State Bank of India (SBI) is one of the top preferences of Non-Resident Indians (NRIs) for NRI Account Opening in India. State Bank of India offers two types of savings accounts for NRIs – NRE account and NRO account. You can apply for an SBI NRI account from the country of your residence. In this article, we will explore 2 ways of SBI NRI Account Opening and understand how the process can be made simpler and effortless.
SBNRI is a business partner of leading Indian banks. NRIs can apply for an NRE/ NRO account with any of these banks by clicking the below button.
SBI NRI Account Opening Process
As mentioned at the start of the article, we will explore the 2 ways of opening an NRI Account at SBI. Let’s start:
Way 1: Apply to SBI Bank directly. Here is the process of SBI NRI account opening process:
- Fill SBI NRI account opening application online.
- Download the online submitted application and affix passport size photographs
- Mention date, place and affix your signature where required.
- Self-attest the form and get it further attested at any of these entities: SBI Foreign Office, Notary Public or Indian Embassy
- If you are sending an initial remittance (cheque/ DD), draw it in favor of “State Bank of India A/c [Applicant’s Name]”.
- Post all the forms to the address mentioned in the form
- NRI Account will be opened after the receipt of the original set of forms and documents at the bank.
Way 2: Apply NRI account online via the SBNRI App. Here is the process:
You can apply for an NRI account online either by clicking the “Open NRI Account” button in this blog. Or
- Download the SBNRI App and sign-in using Gmail/Apple ID
- Go to Open NRI Account and select one of the banks on the app.
- Click on Apply and that’s it
What happens next:
- SBNRI will take care of all the end-to-end bank communications, documentation, account opening and activation
- Get a dedicated Indian Friend to coordinate with experts and the bank 24×7
- Utilize the ASK Feature and connect with an expert for any query whenever you want
- Solve any doubt/service requirement related to India (Banking, Investment, Taxation, Real Estate, Home Healthcare and much more)
The process of opening an NRI Account is getting simpler and effortless as you read this sentence. SBNRI is making the vision of a one-stop platform for NRIs in India into a reality.
NRI Account Opening Requirements
During the process of NRI Account Opening at SBI, it is mandatory that we understand the prerequisites for the same. There are factors we need to take care of beforehand such as documentation, attestation, etc. Also, we need to understand what are the different types of NRI Accounts to choose the best one as per our needs. Let’s take a look at these aspects of SBI NRI Account Opening:
Documents Required for NRI Account at SBI
There is a common set of documents that you will require in order to open an NRI Bank Account at any bank in India. The exact list of documents may slightly vary from one bank to another. Let’s glance through the documents required for SBI NRI Account Opening:
| Common Documents | Attestation |
|---|---|
| – Identity Proof (Passport) – Non-Resident Status Proof (Visa/Work Permit, etc.) – Overseas/Communication Address Proof (Passport, Utility Bills, Rent Receipt, etc.) – Permanent address (Overseas/ Indian) – Photograph – PAN Card | For opening an NRI Bank Account at SBI, you will need to self-attest the common documents and then visit any of the following entities for further attestation: – Notary – Embassy/High Commission – Overseas Branch of Indian Bank – Foreign Bank with Indian Presence |
SBNRI APP UPDATE: The SBNRI App is here. Download the app now to experience the best one-stop platform for NRIs. Connect with your Indian Friend directly on WhatsApp using the button at the end of the article.
Why open NRI Account at SBI?
Let’s take a look at the various elements that will help you decide which bank account to opt for and other benefits of the NRI Bank Accounts at SBI. Let’s start with the types of NRI Bank Accounts at SBI:
SBI NRE Account
NRE stands for Non-Resident External Account. SBI NRE account is one of the best NRE savings accounts in India. This account can be used for maintaining the funds generated outside India (salary, etc.) by an NRI. The SBI NRE Account Opening Form is available on its website and can be downloaded and filled by the applicants.
Key Features of SBI NRE Account:
- To park overseas income remitted to India and converted to INR
- The account can be opened jointly with other NRIs/ PIOs/OCIs
- Interest earned on an NRE account is not taxable in India
- SBI NRE account allows full repatriation of funds to an overseas bank account
SBI NRE Savings Account Interest Rates 2023
| Account Balance | Rate of Interest |
|---|---|
| Savings balance less than Rs. 10 cr | 2.70% p.a. |
| Savings balance Rs. 10 cr and above | 3.00% p.a. |
SBI NRO Account
NRO stands for Non-Resident Ordinary Account. NRIs can open an NRO account with State Bank of India for maintaining their funds generated in India (rent, pension, etc.). The SBI NRO Account Opening Form is available on its website and can be downloaded and filled by the applicants.
