The United Kingdom is one of the most preferred foreign destinations among Indians for study, employment, tourism or even permanent settlement. Non-Resident Indians (NRIs) living in the UK need to open an NRI bank account to deposit, manage and remit their foreign earnings in India. Several Indian banks offer an NRI account for Indians in UK.
SBNRI is a business partner of leading Indian banks including Axis Bank, Yes Bank, etc. An NRI in the UK can apply for an NRE/ NRO account by clicking the link below.
Also Read: NRI Account for Indians in USA: Top 5 Banks for NRI Accounts
How to Open NRE Account from UK
NRIs can open NRE accounts or NRO accounts from UK to complete banking transactions in India. An NRI bank account can be maintained in the form of savings and current accounts. Here is how to open an NRE account from UK.
NRIs can apply for an NRE or NRO account from UK online on the respective bank’s website as given below or they can click the ‘Apply for NRI Account’ button in this blog.
Best banks for NRI account for Indians in UK
Through their overseas branches and subsidiaries, several Indian banks cater to the NRI banking needs of Indians living in the United Kingdom. You can compare features and benefits of NRI accounts extended by multiple banks to select one that fits the best with your requirements. Here are some of the best NRI savings accounts by top Indian banks like SBI, ICICI Bank, Axis Bank and Kotak Mahindra Bank.
Also Read: Best Digital Banking Services for NRIs (Non-Resident Indians)
SBI NRI account for Indians in UK
State Bank of India is the largest public sector Indian bank and operates in the UK through its overseas branches/ offices. NRIs, PIOs and OCIs can open an SBI NRI account in UK to fulfil their India-based banking requirements.
Features of SBI NRI accounts.
Here are the features and benefits of SBI NRI accounts, including SBI NRE account and NRO account:
| Features | SBI NRE account | SBI NRO account |
|---|---|---|
| Account type | Savings bank account and current account | Savings bank account and current account |
| Best suited | – Local expenses – Repatriation requirements | – Local expenses – Income in India |
| Currency | Rupees | Rupees |
| Receipts | – Only foreign funds – Local funds of repatriable nature only | – Local and foreign funds – Repatriable and non-repatriable funds |
| Interest rate | 2.70% p.a. | 2.70% p.a. |
| Joint accounts | NRI only | Can be held jointly with resident Indians |
| Repatriation | Freely repatriable | Restricted to USD 1m per year, subject to tax payable |
| Currency risk | Yes, when repatriated | Yes, when repatriated |
| Tax liability | Non-taxable in India | Taxable in India |
| Minimum monthly balance requirement | – Rs. 1 lakh for metro and urban areas – Rs. 50,000 for semi-urban and rural areas | – Rs. 1 lakh for metro and urban areas – Rs. 50,000 for semi-urban and rural areas |
Note: Interest rates are subject to periodic change
How to open NRI account in SBI in UK
You can apply for an SBI NRI account opening online on the official website of the bank or visit the nearest branch of the bank. If you can’t visit a UK branch or Indian branch to open an SBI NRI account, send your completed application to one of the SBI branches in India, after verifying your signature on the application form and getting all documents attested by a Notary or Indian High Commission in India.
SBI UK branches
State Bank of India has many branches located at different places in the United Kingdom. These branches also open SBI NRE and NRO account. So, you can visit one of SBI UK branches to apply for an NRI account.
Documents required to open SBI NRI account
Here is the checklist of documents you will need to submit to apply for SBI NRI account opening online or through a branch:
- Two recent passport-size photographs of each applicant. Sign the face of your photographs
- Passport, visa and address proof
- Cheque for the required minimum balance (including SBI account opening charges) payable to ‘SBI account – [enter first applicant’s name]
- Permanent Account Number (PAN) card to open an SBI NRO account
- PIOs and OCIs who don’t have Indian passport need to bring one of the following documents:
- OCI/ PIO card
- Marriage certificate (spouse of a PIO)
- Old, cancelled Indian passport or surrender certificate or other record of holding Indian passport in the past
- A parent’s Indian passport, PIO card or OCI card and your birth certificate
- Indian address proof (If the selected correspondence address is in India)
- Proof of NI number
ICICI Bank NRI account for Indians in UK
ICICI is one of the leading Indian private sector banks. The bank operates in the UK and Canada through its subsidiaries and has branches and representative offices in several other countries including Singapore, UAE, US, China, South Africa, etc. Indians living in the UK can apply for ICICI Bank NRI account opening to deposit their UK income in India at competitive interest rates.
