An NRE savings account is a type of rupee-denominated NRI account that allows Indians living abroad to deposit, manage and remit their foreign income. NRIs and PIOs can open SBI NRE accounts for their transactional needs in India. They can apply for SBI NRE account opening online from the country of their residence or visit a branch of the bank in India or abroad.
SBNRI is a business partner of Axis Bank and Yes Bank. NRIs can apply for an NRE/ NRO account with Axis Bank/ Yes Bank by clicking the button below.
Features & Benefits of SBI NRE Savings Account
- SBI NRE account is one of the best NRE savings accounts in India.
- You can open this account to remit your overseas earnings to India and convert it into Indian rupee (INR).
- Account can be opened either individually or jointly with other NRIs/ PIOs/ OCIs and close relatives on a ‘former or survivor’ basis.
- SBI NRE savings accounts can be opened with zero balance.
- However, customers need to maintain the required SBI NRI account minimum balance of Rs. 1 lakh for metro/ urban areas and Rs. 50,000 for semi-urban and rural areas, to avoid the charges for non-maintenance of minimum average balance.
- Funds transferred in the account will be in the form of fresh remittance from abroad.
- Principal and interest amount in SBI NRE accounts are fully repatriable.
- SBI NRE account interest rate ranges from 2.70% to 3.00% per annum.
- Interest earned on SBI NRE savings accounts is exempt from income tax in India.
- Rupee loan available against NRE deposits.
- You can withdraw money from the account for making local payments in Rupees.
- Other benefits include SMS alert, international or domestic debit card, multi-city cheque book, NRI family card, etc.
Who can Open NRE Account with State Bank of India
All NRIs, PIOs and OCI can open an SBI NRI account, including SBI NRE savings accounts. A joint account can be opened with a resident Indian who is a close relative, subject to the following conditions:
- Mode of operation will be on a ‘Former (NRI) or Survivor’ basis.
- The NRI/ PIO/ OCI will be the primary applicant/ first account holder in the joint NRE account and resident Indian second applicant.
Also Read: NRI Account Minimum Balance: Updated for 2023
Documents Required to Apply for State Bank of India NRI Account Opening
Here is the checklist of documents required for NRI account in SBI:
1. Status proof
Any of the following for NRIs
- Valid visa/ work permit
- For NRI with seafarer work profile – any of the following
- Valid job contact
- Continuous discharge certificate (CDC)
- Expired contact letter (In case the disembarkation stamp on CDC does not exceed 6 months)
- Last payslip evidencing employment with a shipping company (not more than 6 months old)
Any of the following for PIO/ OCIs
- Valid PIO/ OCI card
- Relevant pages of the passport of parents or grandparents that establish their Indian origin
- Marriage certificate establishing Indian origin
2. Identity proof for NRIs/ PIOs/ OCIs
- Relevant pages of passport
3. Current address proof for NRIs/ PIOs/ OCIs: Any of the following
- Pages of passbook mentioning the overseas address
- National identity card issued by the government of the country of residence
- Driving license issued abroad
- Utility bill (telephone/ electricity/ gas)
- Original copy of overseas bank account
- Proof of address of any of the blood relatives (spouse, father, mother, brother, sister and child)
NRIs with seafarer work profile and on the ship can share either employer’s foreign address proof or address proof in India
4. Permanent address proof
for NRIs: Any of the following
- Driving license
- Relevant pages of passport
- Voter’s ID
- Aadhaar card
- NREGA job card
Permanent address proof for PIOs/ OCIs
- Relevant pages of passport
5. Additional proof for applicants who are not visiting SBI branch to open a bank account (any of the following)
- Canceled/ paid cheque of the overseas bank account
- Cheque drawn on the overseas bank account
- Proof of income/ pay slip/ tax return
6. Additional proof
- 2 passport size photos
Also Read: NRI Account Opening in UAE
How to Open SBI NRI Account
You can apply for an SBI NRE account opening online or visit a branch of the bank. Primarily there are two ways to apply for an NRI account online:
- Apply for NRE account online on the bank’s website
- Apply for NRE account online using SBNRI app
1. On SBI’s official website
Here are the steps to apply for SBI NRE savings account opening online:
- Fill the SBI NRE account opening form online on the bank’s website.
