Non-Resident Indians can open an NRI savings account with Standard Chartered Bank to deposit their earnings in India, in Indian Rupees. Two types of NRI savings accounts offered by Standard Chartered are NRE savings account and NRO savings account. Standard Chartered Bank NRE savings account enables NRIs to manage their money earned abroad and transfer it securely to India.
Standard Chartered Bank NRE Savings Account
NRIs can earn tax-free interest, make investments and repatriate their funds abroad by opening an NRE savings account at Standard Chartered Bank. Listed below are the features and benefits of Standard Chartered NRE savings account:
Tax Benefits on Interest Earned
Interest earned on an NRE savings account is not taxed in India, maximizing the returns in your hand.
Fully Repatriable
Funds in an NRE savings account are fully repatriable abroad. NRIs can freely transfer the fund to their home country whenever they want.
Allows Investment in India
With an SC NRE account, you can easily invest in a variety of products and even take advantage of the bank’s in-depth market analysis.
Mandate facility
An NRI can give power of attorney to a resident Indian to operate the account and conduct banking transactions on his behalf.
Visa Debit and Credit Card
Standard Chartered NRE account holders can get a premium debit card for their spends and get attractive rewards and offers. Priority banking clients of the bank can also apply for attractive rewards and several complimentary services on visa Infinite credit card by Standard Chartered Bank.
Standard Chartered Bank NRI Account Interest Rates
| