Indians account for more than 25% of the total population of Qatar with an estimated number of around 7,00,000 Non-Resident Indians(NRIs) and Overseas Citizens of India(OCIs). As per the RBI guidelines, Indians who live outside the country and attain NRI (Non-Resident) 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 Qatar. Here is the guide on SBI NRI account opening in Qatar.
SBI NRI account opening in Qatar
State Bank of India offers an NRI account opening facility for NRIs and OCIs living in Qatar. 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: NRI Account Opening in Qatar: Features & Benefits
How to open an SBI NRI account in Qatar?
1. Online NRI account opening
Following are steps to open an SBI NRI account online from Qatar:
- 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 Qatar
State Bank of India’s overseas branch office in Qatar offers instant NRI account facility. To open an NRI account with SBI in Qatar, you can visit an overseas branch of SBI in Qatar at the following address:
- Qfc Branch, 13th Floor, Alfardan Tower, Office No-1, Doha, State of Qatar
- Post Box No 24883
Here are the steps to apply for an SBI NRI account at the SBI branch in Qatar.
- Download the NRI account opening application form.
- Fill the NRE/ NRO savings bank account form manually and submit it to the SBI Qatar 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.
3. At SBI branch in India
If you are in India, you can visit a 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.
Also read: SBI NRI Account Opening: 2 Ways (No. 2 will surprise you)
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 Qatar Branch Address
Given below is the branch address of SBI Bank in Qatar:
- Qfc Branch, 13th Floor, Alfardan Tower, Office No-1, Doha, State of Qatar
- Post Box No 24883
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.
Also read: SBI NRI Account Opening in Dubai – Simple Steps
Documents required for SBI NRI account opening in Qatar
1. Status proof
For NRIs, any of the following:
- Valid visa/ work permit
- For NRI with a 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 the 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 profiles can provide either the 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.
Also read: SBI Bank International Branches List: Address, Contact Details
State Bank of India Qatar: 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.
State Bank of India Qatar NRI Customer Care
NRI customers of State Bank of India can call on SBI International Toll-Free Numbers (ITFNs) in Qatar on this number:
SBI Bank Qatar Toll-free Number: 00800-100-157
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, the State Bank of India has an overseas office in Dubai where you can open your NRI account.
Yes, SBI international debit cards can be used in Qatar where acceptable.
You need to maintain the minimum balance in the 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 the minimum average balance.
The following individuals can apply for an 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.
