Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) living in Kuwait can avail a host of banking services offered by the State Bank of India, such as SBI online banking, NRI investment services, fixed deposits, remittance to India, etc. This article is NRIs/OCIs looking for SBI NRI account opening in Kuwait seamlessly and hassle-free.
SBNRI is a business partner of leading Indian banks like HSBC Bank, Axis Bank, Yes Bank, etc. NRIs can apply for an NRE/ NRO account with top banks by clicking the below button.
SBI NRI Account Opening in Kuwait
NRIs living in Kuwait need to open an NRI bank account to conduct financial transactions in India. State Bank of India offers two types of NRI savings accounts – SBI NRE savings account and SBI NRO savings account. You can open an NRI account in SBI from Kuwait to conduct several online transactions in India such as fund transfers, investment in mutual funds, income tax return filing, home loan application, etc. Here is the process for SBI NRI savings account opening in Kuwait, including the documents required and attestation of documents.
Also read: SBI NRI Account Opening in Dubai: Easy and Simple Way
SBI Kuwait: How to Open SBI NRI Account in Kuwait
NRIs can open an SBI account using online and offline methods. You don’t need to visit an SBI branch in Kuwait to open an NRI account. Following are the 2 ways for SBI NRI account opening in Kuwait:
- Apply for SBI NRI account online through the bank’s website or in a branch in India
- Apply for an NRI account in 10 minutes using the SBNRI app
Also Read: NRI Account Opening in UAE: Top NRI Accounts 2024
Apply for SBI NRI Account Online through the Bank’s Website
Indians living in Kuwait can fill the SBI NRI account opening application form and send it to the Global NRI center in India. Here is the step-by-step process:
Step 1: Fill out the SBI NRI account opening form online on the bank’s website
- Fill in your personal details page and save the form. You will receive an NRI Customer Reference Number (NCRN), which you will need later to edit the account application and link customer details in the account information section.
- Now fill in the Additional detail page.
- An email with the NCRN will be sent to you.
Step 2: Complete the account information section
- Fill up the ‘Type of Account’ page and enter your NCRN(s) to link your customer information section.
- Once you save the form, a NARN (NRI Account Reference Number) will be generated. Write down the number for future reference.
- Fill out the verification page.
- An email with the NARN and further steps will be sent to you.
Steps after Online Application Completion for SBI NRI Bank Account
Step 1: Click on ‘Download Completed Application’ to download the completed SBI NRI application form online and enter your NARN number and date of birth.
Step 2: Attach passport-size photographs of the applicant(s) in the ‘Specimen Signature, Photograph & Third Party Attestation’ section on pages number 3 and 5 respectively. Enclose additional photos of each applicant.
Step 3: Write the date and place and put your signature at A1, A2, A3 & A4 for the principal applicant and B1, B2, B2 & B4 for the second applicant.
Step 4: If you are not able to visit a branch of the State Bank of India, you will need to get the signatures in the application and all identification documents attested by any of the following entities.
- SBI foreign office
- Notary public
- Indian Embassy / High Commission in Kuwait
Step 5: You must draw the initial remittance in favor of ‘State Bank of India A/c [Applicant’s Name]’.
You can courier the NRI account opening form and documents to India.
Also read: List of Indian Banks in UAE: Address, Contact Details
Online NRI Account Opening through SBNRI app
You can apply for an NRI account online from Kuwait in a couple of minutes without visiting Indian Embassy to get the documents attested. Listed below are the simplest steps to open an NRI account via SBNRI app:
- 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.
Also read: SBI Bank International Branches List: Address, Contact Details
Documents Required for SBI NRI Bank Account
NRIs Status Proof
- Valid Indian passport/ visa or work permit
- For NRIs with seafarer work profile: any of the following
- Valid job contact
- Continuous discharge certificate (CDC)
- Last payslips substantiating employment with a shipping company (not more than 6 months old)
PIO/ OCI status proof: Any of the following
- Valid PIO/ OCI card
- Parents’/ grandparents’/ spouse’s passport pages that prove their Indian origin
- Marriage certificate showing Indian origin
Identity proof of NRIs/ PIOs/ OCIs
- Passport pages including Name, date of birth, address of the applicant, and issue and expiry date of the passport
Current address proof of the applicant (NRIs/ PIOs/ OCIs): Any of the following
- Pages of passbook including overseas address as applicable
- National identity card issued by the government of your country of residence
- Driving license issued abroad
- Utility bill (electricity/ water/ gas/ telephone)
- Original overseas bank account proof
- Address proof of any of the blood relatives (parents, spouse, siblings, children)
- NRIs with seafarer work profile can give either his/ her employer’s overseas address proof or Indian address proof
Permanent address proof for NRIs: Any of the following
- Driving license
- Passport
- Voter’s ID card
- Aadhaar card
- NREGA job card
Permanent address proof for PIOs/ OCIs
- Relevant pages of passport
Individuals who are not visiting the SBI branch to open an NRI account need to provide any of the following documents:
- Cancelled/ paid cheque of the overseas bank account
- Cheque drawn on the overseas bank account
- Income proof/ salary slips/ income tax return
Additional proof
- Passport size photographs – 2
Also read: HDFC Bank International Branches List: Address, Contact Details
SBI NRI Savings Account Types
SBI offers two types of NRI savings accounts that include NRE account and NRO account.
