To cater to the financial needs of Non-Resident Indians, Catholic Syrian Bank offers a wide range of banking services to NRIs including NRI accounts, FDs, and home loans. This blog post aims to explore the features and benefits of opening an NRI bank account with CSB Bank and also the process of CSB bank NRI account opening online.
CSB Bank NRI Account Opening Online
To initiate the online opening of a CSB NRI savings account, you have the following options:
- Opening an NRI account through CSB’s online banking platform.
- Through the SBNRI platform/ app that provides NRI account opening service for NRIs.
Open CSB NRI Account through Bank’s Website
- Visit the official website of Catholic Syrian Bank.
- Go to the ‘Personal Banking’ section and select ‘Application Forms’ from the drop-down menu.
- Once the page is opened, look out for the NRI Account Opening Form option.
- From that particular section, select Non Resident – Savings/Current Account Opening Form for Individuals.
- Complete the NRI account opening form.
- Send the duly filled and completed CSB NRI account opening form, along with the necessary supporting documents to a bank branch in India.
- The applicant’s signature on the application and all accompanying documents must be attested by a bank official, Indian High Commission/Consulate/Embassy, or a Notary Public.
- Once all documents and form are received and verified by the bank, your CSB NRE/ NRO account will be opened.
Open NRI Account through SBNRI App
To initiate the process of opening an NRO or NRE account, you have the option to apply online. Click on ‘Open NRI Account‘ button on this blog or download SBNRI App. Follow the steps below to open an NRI account through the SBNRI app:
- Download the SBNRI app from either the Google Play Store or the App Store.
- Log in using your credentials.
- Locate and click on the ‘Open NRI account’ button within the app.
- Choose the desired bank from the provided list of banks with which you wish to open an NRI account.
- Utilize the in-app scanning feature to scan and upload your KYC (Know Your Customer) documents.
- After ensuring that all necessary documents are uploaded, click on the ‘Apply’ button to proceed.
Eligibility Criteria for NRI Account at CSB
To be eligible for CSB NRI Savings Account, you need to meet the following criteria:
- NRIs and PIOs as per FEMA definition
- Seafarers of Indian nationality/origin
- Indian government employees with Diplomat passports, or
- Students pursuing studies in foreign countries
Documents Required
Here is a checklist for documents required to open an NRI account at CSB:
- NRI account opening form
- Valid passport
- NRI status proof
- Proof of overseas address
- Proof of Indian address
- Recent passport-sized photographs
- PAN Card or Form 60
- Initial deposit: The required amount may vary depending on the type of account.
Note: Please remember to self-attest all document copies. In certain cases, you may be requested to have the documents attested by the Indian embassy or a notary in your country of residence.
CSB Bank NRI Account: Types
There are two types of NRI savings accounts that are CSB NRE savings account and CSB NRO savings account.
CSB NRE Savings Account
- Open an account denominated in Indian Rupees (INR) where you can conveniently hold your foreign income earned outside India.
- Flexibility in repatriation of funds.
- In a CSB NRE account, both the amount and the interest in the account are exempt from tax.
- You have the option to open the account individually or jointly with other NRIs/PIOs. Additionally, you can open a joint account with a resident close relative based on the ‘former or survivor’ arrangement. In this case, the NRI/PIO will be the primary account holder, and the resident relative can operate the account only in the event of the primary account holder’s demise. However, during the lifetime of the NRI account holder, the resident relative can operate the account as a Letter of Authority/Power of Attorney holder.
- Nomination for the account can be in favor of a Non-Resident or Resident individual.
CSB NRO Savings Account
- Open an account denominated in Indian Rupees (INR) where you can securely hold and invest your earnings in India.
- The interest earnings on this account are subject to deduction of income tax at the source.
- Avail tax benefits on NRO accounts as applicable under the Double Taxation Avoidance Agreement (DTAA).
- Funds can also be transferred to an NRE account with a limit of USD 1 million per financial year, subject to tax payments as applicable.
- The account can be opened either individually or jointly with two or more NRIs/PIOs.
- Additionally, it can be jointly held with residents based on the ‘former or survivor’ arrangement, where the NRI/PIO is the former holder and the resident holder can operate the account only upon the demise of the primary NR/PIO holder. However, during the NRI account holder’s lifetime, the resident can operate the account as a Letter of Authority/Power of Attorney holder.
- Nomination for the account can be in favor of a Non-Resident or Resident individual.
CSB Bank NRI Account Interest Rates
Given below is the table that shows CSB bank NRI account interest rates. These rates are effective from 1 June 2023.
| End of the Day Balance | Interest Rates (p.a.) |
|---|---|
| Up to and including Rs 1 Lakh | 2.10% |
| Up to and including Rs 25 Lakh | – 2.10% for amount up to Rs 1 Lakh – 2.75% for amount above Rs 1 lakh & up to Rs 25 lakh |
| Up to and including Rs 50 Lakh | – 2.10% for amount up to Rs 1 Lakh – 2.75% for amount above Rs 1 Lakh & up to Rs 25 Lakh – 3.50% for amount above Rs 25 Lakh and up to Rs 50 Lakh |
| Up to and including Rs 1 Crore | – 2.10% for amount up to Rs 1 Lakh – 2.75% for amount above Rs 1 Lakh & up to Rs 25 Lakh – 3.50% for amount above Rs 25 Lakh and up to Rs 50 Lakh – 4.00% for amount above Rs 50 Lakh & up to Rs 1 Crore |
| Up to and including Rs 2 Crore | – 2.10% for amount up to Rs 1 Lakh – 2.75% for amount above Rs 1 Lakh & up to Rs 25 Lakh – 3.50% for amount above Rs 25 Lakh & up to Rs 50 Lakh – 4.00% for amount above Rs 50 Lakh & up to Rs 1 Crore – 4.25% for amount above Rs 1 Crore & up to Rs 2 Crore |
| Up to and including Rs 5 Crore | – 2.10% for amount up to Rs 1 Lakh – 2.75% for amount above Rs 1 Lakh & up to Rs 25 Lakh – 3.50% for amount above Rs 25 Lakh & up to Rs 50 Lakh – 4.00% for amount above Rs 50 Lakh & up to Rs 1 Crore – 4.25% for amount above Rs 1 Crore & up to Rs 2 Crore – 4.50% for amount above Rs 2 Crore & up to Rs 5 Crore |
| Up to and including Rs 25 Crore | – 2.10% for amount up to Rs 1 Lakh – 2.75% for amount above Rs 1 Lakh & up to Rs 25 Lakh – 3.50% for amount above Rs 25 Lakh & up to Rs 50 Lakh – 4.00% for amount above Rs 50 Lakh & up to Rs 1 Crore – 4.25% for amount above Rs 1 Crore & up to Rs 2 Crore – 4.50% for amount above Rs 2 Crore & up to Rs 5 Crore– 5.00% for amount above Rs 5 Crore & up to Rs 25 Crore |
| Up to and including Rs 50 Crore | – 2.10% for amount up to Rs 1 Lakh – 5.50% for amount above Rs 1 lakh & up to Rs 50 Crore |
| Up to and including Rs 200 Crore | – 2.10% for amount up to Rs 1 Lakh – 6.00% for amount above Rs 1 lakh & up to Rs 200 Crore |
| Above Rs 200 Crore | – 2.10% for amount up to Rs 1 Lakh – 7.00% for amount above Rs 1 lakh |
Contact SBNRI
Due to lots of information and documentation required to apply for NRE accounts, NRE account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRE account with nominal documentation in just 10 minutes.You can also click on the button below to apply for an NRI account. Visit our blog and YouTube Channel for more details.
FAQs
To open a CSB Bank NRI account, you can either visit a branch in person or initiate the account opening process online through the bank’s website. The online process usually involves filling out an application form, submitting necessary documents, and completing the verification process.
Yes, CSB Bank allows joint NRI accounts. You can open a joint account with another NRI or with a resident Indian on a “former or survivor” basis, where the NRI is the primary account holder.
Yes, depending on the type of account and applicable regulations, you can repatriate funds from your CSB Bank NRI account. NRE accounts offer full repatriability, while NRO accounts have specific repatriation limits and guidelines.