Key features of SBI NRO account:
- Multi-city cheque book (MCC) for account holders
- Funds can be deposited in SBI NRO account from NRE/ NRO / FCNR(B) accounts or fresh remittance from overseas
- SBI NRO account can be withdrawn for making local payments in INR
- You can open an NRO account jointly with other NRIs/ PIOs/ OCIs
SBI NRO Savings Bank Interest Rates 2023
| Account Balance | Rate of Interest |
|---|---|
| Savings balance up to Rs. 1 lakh | 2.70% p.a |
| Savings balance above Rs. 1 lakh | 2.70% p.a on entire balance |
SBI NRI Account Minimum Balance
SBI NRI accounts can be opened with zero balance. However, the minimum balance requirement for State Bank of India is in the form of Average Monthly Balance (AMB) which means that you need to maintain an average amount in your account based on your bank branch. SBI NRI account minimum balance in savings bank account:
| Branches | Minimum Balance |
|---|---|
| Metro & Urban branches | Rs.1 lakh |
| Semi-Urban & rural areas | Rs.50,000 |
SBI NRI FD Account Overview
Apart from SBI NRI savings account, you can also open SBI NRI fixed deposit accounts to earn attractive interest rates. SBI offers three types of deposits for NRIs – NRE, NRO, and FCNR deposits.
Except interest rates and tenure SBI NRE and NRO FDs have similar features as savings accounts.
SBI FCNR Account
FCNR stands for Foreign Currency Non-Resident Account. The FCNR Account is a fixed deposit account and is used for foreign currency investment in India by an NRI (Account can be opened in USD, EUR, GBP, etc.). The SBI FCNR Account Opening Form is available on its website and can be downloaded and filled by the applicants. Currently, you can’t submit the form for SBI FCNR Account opening online.
| SBI NRI Bank Accounts | Non-Resident External (NRE) Account | Non-Resident Ordinary (NRO) Account | Foreign Currency Non-Resident (FCNR) Account |
|---|---|---|---|
| Purpose | For income earned outside India | For income earned from India (pension, rent, etc.) | Foreign Currency Investment in India |
| Currency | INR | INR | USD, GBP, EUR, etc. |
| Tenure of Deposits | 1 year to 10 years | 7 days to 10 years | 1 year to 5 years |
| Interest on Fixed Deposits | Up to 6.50%* | Up to 6.00%* | Up to 3.90%* (USD) |
| Repatriation(transfer of money from Indian bank account to foreign bank account) | Both Principal (money invested initially) and Interest are completely repatriable | Up to a maximum of 1 million USD per financial year | Both Principal and Interest are completely repatriable |
| Tax Deductions | No tax | Tax on Interest earned (not on principal amount): 30% tax + surcharge + education cess will be deducted at the source of interest earned in India | No tax |
Also Read: SBI NRI FD Rates: SBI NRE FD Interest Rates 2023 | SBI NRI Home Loan 2022-23: Latest Interest Rates and Benefits
SBI NRI Account Benefits
There are many benefits of opening an SBI NRI Bank Account. Some of the prominent ones are:
- Maintain your funds generated in India and abroad separately
- Invest foreign currency in India
- Book Deposits in INR and Foreign Currency and earn tax-free interest up to 7%* on NRE (in INR) and up to 3.90%* on FCNR (in dollars or currency chosen)
- Completely and Freely Repatriable (NRE and FCNR) and much more
SBI NRI Account Opening in Different Countries
Many NRIs put up questions that are geography-specific like How to open NRI Account in SBI Bank from Qatar or SBI NRI Account Opening in UAE or from other geographies such as the US, UK, Singapore, etc. to which there is one common answer: The process is the same. You need to follow one process and can open the account easily. However, let’s take a stroll to the Middle East where the demand for SBI NRI Account Openings is higher:
SBI NRI Account Opening in UAE
SBI NRI Account Opening in UAE is simpler than you thought it was. Either you can apply for SBI NRI account online through the bank’s website, or you can visit a branch in UAE. For example, the State Bank of India’s representative office in Dubai offers instant NRI account facility. So, you can open SBI NRI account in Dubai itself.
Read More: NRI Account Opening in UAE: Best Banks for NRI Accounts
How to open NRI account in SBI Bank from Qatar
To open an NRI account with SBI in Qatar, you can visit an overseas branch of SBI in Qatar at the following address:
- Qfc Branch, 13th Floor, Alfardan Tower, Office No-1, Doha, State of Qatar
- Post Box No 24883
Read More: NRI Account Opening in Qatar: Features & Benefits
State Bank of India has branches, subsidiaries, and representative offices spread over 36 countries, such as SBI branches in UK, SBI Canada, Australia, SBI Singapore branches, etc. NRIs living in these countries can approach a branch to apply for NRI account opening.
