SBI NRO Account: Apply for NRO account online

State Bank of India provides a host of NRI banking and financial services to Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs). For example, non-residents can open an NRI bank account with State Bank of India to conduct financial transactions in India. The bank offers 2 types of NRI savings accounts i.e. SBI NRO account and SBI NRE savings account. 

Apply for NRO Account

Also Read: How to open NRI Account in SBI: 2 Ways (No. 2 will surprise you)

NRIs, PIOs and OCIs can open an NRO account to deposit their overseas and Indian earnings. You can also convert a resident account to an NRO account. 

Features of SBI NRO Account

• It is a Rupee-denominated bank account that can be opened to park India based current income of an NRI. 
• The account can be opened individually or jointly with other eligible NRIs and PIO/ OCI cardholders.
• You can also open an SBI NRI account with resident Indians on a ‘former or survivor basis’. 
• SBI NRO account can be opened with a zero balance. 
• However, it is preferable to fund the account right away to avoid penalties for non-maintenance of minimum average balance. 
• SBI NRO account minimum balance criteria are as under: 
  • In personal banking branches: The minimum total customer account balance should be Rs. 1 lakh for metro/ urban areas and Rs. 50,000 for rural/ semi-urban areas. 

• Interest is paid quarterly on the daily balance in SBI NRO savings bank account. 
• Balance in the NRO account is partially repatriable subject to a maximum of USD 1 million in a financial year. 
• SBI NRO account interest rate ranges from 2.70% to 3.00% p.a.
• Interest earned on an NRO account is subject to TDS at the rate of 30.90%. The tax will be deducted as per the Double Taxation Avoidance Agreement (DTAA) if the account holder is a resident of any of the countries with whom India has signed the DTAA. 
• You can open SBI NRO account online and by visiting a branch in India. 
• Other benefits include multi-city cheque book (MCC), domestic debit card, SBI netbanking, NRI family card, SMS alerts, etc. 

Eligibility for NRI savings account opening

All NRIs, PIOs, OCIs, foreign students studying in India, and foreign tourists on a short visit to India can open SBI NRO accounts. NRI can open a joint account with a resident Indian (close relative), subject to the following conditions: 

• Mode of operation permitted is on a ‘Former (NRI) or Survivor’ basis.
• The NRI or PIO/ OCI cardholder will be the primary applicant/ first account holder in the joint NRO account and resident Indian second applicant. 

Documents required to apply for SBI NRI account opening 

The following documents are required for opening an SBI NRO account opening:

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 (In case the disembarkation stamp on CDC is not more than 6 months)
  • Last payslip that proves employment with a shipping company (not more than 6 months old)

Any of the following for PIO/ OCIs

• Valid PIO/ OCI card
• First and last pages of the passport of parents/ grandparents/ spouse’s that establish their Indian origin
• Marriage certificate proving Indian origin 

2. Proof of identity for NRIs/ PIOs/ OCIs

• Relevant pages of passport 

3. Current address proof for NRIs/ PIOs/ OCIs: Any of the following 

• Relevant pages of passbook containing the overseas address
• National identity card issued by the government of the country you live in
• Driving license issued abroad
• Utility bill (telephone/ electricity/ gas)
• Original copy of overseas bank account 
• Address proof of any of the blood relatives (spouse, father, mother, brother, sister, and child)

An NRI with seafarer work profile and on the ship can submit either foreign address proof of the employer 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

5. Additional proof for applicants who can’t visit SBI branch to open an NRIs account (any of the following)

• Canceled/ paid cheque of the overseas bank account
• Cheque drawn on the overseas bank account
• Income proof/ pay slip/ tax return

6. Additional proof

• 2 passport size photos

How to open SBI NRO bank account 

You can open SBI NRO account online or visit a branch of the bank. Preferably there are two ways to apply for an NRI account online:

1. Apply for NRO account online on the State Bank of India’s website
2. Apply for NRO account online using SBNRI app

1. On SBI’s official website

You can take the following steps to apply for SBI NRO savings account opening online:

• Fill the SBI NRO account opening form online on the bank’s website.
  • Fill in the customer information section.
  • Then fill the account information section. 

• Download the online submitted application form.
• Attach the passport size photograph(s) of the principal and second applicant (if any).
• Provide your signatures where required and mention the place and date.
• If you can’t visit an SBI branch, then all applicants’ signatures in the application and all identity documents must be attested by any of the following:
  • SBI Foreign Office 
  • Notary Public
  • Indian Embassy/ High Commission

• Write “ONLINE NRI ACCOUNT OPENING APPLICATION [NARN No. issued to you]” on the cover of the envelope and courier/ post for KYC to a processing centre (LCPC) of State Bank of India in India.
• The account will be opened in 3 – 4 business days from the date of receipt of the application provided the application is filled correctly and all the supporting documents are attached. 

2. Apply for NRO account online using SBNRI app

One of a kind, SBNRI app exclusively caters to the banking needs of Non-Resident Indians (NRIs). You can use the app to open an NRO account online by taking the following steps: 

• Download the SBNRI App from the Google Play Store or Apple App Store and sign in using your credentials. 
• Click on ‘Open NRI Account’ button and choose the bank you want to open an NRI account with. 
• Use the in-app scanning feature to scan and upload KYC documents.
• Click on ‘Apply’ and that’s it. 

SBI NRO savings account interest rate

SBI NRO account interest rates are under:

SBI NRO Account Minimum Balance

• In general branches: As per minimum average balance (MAB) criteria
• In personal banking branches: Minimum account balance should be Rs. 1 lakh for metro/ urban areas and Rs. 50,000 for rural/ semi-urban areas 

A lot of information and documentation required to apply for NRO accounts make the account opening process lengthy and frustrating elsewhere. You can download SBNRI App to apply for an NRO 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.

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