The Indian bank system is diverse and offers great solutions for NRIs who want to transfer some funds back home. In this article, we’ll cover the top banks in India so you can choose one that best suits your needs.
Remittance options for NRIs
Before exploring a list of the leading banks in India, we should understand the options for sending money from Europe to India.
To NRO/NRE accounts
Indians can open two special types of accounts: Non-Resident Ordinary (NRO) and Non-Residentional External (NRE) in the best banks in India.
NRO accounts allow you to receive money from abroad as well as credits in rupees within the country. Deposit and interest income are taxable in this case.
NRE accounts accept only foreign financial operations but are free from taxation of the interest income.
Overall, if you need more flexibility, NRO accounts are a better option, but NRE may save you some money because of the tax exemptions. NRE/NRO accounts make banking in India unique because they support NRIs and keep them connected to their home, even from abroad.
To bank cards
Traditional and widely used method of remittances. The top banks in India allow international remittances to be sent directly to their debit or credit cards. It’s faster than sending money between bank accounts and easier for the recipients, as they can start spending money right after they receive it. Banking in India accepts cards for a variety of purposes, from shopping to paying bills.
To UPI accounts
UPI is a system for instant transfers that has become more popular over the years. A mobile number is required to open a UPI account. After that, you can choose among the best banks in India, get a UPI ID, and send money in seconds without complicated operations, for example, by scanning a QR code at your nearest shop.
As an NRI, you have plenty of ways to transfer your salary from Europe. To easily send funds to UPI, bank accounts, and cards, use beneficial Profee transfers. With this online service, you’ll complete the transfers in minutes while enjoying great exchange rates.
Now, let’s look at the bank ranking in India and decide which bank is the best in India.
The top banks in India
We’ll introduce you to the five leading banks in India and their offers for NRIs. Let’s jump right into it.
State Bank of India (SBI)
One of the best government banks in India, SBI is known for its security and wide global coverage. Currently, it has 230 points of presence in 29 countries with over 480 million customers, making it stand among the largest banks in India.
On its website, SBI has an NRI section where you can explore opportunities for overseas transfers. We summed up it for you:
- SBI supports NRE and NRO accounts. Moreover, the best government bank in India offers several types of accounts: classic, deposit and salary.
- You can open an NRI Family card. Issued for the needs of expats who have relatives back in India, a Family card is supposed to make the transfers faster and easier.
- SBI supports SWIFT, UPI, and Rupee Drawing Arrangement (RDA). Therefore, you won’t be limited to NRE/NRO accounts only.
- You can download the Yono SBI app to have control over your finances and transfers.
Overall, SBI is a nice option for expats who want to be clients of a state-owned institution for safety and peace of mind. State Bank of India takes care of the expats and offers them convenient solutions for sending money from Europe.
HDFC Bank
Next on our list of the leading banks in India is HDFC Bank. It’s one of the best private banks in India, with a market capitalisation of over 170 billion dollars (as of March 2025).
HDFC website also has an NRI section where you can read some guides and tips for banking in India for expats. HDFC Bank offers:
- NRE and NRO accounts with competitive exchange rates.
- Transfers to UPI ID and mobile wallets.
- NRI Investement schemes to have a passive income in India.
- Savings accounts that can be managed by your family back home.
- If you apply for the Elite NRI account, you'll receive benefits such as a personal banker, higher interest rates for savings, better forex conversion rates, and more.
HDFC is one of the largest banks in India for NRI, so check their website if you’re interested. For us, it’s time to move to the third institution that has convenient solutions for Indians abroad.
ICICI Bank
ICICI is another of the best private banks in India, with a straightforward process of sending money from Europe. ICICI was founded in 1994 and has gained the trust of millions of Indians all over the world since then. One of the top banks in India offers:
- NRE and NRO accounts for salary or savings.
- Integration with UPI and Google Pay.
- Money2India, an online service for direct transfers from Europe. It’s an official app powered by ICICI Germany that allows you to send funds from European accounts to ICICI accounts.
- NRI Premia Program with a family account, pricing benefits and exclusive offers.
ICICI bank was the first bank of India to introduce online services. Thus, ICICI banking in India becomes a nice choice when you want to avoid extra steps and have everything in one place. However, check the prices and commission, as they may be higher than you expect.
Let’s check the other institutions in our bank ranking in India.
Punjab National Bank (PNB)
A government-owned bank that provides 24/7 customer support and is always ready to help NRIs with their questions. Their offerings for Indians abroad are quite standard:
- NRE and NRO accounts of different types.
- Supports SWIFT transfers with low fees.
- Unique point — you can send cash from Europe via Western Union and Moneygram to PNB in India.
- NRI insurance and access to the overseas offices.
PNB is among the top banks in India because it provides the flexibility expats need. You can send money back home both online and in person.
Coming to the end of our bank ranking in India, let’s check Kotak Bank.
Kotak Mahindra Bank
Our last best bank in India is Kotak, which works closely with UPI and has its own online money transfer service. Kotak is among the leading banks in India in terms of online solutions.
- Click2Remit app for instant transfers from Europe to Kotak accounts.
- Great exchange rates.
- Good quality of the UPI services. Access UPI through apps like PhonePe, Google Pay, and Paytm.
- NRE and NRO accounts available.
With its strong digital ecosystem and customer-friendly remittance services, Kotak Mahindra Bank is an excellent choice for those who prioritise speed.
How to send money to India easily
To keep, use, and save your money, choose any of the top banks in India. They all have their pros and cons, so research the websites and find the one that works for you. However, bank solutions may not be cost and time-effective when it comes to transferring money back to India. To avoid losing extra funds and enjoy comfortable remittances, choose Profee.
- Unmatched exchange rates to save on the currency conversion.
- Send funds to cards, UPI and accounts of the best banks in India
- Get 0% fees on your first transfer.
- Keep your funds and data secure under PCI DSS compliance.
- Finish transfers in minutes and enjoy the rest of the day without worrying.
Support your family back home and try Profee out today.
Conclusion
In this article, we listed the banks' ranking in India. Among the first banks of India are SBI, HDFC, ICICI, PNB, and Kotak. Their core offerings are the same, but certain details can be crucial in the comfort of your NRI life. So compare the fees, payments, and account details on the website before deciding which institution to choose. To send money from Europe to India, try fast and beneficial Profee transfers.
