Choosing the Best NRO Account: A Comprehensive Guide
With the move to the United States, many individuals find the need to open an NRO (Non-Resident Ordinary) bank account for maintaining their financial transactions. As an experienced SEO, here is a detailed guide to help you choose the best NRO account based on my personal experience and research.
Overview of NRO Account Criteria
When choosing an NRO bank account, there are several criteria to consider, including reasonable minimum balance requirements, excellent customer service, and a smooth account opening process. Here’s what my experience suggests for each:
ICICI Bank Experience
Experience: Gone are the days when it’s a good idea to open an account with ICICI Bank for NRO purposes. The customer service was abysmal, and the online application process was frustrating. After filling out an online enquiry form, I received an unexpected call from customer care. Unfortunately, the representative encountered a technical issue and disconnected the call abruptly. When I tried to follow up, no one was available, and I received no response even after 16 days of attempting to contact them for an update. This experience led me to conclude that if you want customer service that is any good, it’s best to avoid ICICI.
Kotak Mahindra Bank Experience
Experience: While I have a great respect for Kotak Mahindra Bank, the process of opening an NRO account from abroad was quite cumbersome. The bank requires you to fill the form yourself and to repeatedly pester them for status updates. Additionally, they expect you to ship the required documents (ID proof, address proof, and bank statements) to their Mumbai office at your own expense, with the Private Customer plan being recommended for those who can afford it. Another setback is that the standard account requires a minimum balance of 10k INR.
HDFC Bank Experience
Experience: HDFC Bank provided a decent customer service and process for account opening. If you already have an existing HDFC account, the conversion to NRI/NRO and the service are quite decent. They did not require any notarization for existing customers, and arranged for a DHL pickup to fetch the required documents. However, if you do not have an existing HDFC account, the process is less convenient.
IndusInd Bank Experience: Best Overall
Experience: Surprisingly, the best service and experience of opening an NRO account was with IndusInd Bank. Not only was the customer service outstanding, but the entire process was surprisingly smooth. Within 10 minutes of filling out the enquiry form, I received a call from a representative who helped me complete the application form. After another 15 minutes, my account number was generated. IndusInd even arranged for a DHL pickup for my notarized documents, which included my driver's license, passport copy, and visa copy. Additionally, the minimum balance requirement is just 10,000 INR on both NRE and NRO accounts combined. The representative kept me updated throughout the process via WhatsApp, providing constant support and ensuring that all my queries were addressed promptly.
Summary
In summary, if you already have an HDFC account, it’s worth converting it to NRO and creating an NRE account. If you already have a Kotak account and are opening the account while in India, it’s possible to convert it. Otherwise, IndusInd Bank would be the best option, as it offers a seamless account opening process and excellent customer service.
Hope this helps you make an informed decision!