Canada is a highly sought-after destination for Indian citizens, be it for employment, education, or permanent settlement. Non-Resident Indians (NRI) and Overseas Citizens of India (OCIs) require an NRI account to conduct various financial and banking transactions in India, including fund transfers, mutual fund investments, and home loan applications. Many banks offer an NRI account for Indians living in Canada. SBI NRI account is an excellent option for managing their finances in India. In this blog post, we will explore the features and benefits of the SBI NRI account from Canada, and how it can help NRIs manage their finances effectively.
SBI NRI Account in Canada
State Bank of India (SBI), the largest public sector bank in India, provides a diverse range of NRI banking services to Indians residing across the globe. NRIs residing in Canada have the option to apply for an SBI NRI account either online or offline. The bank offers several types of NRI accounts, including SBI NRE savings account and SBI NRO savings account.
Also read: List of Indian Banks in the Canada: Branches & Locations
SBI NRE Account Canada
Benefits of SBI NRE Account
SBI NRE savings account is a popular financial product offered by the State Bank of India (SBI). The benefits of having an SBI NRE savings account are numerous, and some of them are:
- With SBI NRE Savings Account, Indians living in Canada can deposit their foreign currency earnings, which are then converted to Indian rupees (INR).
- The interest earned on your NRE Savings Account balance is exempt from tax in India, meaning you are not required to pay tax on the interest earned.
- The interest rate on NRE Savings Accounts ranges from 2.70% to 3.00% per annum.
- NRE account holders can fully repatriate their funds to an overseas bank account.
- You can open an SBI NRE Savings Account jointly with other NRIs, PIOs, or OCIs.
- SBI’s NRE Savings Account offers 24/7 online banking, enabling you to manage your account from anywhere in the world.
- SBI also provides a nomination facility for NRE Savings Account holders in Canada.
How to Open NRE Account from Canada Online?
NRIs living in Canada can open SBI NRE account from Canada online either by visiting the official website of SBI or through SBNRI app.
Here is a step-by-step process for opening an SBI NRE account online from Canada through bank’s website:
- Visit the SBI bank’s website and fill out the SBI NRI account opening application form online.
- Once you have completed the form, download the online submitted application and affix passport size photographs.
- Provide your signature, date and place where required.
- Self-attest the form.
- Get the form further attested at any of these entities:
- SBI Foreign Office
- Notary Public
- Indian Embassy
- If you are sending an initial remittance (cheque/DD), draw it in favour of “State Bank of India A/c [Applicant’s Name]”.
- Post all the forms to the address mentioned in the form.
- Your NRI account will be opened after the receipt of the original set of forms and documents at the bank.
Also read: 10 Best NRE Accounts in India for NRIs 2024: Online Application
NRI Account Opening from Canada through SBNRI
To apply for an NRI account online, you have two options. You can either click the “Apply for NRI” button on this page or utilize the SBNRI app. The SBNRI app is a unique platform designed specifically for the convenience of opening an NRI account online. Here are the simple steps to apply for an online NRI account using the SBNRI app:
- Download the SBNRI app from either the Google Play Store or App Store.
- Log in to the app using your credentials.
- Tap on the “Open NRI account” button and choose the desired bank from the provided list.
- Utilize the in-app scanning feature to scan and upload your KYC documents.
- Finally, click on the “Apply” button, and your application will be submitted.
Also read: ICICI Bank Canada Branches List: Address, Contact Details
SBI NRO Account Canada
Benefits of SBI NRO Account
The following are some benefits of SBI NRO (Non-Resident Ordinary) account:
- With SBI NRO Savings Account, NRIs from Canada can deposit your income earned in India in Indian rupees.
- Interest earned in SBI NRO account is taxable in India.
- The current interest rate on SBI NRO accounts ranges from 2.70% to 3.00% per annum.
- Interest earned in an NRO account is fully repatriable after the deduction of applicable taxes. According to RBI guidelines, NRIs can repatriate up to $1 million from an NRO account in a financial year.
- SBI provides multi-city cheque book (MCC) facility to NRO account holders.
- NRO accounts can be opened jointly with other NRIs/ PIOs/ OCIs.
- With 24/7 customer support, SBI ensures that all your queries and concerns related to NRO account are promptly addressed.
