Opening NRE a/c

I have gone through all the suggestions posted here and I like the one about Doha bank and Axis Bank. However I would like some clarifications. She already has her salary being credited to an a/c in a bank (I think she said IBH. Is there a bank like that?)

Now my questions:

1. As suggested, she approaches Mr. Dutta at Doha bank who helps her to open a Axis Bank NRE a/c. Does she also have to open an a/c with Doha Bank?

2. If she opens an a/c at Doha Bank then she will be required to maintain minimum balance at all 3 a/cs isn't it?

3. If she has just the IBH a/c and the Axis Bank a/c, how does she transfer money from one to the other?

4. Similar questions as above if she uses the relationship between Commercial bank and ICICI.

5. Just like those two pairs of Banks, does IBH also have a relationship with any Indian Bank where she could open a NRE a/c?

After studying all the suggestions, I do think the idea of Doha bank and Axis bank looks good.

Here is what I understand. She approaches this Palak Dutta person at Doha bank who helps her open a Axis Bank a/c right?

Does she also need to open an a/c in Doha bank?

She already has her salary a/c in a bank there (I think she mentioned IBH or something similar).

Does it mean she has to transfer money from her salary a/c to Doha Bank and then to Axis? This would mean maintaining a minimum balance in Doha Bank as well?

Is there a similar NRI desk at Commercial Bank that would help her open an ICICI a/c as well just like with Doha bank and Axis?

Finally, would her Bank IBH or whatever have a similar arrangement with some other Indian Bank?

Sorry for so many questions. But I need to help her as she knows nothing of banking at all.

I feel bank to bank transfer will always give you low conversion rate as compared to money exchanges outside. So you should withdraw cash and transfer them using money exchanges outside. For NRE account in India, ICICI, HDFC, even YES bank these days are the best options, from services and network point of view.

I am really grateful to all who have contributed valuable answers to this question.

Am agree with JMVince answer!

If you want to open a new NRE a/c in AXIS Bank in india you can contact Doha bank representative Mr. Palak Datta, Relataionship Manager - NRI Investments. in Doha, Qatar his contact number Tel: +974 44257581/82, Mobile: +974 55056093, Email: [email protected]

Hello Me patrot you can open account in anyone of the bank in doha like doha or commercial bank and from either one of the bank she can transfer money to india like ICICI bank as per my knowledge you should open in doha bank in qatar as transfer rate is good and at the same time open ICIC nre acoount in mumbai, you can open the ICIC nre account from doha also as ur daughter here is in doha she can do it easily

hope u understand it

Thanks hms and jmvince too.

Sorry I did not see your responses before I posted my previous reply.

Thanks cooldude2010.

So You suggest she should open an account with Commercial bank in Doha as well as ICICI Bank in Mumbai.

Then she transfers funds from her bank (Perhaps Doha bank) to her commercial bank a/c. Then what happens? Does the money deposited in commercial bank appear in her ICICI a/c as if the two are one and the same or is there an additional process to transfer the money from Commercial bank to ICICI Bank along with currency conversion?

Sorry for the basic questions but I am totally ignorant in this field.

Dear Sir/Madam,

I suggest you can open an NRE account with ICICI Bank or AXIS Bank. If she has an account with Doha Bank then money transfer is easy to AXIS Bank(Its easy for ICICI also, but Axis bank does not charge from their end).Also Doha Bank gives best rates for online money transfer.You can go online and open the account and AXIS Bank rep will call her and finish the formalities(If she gives her qatar address and phone no.I have account with both banks ,but mostly deal with ICICI Bank online(I am a resident for 20 years).If you have any more queries feel free to contact me at [email protected]

JMVince

Yes u can easily open an NRE account with any of the banks that u choose. That also u can do it either from India or also from Doha. If u are opting for SBI, you need to visit Trust exchange and they will guide the rest.

You can transfer the money from online.

I feel doha bank has best exchage rate offer to india iam from mumbai also i do transfer monthly online thru it then you can open bank in commercial bank whhis has transfer facilty in with ICICI bank to open the ICICI nre account you can do it from here alos no need to go to india they have online facilties also.

opt for the best one as per your need.