- Fill in the customer information section.
- Then fill the account information section.
- Download the online submitted application.
- Affix passport size photograph(s) of the first and second applicant (if any).
- Affix your signatures where required and mention place and date.
- If you are not visiting an SBI branch, then all applicants’ signatures in the application and all identity documents need to be attested by any of the following:
- SBI Foreign Office
- Notary Public
- Indian Embassy/ High Commission
- Mention “ONLINE NRI ACCOUNT OPENING APPLICATION [NARN No. issued to you]” on the cover of the envelope and courier/ post for KYC to processing centre (LCPC) of State Bank of India in India.
- If the application and supporting documents are in order, then the account will be opened in 3 – 4 business days from the date of receipt of application.
2. Apply for NRE Account Online Using SBNRI App
SBNRI app is one of a kind that caters to the banking needs of Non-Resident Indians (NRIs). You can use SBNRI app for NRI account opening online by taking the following steps:
- Download the SBNRI App and sign in using your credentials.
- Click on ‘Open NRI Account’ button and select the bank where you want to open an NRI account.
- Use the in-app scanning feature to scan and upload KYC documents.
- Click on ‘Apply’ and that’s it.
SBI NRE Savings Account Interest Rate
SBI NRE account interest rates 2023 are under:
| Daily Balance in the Savings Account | Applicable Interest Rate (p.a.) |
|---|---|
| Less than Rs. 10 cr | 2.70% p.a. |
| Rs. 10 cr and above | 3.00% p.a. |
SBI NRE Account Minimum Balance
- In general branches: As per minimum average balance (MAB) criteria
- In personal banking branches: Minimum account balance should be Rs. 1 lakh for metro/ urban areas and Rs. 50,000 for rural/ semi-urban areas
| Branches | Minimum Balance |
|---|---|
| Metro & Urban branches | Rs.1 lakh |
| Semi-Urban & rural areas | Rs.50,000 |
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
You can convert your resident savings account into an NRO account after the change of residential status. To convert your resident Indian savings account, submit a standard request letter to your home branch along with supporting documents mentioned in the letter.
Yes, you can apply for a joint SBI NRE account opening online with up to two applicants.
Yes, KYC documents of all applicants will be required.
Yes, but in this case you can’t apply for an NRE account online. Download the SBI NRI account opening form from the bank’s website and fill and send it to a branch in India with all documents.
No. In such cases, attestation of documents by Authorised officials is not required. It is advised to carry all your original documents along for verification of photocopies.
You can get all signatures in SBI NRE account opening form and KYC documents by any of the following:
– SBI Foreign Office
– Notary Public
– Indian Embassy/ High Commission
You can post/ courier the account opening application and supporting documents for KYC to a processing center (LCPC) in India. You will get the address of LCPC on the mail sent to you on completion of the registration process.
Upon receipt of your application, the bank will send an SMS alert about the same on your registered mobile number and email address provided in the form. If the application and supporting documents are in order, then the account will be opened in 3 – 4 business days from the date of receipt of the application.
Presently, initial remittance is not mandatory, but if you send an initial remittance (in the form of cheque/ demand draft), draw it in favor of ‘State Bank of India A/c [Applicant’s Name]”.
If your income is taxable in your country of residence or any other country, it is mandatory to submit taxation details along with supporting proof of tax Residency.
In your personal banking branch, the minimum balance in NRE savings account should be Rs. 1 lakh for metro/ urban areas and Rs. 50,000 for semi-urban and rural areas.
No. You can’t convert your Indian savings bank account to an NRE account because NRE accounts are designed to help you in saving your foreign currency income earned abroad.
You can’t deposit INR in an NRE account. However, you can transfer funds from your NRO account to NRE account.
You can continue your NRE account as long as you are an NRI under the provision of Foreign Exchange Management Act (FEMA).
Yes, an NRE account allows NRIs and OCIs to transfer money in any foreign denomination, including US Dollar, to an NRE account. Your money is converted into INR at the time of deposit and your can withdraw it in Indian Rupee.
