Which Bank Offers the Best NRO Account for NRIs?

I have an NRO account with ICICI, and my experience has been fairly good so far.

I originally chose it because I already had an NRE account with them, so keeping both accounts with the same bank made transfers and account management easier.

One thing I would recommend is comparing the NRO account features rather than just the savings interest rate. For someone with rental income, the ability to receive Indian income, make local payments, and manage the account remotely can be more important than a small difference in interest.

ICICI's current NRI account information also lists proof of identity, address, NRI status, and PAN/Form 97 among its documentation requirements.

So if you're opening an account from overseas, I'd also check how straightforward the bank's NRI onboarding process is. That can make a surprisingly big difference.

I use HDFC Bank for my NRO account and the biggest advantage for me is online access.

I live in the UK and don't travel to India often, so being able to manage the account remotely is important. HDFC currently lists NetBanking and PhoneBanking access for its NRO savings account and also provides a domestic debit card. It allows customers to appoint a mandate holder as well.

Another thing I considered was repatriation. HDFC states that funds from an NRO account can be repatriated under the applicable current-income or USD 1 million scheme, subject to the relevant requirements and taxes.

I chose HDFC because I wanted the convenience of managing most things online rather than because it had the absolute highest NRO interest rate.

If you don't need frequent overseas transfers, I'd put more weight on account charges and customer service.

I went with SBI mainly because I already had a relationship with them before becoming an NRI.

Their NRO account has the basic facilities I need, including internet banking, domestic debit card, cheque book and the ability to maintain the account jointly in certain permitted arrangements. SBI also allows NRO accounts to be used for India-based income and local rupee payments.

One thing I liked was that the bank's NRI information clearly explains that an existing resident savings account can be converted to an NRO account when residential status changes.

I wouldn't necessarily say SBI is the best NRO account for everyone, though. If you're starting from scratch, I'd compare the service levels and charges with private banks as well.

For me, convenience mattered more than getting a slightly higher interest rate.