South Indian Bank NRE Savings Account is exclusively designed to cater to the banking needs of Non-Resident Indians (NRIs) and Person of Indian Origin (PIOs) who wish to maintain their foreign currency savings in Indian Rupees. Interest earned on an NRE savings account is not taxable in India. In this article, we’ll explore the features and benefits, account opening process, documents required, interest rates, and minimum balance requirements of the South Indian Bank NRE Account.
Features and Benefits of South Indian Bank NRE Savings Account
1. Attractive Interest on Savings: South Indian Bank offers an attractive interest rate on the NRE Savings Account, ranging from 2.50% to 6.00% p.a.
2. Tax Benefits: The interest earned on the NRE Savings Account at South Indian Bank is exempt from Income Tax in India.
3. Easy Repatriation: Account holders can easily repatriate the principal amount and interest earned, without any restrictions or approvals from the Reserve Bank of India (RBI).
4. Joint Account: The NRE Savings Account can be opened jointly with another NRI or PIO.
5. Multi-Currency Options: The account supports multiple currencies, enabling seamless transactions in different foreign currencies.
6. Free Internet Banking and Mobile Banking: South Indian Bank provides free internet and mobile banking services, allowing account holders to manage their accounts and perform transactions at their convenience.
7. Nomination Facility: Account holders can nominate a resident or non-resident individual as a nominee for their account.
8. ATM/Debit Card: Account holders receive an International Debit Card, enabling access to ATMs and Point of Sale (POS) terminals globally.
9. Cheque Book Facility: A personalized cheque book is provided for easy transactions.
10. 24/7 Customer Support: Dedicated customer support is available for NRE account holders to address any queries or concerns.
Types of NRE Savings Account
SIB provides three types of accounts for NRI and OCI customers:
- NRE Silver Account
- NRE Gold Account
- NRE Platinum Account
South Indian Bank NRI Account Opening Online
There are two ways to open an NRI account online:
1. Through the bank’s website
2. Through SBNRI.com
On the Bank’s Website
The account opening process for the NRE Savings Account at South Indian Bank can be initiated online, by visiting the bank’s official website, or at a branch. Here are the steps for the online account opening process:
- Visit the South Indian Bank’s official website and navigate to the NRI Banking section.
- Click on ‘Online Account Opening’ link and then click the ‘NRI Customer’ button.
- Fill up the NRE savings account opening form online.
- Attach the required documents and a passport-sized photograph.
- Submit the completed form and documents to the nearest South Indian Bank branch or send them by mail to the bank’s NRI Division in India.
- Once the bank receives and verifies the submitted documents, the account will be opened, and the account holder will receive their account number, cheque book, and debit card.
NRIs living in the UAE and Qatar can contact South Indian Bank representative officers in UAE and Qatar for any banking related assistance.
NRE Savings Account Application through SBNRI
Non-Resident Indians can apply for an NRE account online by clicking the ‘Apply for NRI Account’ button in this blog or using SBNRI App.
- Click the ‘Apply for NRI Account’ button on this page.
- Fill in the form and submit it.
- One of the bank representatives will call you to help complete the application.
Or
- Download the SBNRI App and sign in using your credentials.
- Click on ‘Open NRI Account’ button and select the bank where you want to open an NRI account.
- Use the in-app scanning feature to scan and upload KYC documents.
- Click on ‘Apply’ and that’s it.
Documents Required:
To open an NRE Savings Account, the following documents are required:
- Passport: A copy of the applicant’s valid passport, including the pages with personal details and address.
- Visa: A copy of the applicant’s valid visa or residence permit.
- Proof of Overseas Address: A copy of a recent utility bill, bank statement, or any other valid address proof.
- Proof of Indian Address (if applicable): A copy of a recent utility bill, bank statement, or any other valid address proof.
- Passport-sized Photographs: Two recent passport-sized photographs.
- PAN Card (if available): A copy of the applicant’s PAN Card or Form 60.
- Initial Deposit: The required minimum balance as an initial deposit.
South Indian Bank NRE Account Interest Rates
South Indian Bank NRE Account interest rates vary depending on the end of the day balance in the NRE savings account as under:
| End of the Day Balance | NRE Savings Account Interest Rate (p.a.) |
|---|---|
| <= Rs. 2.00 lakh | 2.50% |
| Above Rs. 2 lakh to Rs. 5 cr | 2.75% |
| Rs. 5 cr to less than Rs. 25 cr | 4.50% |
| Rs. 25 cr to less than Rs. 50 cr | 4.20% |
| Rs. 50 cr and above | 6.00% |
South Indian Bank NRE Account Minimum Balance Requirements
The minimum balance requirements of the South Indian Bank NRE Savings Account varies based on the account type. Failure to maintain the minimum balance may result in service charges as specified by the bank.
| NRE SB Account Categories | Average Monthly Minimum Balances Required (AMB) |
|---|---|
| NRE Silver Account | Rs. 5,000 |
| NRE Gold Account | Rs. 10,000 |
| NRE Platinum Account | Rs. 1 lakh |
Conclusion
The South Indian Bank NRE Savings Account offers a comprehensive solution for NRIs and PIOs looking to manage their income and savings in Indian Rupee (INR) in India.
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.