Key features and benefits of ICICI Bank NRI account
| Features | ICICI NRE account | ICICI NRO account |
|---|---|---|
| Account type | Savings bank account and current account | Savings bank account and current account |
| Best suited | – Local expenses – Repatriation requirements | – Local expenses – Income in India |
| Currency | INR | INR |
| Receipts | – Only foreign funds – Local funds of repatriable nature only | – Local and foreign funds – Repatriable and non-repatriable funds |
| Interest rate | – 3% % p.a. for account balance of below Rs. 50 lakh – 3.5% p.a. for account balance of Rs. 50 lakh and above | – 3% % p.a. for account balance of below Rs. 50 lakh – 3.5% p.a. for account balance of Rs. 50 lakh and above |
| Joint accounts | NRI only | Can be held jointly with NRIs and resident Indians |
| Repatriation | Freely repatriable | Restricted to USD 1million per financial year, subject to tax payable |
| Currency risk | Yes, when repatriated | Yes, when repatriated |
| Tax liability | Non-taxable in India | Taxable in India |
| Minimum monthly balance requirement | – ICICI NRI account minimum balance requirement is Rs. 10,000 at account level OR – Rs. 25,00 at customer ID level | – ICICI NRI account minimum balance requirement is Rs. 10,000 at account level OR – Rs. 25,00 at customer ID level |
How to open ICICI Bank NRI account
You can apply for an ICICI Bank NRI account opening online or visit any of the ICICI UK branches. You can get in touch with ICICI Bank NRI customer care executive in the UK at 08081 31 41 51 (free call from a UK landline) for any query.
Documents required to open ICICI Bank NRI account
Here is the checklist of documents you will need to submit to apply for ICICI Bank NRI account opening online or at a bank branch:
- Passport: Passport pages including your name, address, date of birth, date and place of issue, expiry date, photograph, signature, etc.
- Address proof: One of the following address proofs that include your full address:
- Driving licence
- Utility bill i.e. Electricity bill, Telephone, Postpaid Mobile bill, Water bill, Piped gas bill, etc. for the latest 2 months
- Bank a/c or post office savings account
- Letter of allotment of accommodation from employer issued by State/ Central Government
- Property or municipal tax receipt not older than 1 calendar year
- Registered purchase/ sale deed or agreement between two individuals or companies
- Credit card statement: Credit card statement for overseas address proof Issued by any of the following banks: Barclays Bank, Creation Bank, Lloyds Bank, Sainsbury Bank, Santander Bank, Tesco Bank and American Express
- Latest photograph for each account holder
- NRI must provide a valid visa
- If OCI/PIO is not available, then self-declaration with a document that establishes India connect
- PAN/ Form 60: If PAN is not available then Form 60 is compulsory
- FATCA/ CRS declaration: TIN number or Functional equivalent of your country of residence
- Initial funding
Axis Bank NRI account for Indians in UK
Axis Bank has a presence in the UK with its wholly owned subsidiary Axis Bank UK Limited. You can apply for an Axis Bank NRI account to save your foreign income at attractive interest rates.
Key features of Axis NRI account
| Features | Axis NRE account | Axis NRO account |
|---|---|---|
| Account type | Savings bank account and current account | Savings bank account and current account |
| Best suited | – Local expenses – Repatriation requirements | – Local expenses – Income in India |
| Currency | INR | INR |
| Receipts | – Only foreign funds – Local funds of repatriable nature only | – Local and foreign funds – Repatriable and non-repatriable funds |
| Interest rate | 3% % p.a. | 3% % p.a. |
| Joint accounts | NRI only | Can be held jointly with NRIs and resident Indians |
| Repatriation | Freely repatriable | Restricted to USD 1million per financial year, subject to tax payable |
| Currency risk | Yes, when repatriated | Yes, when repatriated |
| Tax liability | Non-taxable in India | Taxable in India |
| Minimum monthly balance requirement | Axis Bank NRE account minimum balance requirement is Rs. 25,000 | Axis Bank NRO account minimum balance requirement is Rs. 25,000 |
How to open Axis NRI account
Apply for Axis NRI account opening online or visit a branch of Axis Bank in the UK or India to open an NRI account.