How to Open NRO Account from Canada Online?
NRIs living in Canada can open an SBI NRO savings account by applying for SBI NRO account through the bank’s website. NRIs need to follow the same steps that are mentioned above for opening an NRE account. Canada-based NRIs can also apply for an NRO account through SBNRI.com or app. The process will take just 10 minutes.
SBI NRI Account Opening from Canada Offline
NRIs from Canada can also apply for SBI NRI account by visiting the SBI branch in Canada. There are 6 branches of SBI in Canada. These are given below:
- SBI Canada Toronto Branch
- SBI Canada Mississauga Branch
- SBI Canada Scarborough Branch
- SBI Canada Brampton Branch
- SBI Canada Vancouver Branch
- SBI Canada Surrey Branch
Also read: SBI Bank Canada Branches List: Address, Contact Details
Eligibility for NRI Account Opening at SBI from Canada
The following individuals can apply for SBI NRI savings account from Canada:
- NRIs and PIOs as per FEMA definition.
- Seafarers of Indian nationality/origin.
- Employees of the Indian government with Diplomat passports.
- Students pursuing studies in foreign countries.
Documents Required for Account Opening at SBI from Canada
Here are the documents required for SBI NRI Account Opening from Canada:
- Proof of identity
- NRI status proof
- Overseas address proof (Passport, Utility Bills, Rent Receipt, etc.)
- Permanent address (Overseas/ Indian)
- Coloured passport size photos
- PAN (copy) or Form 60 in absence of PAN
Given below are the documents that needs to be self-attested and then needs to be further attested by:
- Notary
- Embassy/High Commission
- Overseas Branch of Indian Bank
- Foreign Bank with Indian Presence
SBI NRI Savings Account Interest Rates 2024
SBI NRE and NRO savings account interest rates are 2.70% p.a. for balances less than Rs. 10 Crore and 3.00% p.a. for balances Rs. 10 Crore and above. Also note that these interest rates are subject to change, without notice.
State Bank of India NRI Account Minimum Balance
SBI NRI account minimum balance in NRE and NRO account should be Rs. 1 lakh for metro and urban areas and Rs. 50,000 for semi-urban and rural areas.
SBI Canada NRI Services
State Bank of India Canada offers a comprehensive range of banking services specifically tailored for NRIs/OCIs residing in Canada. The following are the banking and investment services provided by SBI branches in Canada:
NRI account
- NRE and NRO savings/ current accounts
- NRE, NRO, RFC, and FCNR fixed deposits
- NRI family card
- NRI Demat account at SBI
- SBI Amrit Kalash FD
- SBI Securities NRI Trading account
Loans for NRIs
- SBI NRI home loan
- Car loan
- Loan against deposits
- Overdraft against FD
Investment options of NRIs
- SBI Mutual Funds for NRIs
- Insurance
- Equity trading
- PIS Scheme
- NPS for NRIs
Remittances
- Remittance to India
- Remittance from India
Contact SBNRI
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 online NRI account opening 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
How many branches SBI Bank have in Canada?
- SBI Canada operates six branches in Canada located across the following cities and provinces in Canada; Toronto, Mississauga, Scarborough, Brampton, Vancouver, and Surrey.
How do I contact SBI Bank Canada?
- For any banking-related queries, you can call SBI Bank Canada 24-hour customer contact center via the Toll-Free Number 1-866-724-2669.
Which Indian bank has branch in Canada?
- Currently two Indian banks have a physical presence in Canada – State Bank of India and ICICI Bank. While State Bank of India has six branches, ICICI Bank has a nine-branch operation in Canada.
Can I use my SBI account in Canada?
- Yes you can use your SBI account in Canada. You can also use the SBI Bank Debit Card in Canada.
Can I open NRI account from Canada?
- Yes, you can open an NRI (Non-Resident Indian) account from Canada. Many banks in India offer NRI accounts to Indians living in Canada. However, the specific requirements and documentation needed may vary depending on the bank you choose. You can also apply for an NRI account from Canada through the SBNRI app.
Can I convert my existing resident savings account with SBI into an SBI NRI account online?
- NRIs can convert their resident savings account into an NRO account after the change of residential status. You need to submit a standard request letter to your home branch along with supporting documents to convert your resident Indian savings account.
