South Indian Bank NRO Account: Apply for NRO Account Online

The South Indian bank offers an array of banking and financial services specifically designed for Non-Resident Indians (NRIs), PIOs, and OCIs. These services include NRI bank accounts, NRI fixed deposit schemes, and investment products. NRIs living abroad can open an NRI bank account with the South Indian bank to engage in financial activities within India. The bank provides two distinct types of South Indian Bank NRI accounts: the South Indian bank NRO account and the South Indian bank NRE savings account. 

Apply for NRO Account

Can NRIs Continue to Use Residential Savings Account?

If your residential status changes to NRI, it is essential for you to either convert your savings account into an NRO account or close your current account and open a new NRI account. If you fail to convert your savings accounts into an NRO account on time, you will be liable to pay penalties. 

South Indian Bank NRO Account

South Indian Bank offers NRO (Non-Resident Ordinary) accounts for non-resident Indians (NRIs). NRO accounts are designed for NRIs to manage their income earned in India, such as rent, dividends, pension, etc. South Indian bank offers three types of NRO accounts that are:

• SB NRO Silver
• SB NRO Gold
• SB NRO Platinum

South Indian Bank NRO Account: Features and Benefits

Given below are the basic features and benefits of South Indian bank NRO account- 

• An NRO Savings Account facilitates the channeling of your domestic earnings.
• These accounts are maintained in Indian Rupees (INR).
• NRO Savings Accounts can be held jointly.
• The interest earned on the account is subject to taxation under Indian Income Tax regulations. Interest earned on an NRO account is subject to TDS at the rate of 30.90%.
• Limited repatriation available for NRO Savings Accounts.
• South Indian bank NRO account offers interest rate of up to 6% p.a.

Types of South Indian Bank NRO Account

• SB NRO Silver

1. Funds can be freely transferred between branches through various methods, including cash.
2. An average monthly balance of Rs. 5,000/- is required for the account.
3. Flexibility is provided to maintain a minimum balance of Rs. 5,000/- in linked accounts, which is applicable for the two most recently opened NRI accounts.
4. No minimum balance is required in the savings account if an NRI Term Deposit of Rs. 1,00,000/- or above is maintained with South Indian Bank.
5. Free Internet Banking and Mobile Banking services are available.
6. Account holders get a Basic Variant Debit Card with an annual maintenance charge (AMC).
7. Cheque book with 10 leaves is provided for free of cost

• SB NRO Gold

1. Funds can be freely transferred between branches using various methods, including cash.
2. The account requires an average monthly balance of Rs. 10,000/-.
3. There is flexibility to maintain a minimum balance of Rs. 10,000/- in linked accounts, which applies to the two most recently opened NRI accounts.
4. No minimum balance is required in the savings account if an NRI Term Deposit of Rs. 2,00,000/- or above is maintained.
5. Free Internet Banking and Mobile Banking services are provided.
6. The account comes with a complimentary International Debit card, as well as free SMS and Internet banking services.
7. NEFT/RTGS, Demand Drafts/Postal Orders, and ATM withdrawals are free and unlimited.
8. A free of cost cheque book with 25 leaves. 

• SB NRO Platinum

1. Funds can be freely transferred between branches using various methods, including cash.
2. The account requires an average monthly minimum balance of Rs. 1,00,000/-.
3. There is flexibility to maintain a minimum balance of Rs. 1,00,000/- in linked accounts, which applies to the two most recently opened NRI accounts.
4. No minimum balance is required in the savings account if an NRI Term Deposit of Rs. 5,00,000/- or above is maintained.
5. A 25% waiver is offered on the loan processing fee, up to a maximum of Rs. 2500/-.
6. Demat account and PIS Accounts have no annual maintenance charges (AMC) or opening charges.

South Indian Bank NRO Account Opening

There are two ways to open a South Indian Bank NRI account online:

• Through the bank’s website
• Through SBNRI.com

NRO Account Opening through South Indian Bank’s Website

To initiate the process of opening an NRO Savings Account at South Indian Bank, visit the official website of the South Indian Bank. Here are the steps for the online account opening process:

1. Visit the official website of South Indian Bank and navigate to the NRI Banking section.
2. Click on the ‘Online Account Opening’ link and then select the ‘NRI Customer’ button.
3. Fill out the NRO savings account opening form online.
4. Attach the necessary documents and a passport-sized photograph.
5. 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. 
6. After receiving and verifying the submitted documents, the bank will proceed to open the account. 
7. The account holder will then receive their account number, cheque book, and debit card.

NRO Account Opening through SBNRI 

NRIs can easily apply for an NRO account online, either through the ‘Apply for NRI Account’ button in the blog or by using the SBNRI App: 

1. Download the SBNRI App and log in using your credentials.
2. Select the ‘Open NRI Account’ button and choose the desired bank to open an NRI account.
3. Use the in-app scanning feature to scan and upload the necessary KYC documents.
4. Click on ‘Apply’ to finalize the process.

Documents Required

To open an NRO Savings Account, the following documents are necessary:

• A copy of the applicant’s valid passport, including the pages that have personal details and address.
• 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 document that serves as proof of the overseas address.
• Proof of Indian Address (if applicable)- A copy of a recent utility bill, bank statement, or any other valid document that serves as proof of the Indian address, if applicable.
• Two recent passport-sized photographs.
• A copy of the applicant’s PAN Card or Form 60 (in absence of PAN Card).
• The minimum balance required as an initial deposit. 

South Indian Bank NRO Account Interest Rates

Given below are the South Indian Bank NRO Account interest rates. These rates are effective from 20th November 2022. 

South Indian Bank NRO Account Minimum Balance Requirements

Given below is the NRO account minimum balance that account holders need to maintain to avoid non-maintenance for the three different types of South Indian Bank NRO accounts. 

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.

Ask Indian Friend Now