Documents required to open Axis Bank NRI account
Here is the checklist of documents you will need to submit to apply for Axis NRI account opening online or through a branch:
- Copy of valid Indian passport including first and last page
- Copy of a valid visa (Employment/ residence/ student/ dependent)
- Permanent resident permit/ work permit/ family card/ Government issued document/ trade license
- Utility bills: Electricity/ gas/ phone/ water connection (not older than 2 months from the date of application)
- Valid employment contract/ appointment letter/ foreign company/ university ID card
- Property or Municipal tax receipt
- Bank statement/ credit card statement (Showing 3 customer-induced transactions – for the latest 3 months from the date of application)
- Voter’s ID card (election card)
- Passport size color photograph
- OCIs/ PIOs need to submit the following documents
- Valid foreign passport (first & last page)
- PIO/ OCI card
Kotak Mahindra Bank NRI account for Indians in UK
Kotak Mahindra Bank also extends NRI accounts to overseas Indians at competitive interest rates and other benefits. The NRI account opening process is short and simple at Kotak Mahindra Bank.
Key features of Kotak NRI account
| Features | Kotak NRE account | Kotak NRO account |
|---|---|---|
| Account type | Savings bank account and current account | Savings bank account and current account |
| Best suited | – Local expenses – Repatriation requirements | – Local expenses – Income in India |
| Currency | INR | INR |
| Receipts | – Only foreign funds – Local funds of repatriable nature only | – Local and foreign funds – Repatriable and non-repatriable funds |
| Interest rate | 3.5% % p.a. | 3.5% % p.a. |
| Joint accounts | NRI only | Can be held jointly with NRIs and resident Indians |
| Repatriation | Freely repatriable | Restricted to $ 1million per financial year, subject to tax payable |
| Currency risk | Yes, when repatriated | Yes, when repatriated |
| Tax liability | Tax-free in India | Taxable in India |
| Minimum monthly balance requirement | Kotak Mahindra NRE account minimum balance requirement is Rs. 10,000 | Kotak Mahindra NRO account minimum balance requirement is Rs. 10,000 |
How to open Kotak NRI account
You can open Kotak NRE accounts to park your income earned in the UK and a Kotak NRO account to save and manage your Indian earnings, like dividends, pension and rent. Kotak NRI account can be opened online or at a bank branch.
Documents required to open Kotak Mahindra NRI account
Here is the checklist of documents you will need to submit to apply for Axis NRI account opening online or through a branch:
- Photocopy of Indian passport pages that include your name, date and place of birth, date of issue/ expiry, photograph, specimen signature and address details
- Copy of valid visa/ work or residence permit
- Address proof for communication (local or overseas address as selected on the account opening form)
- Latest coloured passport-sized photograph
- Applicant whose place of birth is outside India needs to provide any of the below mentioned documents:
- Copy of Indian passport of spouse
- Copy of Indian passport held by self or parents/ grandparents at any time
- PIO card/ OCI (Overseas Citizen of India) card
How to open NRI account online
You can apply for NRI account opening online through SBNRI app. Take the following steps to open an NRI account on the SBNRI app online:
- Download the SBNRI app from the Google Play Store or App Store.
- Sign in using your credentials.
- Click the ‘Open NRI account’ button and select the bank with which you wish to open an NRI bank account from the bank list.
- Scan and upload KYC documents using the in-app scanning feature.
- Click on ‘Apply’ and you are done.
Due to lots of information and documentation required to apply for NRI accounts, NRI account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRI 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
Although all leading banks provide NRI services through their online channel to Indians living in the United Kingdom, here are the banks that operate in the UK through their branches/ representative offices or subsidiaries.
– State Bank of India
– Union Bank of India
– Bank of India
– Bank of Baroda
– Punjab National Bank
– ICICI Bank
You can visit the official website of State Bank of India and fill the online account opening form, get a print and then visit an SBI UK branch along with the printed form and KYC documents, as mentioned.
High returns, hassle-free remittance and convenient repatriation are some of the top benefits of opening an NRI account.
Interest earned in NRE and FCNR accounts is not liable for tax in India. However, interest earned in an NRO account is taxable.
If you want to manage your overseas earnings in Indian currency, you can opt for NRE accounts. You should open NRO accounts if you want to save your earnings from India in INR.
As an NRI in the UK, you can open an NRO account to deposit your income earned in India, including rent, dividends, pension, etc.
Yes, you can apply for an NRI account online from the UK. SBNRI has partnered with many leading Indian banks to help NRIs open an NRI account online.
