Best bank for inward remittance to resident SB for foreign investment

[VijayflyRaven]

I am building this thread for people like me who invest outside India (stocks in US) but are Indian residents (not NRI).

If we invest in stocks in US, we will be using top brokers like Interactive brokers, Charles Schwab, TD, etc which allow opening account from India.

For inward remittance to India, we expect smooth process, best exchange rate, fast remittance, online tracking.

I will keep updating below table as I try multiple banks.

Bank	Pros	Cons
ICICI	Automated remittance with link to enter purpose code. Fast transfer in less than 24 hours. Super smooth	Exchange rate is slightly less. For reference, my test gave 1.6 rupee less than IOB
IndusInd	None	Avoid. No proper process. Delay in payment. Very poor service
KVB	Faster transfer and personal touch from branch.	fees. Although exchange rate is good, they add fees which reduces effective rate. Still better than ICICI, Axis , etc
SBI	Up to 10k USD, transfers are automatic. No delay. Use the express swift code.	Intermediary bank charges are $20 instead of $10 in other banks if using Bank of America.
IOB
IDFC
HDFC

 

[CC-Muncher]

I'll share my transactions and rates soon, you can add those here then.

 

[rohitpgarg]

Anyone has tried transferring RSU/ESOP money directly to platforms like Groww/INDMoney/ICICIDirect?

 

[CC-Muncher]

Has anyone done inward remittance with AXIS bank?

They offer preffered rates for Corp Salary account holders and Burgundy/preffered account holders.

Plz share experience if you have any.

 

[rohitpgarg]

Which bank gives the best rate for outward remittance?

 

[VijayflyRaven]

T

Which bank gives the best rate for outward remittance?

IOB, SBI, KVB