State Bank of India (SBI) is one of the top preferences of Non-Resident Indians (NRIs) for NRI Account Opening in India. Many NRIs keep asking about how to open NRI Account in SBI online: What is the process, how can it be done, is the process online/offline and documents required among others. In this article, we will explore 2 ways of SBI NRI Account Opening and understand how the process can be made simpler and effortless.
How to open NRI Account in SBI: Prerequisites
Before we move ahead to the process of NRI Account Opening at SBI for NRIs, it is mandatory that we understand the prerequisites of the same. There are factors we need to take care of beforehand such as the 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
Understand This: There is a common set of documents that you will require in order to open an NRI Bank Account at any bank in India. Apart from this common set of documents, you will require some bank specific documents (generally for attestation purposes) that will depend on the bank. Let’s glance through the documents required for SBI NRI Account Opening:
|– Identity Proof (Passport)|
– Non-Resident Status Proof (Visa/Work Permit, etc.)
– Overseas/Communication Address Proof (Passport, Utility Bills, Rent Receipt, etc.)
– 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:|
– Embassy/High Commission
– Overseas Branch of Indian Bank
– Foreign Bank with Indian Presence
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 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 Opening is higher:
SBI NRI Account Opening in UAE
SBI NRI Account Opening in UAE is simpler than you thought it was. With SBNRI App, you can apply for an SBI NRI Account in under 10 minutes. Download SBNRI App to experience the one-stop platform for NRIs.
How to open NRI account in SBI bank from Qatar
SBI NRI Account Opening from Qatar can be done seamlessly with the SBNRI App. Download the app now and apply for SBI NRI Account Opening online with in-app document scanning.
SBI NRI Account Opening in Saudi Arabia
SBI NRI Account Opening in Saudi Arabia can be done at the comfort of your homes. Just head out to the SBNRI App and apply for SBI NRI Account instantly (in 2 steps).
Process to open NRI Account in SBI
As mentioned at the starting 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:
- Download the account opening form from SBI website and fill it manually
- There are 7 detailed parts in the form
- Self-attest the form and get it further attested at any of these entities: SBI Foreign Office, Notary Public or Indian Embassy
- 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 to SBI via the SBNRI App. Here is the process:
- Download the SBNRI App and sign-in using Gmail/Apple ID
- Go to Open NRI Account and select SBI
- 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 at SBI 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. Think of India! Think SBNRI!
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. The NRE Account is 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. Currently you can’t submit the form for SBI NRE Account opening online.
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 NRO Account
NRO stands for Non-Resident Ordinary Account. The NRO Account is used for maintaining the funds generated in India (rent, pension, etc.) by an NRI. The SBI NRO 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 NRO Account opening online.
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 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 Account Overview
|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 5.40%*||Up to 5.40%*||Up to 1.53%*|
|Repatriation(transfer of money from Indian bank account to foreign bank account)||Both Principal (money invested initially) and Interest completely repatriable||Up to a maximum of 1 million USD per financial year||Both Principal and Interest 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|
SBI NRI Account Minimum Balance
The minimum balance requirements for State Bank of India is in form of Average Monthly Balance (AMB) which means that you need to maintain an average amount in your account based on your bank branch:
- Rs.3,000/- (Metro/ Urban branches)
- Rs.2,000/- (Semi-Urban)
- Rs.1,000/- (Rural Branches)
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 3.36%* on FCNR (in dollars or currency chosen)
- Completely and Freely Repatriable (NRE and FCNR) and much more
Open NRI Account online with SBNRI
At SBNRI, SBI NRI Account Opening online can be done using the in-app document scanning feature along with other NRI specific services that make it a one stop platform for NRIs catering to your Banking, Investments, Taxation, Real Estate, Home Healthcare or any other aspect related to India. Think of India! Think SBNRI! Connect with our expert using the button at the end of the article.
SBI NRI Account Customer Care
We know that the most irritating experience an NRI has to go through comes from a bad customer care service. At SBNRI we believe that there is a need to upgrade the customer service experience that we why with SBNRI, you get a dedicated 24×7 Indian Friend that coordinates with the bank, connects you with experts, provides you with the 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.
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 an 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.