ICICI vs HDFC NRI Account: Which Is Better for OCI Holders?

I think the better choice depends on what you're actually going to do with the account.

If you're mainly sending your overseas salary to India and later want to repatriate the money, compare the NRE account and the bank's remittance/forex service.

If you have Indian rental income, you'll probably need an NRO account as well. Both banks provide NRO options for managing Indian income.

Another important point for OCI holders: if you still have an old resident savings account from when you were an Indian resident, don't simply keep operating it without updating your status. ICICI, for example, specifically says an OCI can convert a resident savings account to an NRO account.

I'd compare the current schedule of charges, minimum balance, remittance charges and forex rates before deciding. Those can matter more than small differences in app features.

I use HDFC as an OCI holder in Canada and have had a reasonably good experience.

HDFC offers both NRE and NRO savings accounts. Its current NRE information highlights online banking, overseas transfers and full repatriation of NRE principal and interest. Its NRO account is designed for managing Indian earnings and has separate repatriation conditions.

One thing I liked was the overall NRI banking infrastructure. HDFC has a large Indian branch and ATM network, which can be useful if you regularly visit India.

I wouldn't say HDFC is automatically better than ICICI, though. If most of your transactions happen online from abroad, ICICI may suit you just as well.

For rental income, I'd focus more on the NRO account features, tax handling and repatriation process than on which bank has the better marketing for NRI accounts.

I’ve been using ICICI for several years as an OCI holder in the UK. For me, the biggest advantage has been the online side of the banking experience.

ICICI currently lists NRE accounts for OCI/NRI/PIO customers and says NRE principal and interest are freely repatriable. Its NRO account is intended for Indian income such as rent, dividends and pension.

I also like that ICICI has separate NRI services for remittances and overseas transfers. Their current NRI account information lists a ₹15,000 monthly average balance for the regular NRI savings account, although specific account variants can have different requirements.

For someone who does most banking remotely, I’d definitely consider ICICI.

That said, I wouldn't choose solely based on the app. Check the exact charges for your country, forex rates and the specific NRE/NRO variant you're opening.