These Indian banks are trusted by NRIs for transactions, and online banking tops the service rankings

India’s economy is significantly boosted by Non-Resident Indians (NRIs). They are boosting the country’s investment climate and filling up its foreign currency reserves with inbound gross remittances. India has positioned itself as a leader in inbound remittances due to its developing economy.

According to a recent survey, private Indian banks’ flexibility in services has made it simpler for NRIs to optimistically participate in the wide range of options the nation has to offer.

An NRI-focused FinTech platform, SBNRI, conducted a poll to identify the top private Indian banks that NRIs like and trust as NRI investments continue to soar in the nation.

Axis Bank, HDFC Bank, ICICI Bank, and Yes Bank are the top four private Indian banks that NRIs located in Australia, Canada, the United States, Singapore, and other ten countries are most likely to trust, according to the SBNRI study report.

Nearly 43% of NRIs with Australian addresses chose HDFC Bank over other banks, followed by 30% of those in Canada and the UK. While 38% of NRIs living in Canada and 30% of those based in the USA place their faith in ICICI Bank.

The creator of SBNRI, Mudit Vijayvergiya, commented on the Indian banking environment by saying, “In the past, the Indian banking industry lacked the international service standards for NRIs to park their cash in the nation. Safety concerns, lack of flexibility, and other restrictions prevented NRIs from making smooth investments in the nation. The barrier for inbound remittances from NRIs has been passed in 2022 thanks to the development of a few private banks.

NRIs’ faith in Indian private banks is expressed for a variety of reasons. According to the report, 37% of NRIs with residences in the UK and Canada value the accessibility and security precautions offered by Indian banks, which enable them to store their money more effectively.

On the other hand, 35% of NRIs living in the US believe that internet banking makes it simple for them to move money throughout the nation.

The SBNRI poll found that considering the time zone difference, 42% of US and Australian-based NRIs and 37% of Australian-based NRIs want 24-hour customer care to address customer concerns and problems more quickly.

Indian banks have always struggled to retain advanced technological skills, which are essential for winning over NRIs’ trust. According to the survey, private banks have simplified their internal processes, making Axis, HDFC, ICICI, and Yes Bank the top choices for NRIs.

According to the report, a massive 42% of NRIs living in Australia, followed by those from other nations, give competitive interest rates, transparency in fees, and charges consideration when deciding whether or not to trust a bank. On the other side, 50% of NRIs based in Canada seek for locations with solid reputations, stable finances, and top-notch security.

The poll also identified a significant factor: 42% of US-based NRIs believe that a bank should provide a wide variety of services, including online and mobile banking.

“The NRI brotherhood is geographically diverse. Additionally, cultural variety necessitates the creation of specialized product lines to cater to each group’s unique banking requirements. Indian private banks are putting their attention on their digital transformation, which serves as a key factor in the simplicity and convenience provided to NRIs, he said.