Indians account for more than 30% of the total population of the UAE. A large number of Indian diaspora live in Dubai. As per the RBI guidelines, Indians who live outside the country and attain NRI (Non-Resident Indian) status can’t operate a regular bank account in India. They need to open an NRI bank account to conduct financial transactions in India. State Bank of India provides an NRI account opening facility in Dubai and other cities in the UAE. Here is the guide on SBI NRI account opening in Dubai.
SBI NRI Account Opening in Dubai
State Bank of India offers an NRI account opening facility for NRIs and OCIs living in Dubai. You can open an NRI savings bank account or an NRI fixed deposit account. When you transfer your foreign earnings to an NRI account, it is converted into Indian Rupees.
Non-resident Indians and overseas citizens of India can open two types of NRI bank accounts – NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts – to park their foreign and Indian earnings.
You can open an SBI NRE account to save and manage your foreign earnings in India. Funds in an NRE account are not taxed in India and can be repatriated abroad without any restrictions. You can deposit funds in an SBI NRO account if you get income from resources in India, such as rental income, pension, dividends, etc. Funds in an NRO account are subject to taxes and there are restrictions on repatriation.
Also read: SBI NRI Account Opening in Qatar: Seamless and Hassle-free
How to open SBI NRI account in Dubai
You can apply for an SBI NRI account opening in Dubai online or by visiting a branch.
1. Online NRI account opening
Following are steps to open an SBI NRI account online from Dubai:
- Go the NRI account opening page and click on ‘Apply Now’ button.
- Fill up the customer information in the SBI NRI account opening form online.
- Get your application and other documents attested.
- Send the account opening application and documents to the Global NRI Centre in India.
2. Apply for SBI NRI account at SBI branch in Dubai
State Bank of India’s representative office in Dubai offers an instant NRI account facility. Here are the steps to apply for an SBI NRI account at the SBI branch in Dubai.
- Download the NRI account opening application form.
- Fill out the NRE/ NRO savings bank account form manually and submit it to the SBI Dubai branch.
- You will get the SBI NRE/ NRO savings bank account number there itself on submission of the application.
- Your account will be activated within 2 to 3 working days.
Apply for NRI Account Opening through SBNRI App
You can apply for an NRI account online by clicking the ‘Apply for NRI Account’ button in this blog or:
- Simply download the SBNRI App.
- Log in using your Gmail or Apple ID.
- Next, choose a bank from the options available and click on “Apply”.
- From here, SBNRI takes care of the entire process, including bank communication, documentation, account opening, and activation.
With SBNRI, opening an NRI account has never been easier. This one-stop platform for NRIs in India also assists with banking, investment, taxation, real estate, and more. Trust SBNRI to simplify your transition to India.
SBI Dubai Branch Address
Given below are SBI Dubai Branch Address along with their contact information:
1. Address– OFFICE 110, BUSINESS CENTRE BUILDING, BEHIND MASHREQ BANK• KHAL BIN WALEED ROAD, BUR DUBAI – DUBAI
Phone– +971 4 353 7336
Timings– MONDAY- 9:30 AM – 5:30 PM
TUESDAY- 9:30 AM – 5:30 PM
WEDNESDAY- 9:30 AM – 5:30 PM
THURSDAY- 9:30 AM – 5:30 PM
FRIDAY- Closed
SATURDAY- 9:30 AM – 5:30 PM
SUNDAY- 9:30 AM – 5:30 PM
2. Address– 5TH FLOOR, AL ARIF BUSINESS BAY BUILDING, OFFICE # 503 – DUBAI
Phone– +971 4 353 7336
Timings– MONDAY- 9:30 AM – 5:30 PM
TUESDAY- 9:30 AM – 5:30 PM
WEDNESDAY- 9:30 AM – 5:30 PM
THURSDAY- 9:30 AM – 5:30 PM
FRIDAY- Closed
SATURDAY- 9:30 AM – 5:30 PM
SUNDAY- 9:30 AM – 5:30 PM
3. Address– 709-710, LEVEL 7, GATE PRECINCT BUILDINGS 3+ DUBAI INTERNATIONAL FINANCIAL CENTRE – DUBAI
Phone– +971 4 326 6675
Timings– MONDAY- 9:00 AM – 6:00 PM
TUESDAY- 9:00 AM – 6:00 PM
WEDNESDAY- 9:00 AM – 6:00 PM
THURSDAY- 9:00 AM – 6:00 PM
FRIDAY- 9:00 AM – 6:00 PM
SATURDAY- Closed
SUNDAY- 9:00 AM – 6:00 PM
At SBI branch in India
If you are in India, you can visit an SBI branch in India in person to open an NRI account.
- Fill the NRI account opening form.
- Visit the nearest branch of SBI to apply with supporting documents.
- You must carry original documents for cross-verification by the branch official.
How to convert resident account to an NRO account?
NRIs who have a resident account with SBI can convert it to an NRO account. You need to download a standard request letter for converting a resident Indian savings account to an NRO savings bank account. Fill it out and courier the same to your home branch in India along with the required documents mentioned in the letter. Remember that you can’t request and send documents through email. If you convert the account:
- There are no account conversion charges.
- No loss of interest.
- NRO deposits are subject to applicable taxes.
Documents required for SBI NRI account opening in Dubai
1. Status proof
For NRIs, any of the following:
- Valid visa/ work permit
- For NRI with seafarer work profile – any of the following
- Valid job contact
- Continuous discharge certificate (CDC)
- Expired contact letter (if applicable)
- Last payslip showing 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 in 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 can provide 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
- Additional documents
- Passport size photographs
SBI NRI Account Interest Rates 2023
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. These are in effect from 15th October 2022. Also note that these interest rates are subject to change, without notice.
State Bank of India Dubai: 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.
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 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
Yes, State Bank of India has a representative office in Dubai where you can open your NRI account.
Yes, SBI international debit cards can be used in Dubai where acceptable.
You need to maintain the minimum balance in SBI NR account i.e. 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.
The following individuals can apply for SBI NRI savings account:
1. NRIs and PIOs as per FEMA definition.
2. Seafarers of Indian nationality/origin.
3. Employees of the Indian government with Diplomat passports.
4. Students pursuing studies in foreign countries.
Interest earned on an NRE (Non-Resident External) account is not taxed in India. However, NRO (Non-Resident Ordinary) accounts are taxable.
