Opening an NRI account with State Bank of India (SBI) is a convenient and secure way for NRIs (Non-Resident Indians) living in the UK to manage their finances in India. SBI is one of the largest banks in India that provides a host of banking services to NRIs such as SBI online banking, NRI investment services, fixed deposits, remittance to India, etc. In this blog, we will guide you through the process of SBI NRI account opening from UK.
SBI NRI Account Opening from UK
In order to carry out financial transactions in India, NRIs from the UK are required to open an NRI bank account. State Bank of India provides two types of NRI savings accounts, namely SBI NRE savings account and SBI NRO savings account. Given below is the process for NRI account opening at SBI from UK, including eligibility and documents required.
Process of SBI NRI Account Opening from UK
NRIs living in the UK can open an SBI savings account using online and offline methods. Following are the 2 ways for SBI NRI account opening from UK.
- Apply for SBI NRI account online through the bank’s website or in a branch in the UK.
- Open NRI account in just 10 minutes using the SBNRI app.
SBI NRI Account Opening Online
NRIs from the UK can apply for SBI NRI account opening online through the official website of SBI bank and send it to the Global NRI centre in India. Here is the process of SBI NRI account opening process:
- Head to SBI bank’s website and fill SBI NRI account opening application form online.
- Once completed, download the online submitted application and affix passport size photographs.
- Mention date, place and affix your signature where required.
- Self-attest the form.
- Get it further attested at any of these entities:
- SBI Foreign Office or
- 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.
Apply for SBI NRI Account UK Offline
There are many State Bank branches located at different places in the United Kingdom for you to open SBI NRE and NRO accounts. So, you can visit one of SBI UK branches to apply for an NRI account.
NRI Account Opening Online through SBNRI app
The following are the simple steps to initiate an NRI account through the SBNRI app:
- Download the SBNRI app from the Google Play Store or App Store.
- Next, sign in using your credentials.
- Click the ‘Open NRI account’ button and select the bank you desire to open an NRI account with from the bank list.
- Scan and upload KYC documents using the in-app scanning feature.
- Click on ‘Apply’ and you are done.
Eligibility for NRI Account Opening at SBI from UK
The following individuals can apply for SBI NRI savings account:
- 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.
SBI NRI Account Opening: Documents Required
Here are the documents required for SBI NRI Account Opening from UK:
- Identity Proof
- Non-Resident Status Proof
- Overseas Address Proof (Passport, Utility Bills, Rent Receipt, etc.)
- Permanent address (Overseas/ Indian)
- 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:
- Embassy/High Commission
- Overseas Branch of Indian Bank
- Foreign Bank with Indian Presence
SBI NRI Savings Account Interest Rates 2023
Given below is a table showing SBI NRE savings account and NRO savings account interest rates. These are in effect from 15th October 2022.
|Account Balance||Rate of Interest (p.a.)|
|Balances less than Rs. 10 Crore||2.70%|
|Balances Rs. 10 Crore & Above||3.00%|
NOTE: All 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 NRI Savings Account Types
State Bank of India (SBI) offers two types of NRI savings accounts to suit the diverse financial requirements of non-resident Indians. These are SBI NRE savings account and SBI NRO savings account.
About SBI NRE Account
SBI NRE Savings Account is a type of account offered by State Bank of India (SBI) to Non-Resident Indians (NRIs) who earn income outside India and want to maintain their savings in India. Some of the key features of SBI NRE Savings Account are:
- SBI NRE Savings Account allows you to deposit your foreign currency earnings, which are then converted into Indian rupees (INR).
- The interest earned on your NRE Savings Account balance is tax-free in India, which means you don’t have to pay tax on the interest earned.
- The interest rate ranges from 2.70% – 3.00% p.a.
- SBI NRE account allows full repatriation of funds to an overseas bank account.
- The account can be opened jointly with other NRIs/ PIOs/OCIs
- SBI NRE Savings Account comes with a 24/7 online banking facility, which allows you to manage your account from anywhere in the world.
- SBI also offers nomination facility.
About SBI NRO Account
SBI NRO Savings Account is a type of account offered by State Bank of India (SBI) to Non-Resident Indians (NRIs) who earn income in India and want to maintain their savings in India. Some of the key features of SBI NRO Savings Account are:
- SBI NRO Savings Account allows you to deposit your income earned in India in Indian rupees.
- Interest earned in SBI NRO account is taxable.
- The interest rate ranges from 2.70% – 3.00% p.a.
- Interest earned is fully repatriable after payment of applicable taxes. As per the RBI guidelines, NRIs can repatriate up to $1 million from an NRO account in a financial year.
- SBI offers multi-city cheque book (MCC) for account holders.
- You can open an NRO account jointly with other NRIs/ PIOs/ OCIs.
- Provides 24/7 customer support.
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.
Interest earned on an NRE account is not taxed in India. However, NRO accounts are taxable.
The minimum balance in SBI NRE savings account should be Rs. 1 lakh for metro/ urban areas and Rs. 50,000 for semi-urban and rural areas.
You can continue your NRE account as long as you are an NRI under the provision of FEMA (Foreign Exchange Management Act).
NRIs can open SBI NRI account from UK by both online and offline methods. In online method, NRIs need to fill the account opening form available on the official website of SBI and submit it along with the required documents. In offline method, NRIs can visit one of the SBI branches present in UK to apply for an account.
For balances less than Rs. 10 Crore, SBI offers 2.70% p.a. whereas for balances Rs. 10 Crore & above, it offers 3.00% p.a.