prescribed process.
One useful point for someone in Australia is that SBI supports AUD in its FCNR(B) deposit options, subject to the applicable product terms. SBI also lists AUD among currencies supported for certain remittance services.
The downside for me was that some documentation and servicing requests can still feel more traditional compared with fully digital banking.
If you already have SBI accounts in India and want a large Indian bank with a broad NRI product range, I would definitely keep SBI on the shortlist.
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I compared HDFC and Axis before deciding.
HDFC Bank has a specific NRI banking offering for Indians living in Australia. Its Australia NRI page says customers can transfer funds from Australia to their NRI account and repatriate funds through an NRE account. It also provides online account opening and digital banking.
HDFC also clearly separates the purpose of NRE and NRO accounts. NRE is generally useful for overseas earnings, while NRO is used for Indian-source income.
Axis Bank is another option if online servicing and NRI support are important. It provides NRE/NRO accounts, 24×7 NRI phone banking, internet/mobile banking, and dedicated NRI support channels.
I would compare the actual account charges, minimum balance requirements, and remittance rates before deciding.