SBI NRE Savings Account
- SBI NRE (Non-Resident External Account) is opened to park funds generated outside India by an NRI. You can download the SBI NRE account opening form online from the bank’s official website.
SBI NRO Savings Account
- You can open an SBI NRO (Non-Resident Ordinary) account to deposit and maintain your Indian income such as pension, funds, rental income, etc. NRI can open a joint NRO account with a resident Indian.
Here are the key features of SBI NRI savings accounts, including SBI NRI account minimum balance requirements, SBI NRI account interest rates, etc.
| SBI NRI Account Type | NRE (Non-Residential External) Account | NRO (Non-Resident Ordinary) Account |
|---|---|---|
| Purpose | For overseas earnings of an NRI | For income earned in India by an NRI |
| Currency | INR | INR |
| Minimum balance | SBI NRI account minimum balance in NRE account should be Rs. 1 lakh for metro and urban areas and Rs. 50,000 for semi-urban and rural areas | SBI NRO account minimum balance in NRE account should be Rs. 1 lakh for metro and urban areas and Rs. 50,000 for semi-urban and rural areas |
| Interest rate | 2.70% – 3.00% p.a. | 2.70% – 3.00% p.a. |
| Taxability | Tax-free in India | Interest earned in SBI NRO account is taxable |
| Repatriability | Funds are fully repatriable | Interest earned in SBI NRO account is repatriable after payment of applicable taxes |
| Nomination facility | Available | Available |
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
You can open an NRE account in SBI from Kuwait online as well as offline. To apply for an NRI account opening in SBI online, you can visit the official website of the bank and fill the SBI NRE account opening form and submit it at a branch in India by courier. If you are in India, you can visit a branch of the bank to open an SBI NRE account.
Individuals from the GCC (Gulf Cooperation Council) region can contact the following numbers:
– Bahrain: 80-801-724
– Oman: 800-757-92
– Qatar: 00800-100-157
– Saudi Arabia: 800-814-4209
– UAE: 800-091-190-05
– In general branches: As per minimum average balance (MAB) criteria
– In personal banking branches: SBI NRI account minimum account balance requirement is Rs. 1 lakh for metro/ urban areas and Rs. 50,000 for rural/ semi-urban areas
The choice between an NRE savings account and an NRO savings account depends on your specific financial needs and circumstances. Here are some factors to consider when deciding which account is better for you:
1. Source of income: If your income is earned outside India, it is advisable to open an NRE account. NRE accounts allow you to transfer and repatriate foreign earnings to India in a freely convertible form, and the interest earned is tax-free in India.
2. Income earned in India: If you have income earned in India, such as rent, dividends, etc., you may want to consider opening an NRO account. NRO accounts allow you to manage your income earned in India and deposit foreign earnings into the account. However, the interest earned on an NRO account is taxable in India.
3. Currency: NRE and NRO accounts are maintained in Indian rupees.
If you want to hold foreign currency deposits, you may want to consider opening an FCNR (Foreign Currency Non-Resident) account.
4. Repatriation: NRE accounts allow for easy repatriation of funds back to your country of residence, while NRO accounts have some restrictions on repatriation.
The taxation of NRI (Non-Resident Indian) accounts depends on the type of account and the source of income. Here are some general rules regarding the taxation of NRI accounts:
1. NRE (Non-Resident External) Account: The interest earned on NRE accounts is tax-free in India. However, if you are a tax resident in another country, you may be subject to tax on the interest earned in that country.
2. NRO (Non-Resident Ordinary) Account: The interest earned on NRO accounts is subject to tax in India. The tax rate depends on your total income and tax slab. The bank will deduct TDS (Tax Deducted at Source) at the applicable rate before crediting the interest to your account.
3. FCNR (Foreign Currency Non-Resident) Account: The interest earned on FCNR accounts is tax-free in India.
The SBI NRI savings account is open to the following individuals:
1. NRIs and PIOs as defined by FEMA regulations.
2. Seafarers of Indian nationality or origin.
3. Employees of the Indian government holding Diplomat passports.
4. Students enrolled in educational programs abroad.
You can keep funds in your NRE account for as long as you maintain your status as an NRI in accordance with the regulations of FEMA (Foreign Exchange Management Act).
No, having a PAN Card is not a mandatory requirement for opening an NRI account with SBI. However, a PAN Card is necessary for tax filing and conducting investments from these NRI accounts. NRIs who do not possess a PAN Card can instead fill and submit Form 60 as an alternative document for opening an NRI account.