Read More: NRI Account Opening in Saudi Arabia: Features & Benefits
SBI NRI Account Opening Online in Saudi Arabia
Opening an NRI account with SBI in Saudi Arabia is quite easy. You have two options: applying for an SBI NRI account online via the bank’s website or visiting a branch in Saudi Arabia. As an illustration, the State Bank of India’s representative office in Jeddah provides a convenient NRI account facility, allowing you to open an SBI NRI account right in Saudi Arabia.
SBI NRI Account Customer Care
For queries related to NRI account opening, you can contact SBI NRI customer care team.
We know that the most irritating experience an NRI has to go through comes from bad customer care service. At SBNRI we believe that there is a need to upgrade the customer service experience that’s we why with SBNRI, you get a dedicated 24×7 Indian Friend that coordinates with the bank, connects you with experts, provides you with daily NRI updates, and a lot more. Click on the button below to get in touch with your Indian Friend directly on WhatsApp. Also, visit our blog and YouTube Channel for more details.
FAQs
No. The NRI Account Opening process at SBI isn’t completely online. You need to opt for offline attestation and send the hard copies to the bank in India. Alternatively, you can apply for SBI NRI Account through the SBNRI App which enables online tracking for the application and 24×7 doubt resolution and end-to-end expert guidance.
The time of account opening at SBI depends on your financial profile, document verification, and attestation requirements and can be done in 3 days to 1 week.
Yes, you can link the NRE/NRO account on UPI however the registered mobile number must be from an Indian service provider & without the prefix 91.
Yes. NRIs can convert their existing resident savings bank account to an NRO Bank Account.
The best bank for NRI depends on their needs and requirements. For example, NRE Account will be the best option for maintaining the income generated abroad while the NRO Account will be the best pick for maintaining the income generated in India.
Here are 3 easy steps for SBI NRI account opening online:
– Fill SBI NRE/ NRO account opening form online
– Get the filled account opening form and supporting documents attested
– Post the application to a State Bank of India branch (in India)
Yes, you can open a zero balance account in SBI, but you are required to maintain a minimum balance of Rs. 1 lakh for metro and urban areas and Rs. 50,000 for semi-urban and rural areas.
Current SBI NRE savings account interest rate is 2.70%
Interest earned on an NRE account is not taxed in India. However, NRO accounts are taxable.
Minimum balance in SBI NRI account should be:
– Rs. 1 lakh for metro & urban areas
– Rs. 50,000 for semi-urban and rural areas
NRIs (Non-Resident Indians) and OCIs (Overseas Citizens of India) can open an NRI account.
When you open an NRI account with SBI, you can enjoy the following benefits:
– SMS alert
– Internet banking
– NRI family card
– International or domestic debit card
– Multi-city cheque book(MCC)
Yes. The account holder and his/ her family members who have access to the account can withdraw cash.
Given below are the documents required for SBI NRI Account Opening:
1. Proof of Identity (Passport)
2. Non-Resident Status Proof (Visa/Work Permit, etc.)
3. A copy of any one of the following documents with your current residential address: Utility bill (gas, water, or electricity), bank statement, credit card statement, or residence permit.
4. Permanent Address (overseas/ Indian)
5. PAN Card
6. Photographs
For opening SBI NRI Bank Account, you will need to self-attest the common documents and then visit any of the following entities for further attestation:
– Notary
– Embassy/High Commission
– Overseas Branch of Indian Bank
– Foreign Bank with Indian Presence
NRIs can apply for SBI NRI account opening in Saudi Arabia online or they can visit the nearest branch of the bank if they are in India. NRIs can apply for an SBI NRE/NRO/FCNR(B)/RFC account. To apply for an SBI NRI account opening online, one needs to download and fill up an online application, get all the necessary documents and get the application attested by any of the SBI foreign office/ Notary Public/ Indian High Commission in Saudi Arabia. Then he/she has to send it to any of the SBI branches in India.
No, a PAN Card is not a mandatory document for NRI account opening at SBI. A PAN Card is necessary to file taxes and carry on investments from these NRI Accounts. NRIs who do not have a PAN card can sign Form 60 to open an NRI Account.
NRI customers of State Bank of India can call on SBI International Toll-Free Numbers (ITFNs) mentioned on their website. NRIs can also reach the contact center by calling the toll number: +91-80-26599990. For any queries, they can contact SBI via an email at the following email address – [email protected]
Yes, NRIs/PIOs/OCIs can open any of the NRE/NRO savings account at any branch of State Bank of India (SBI).
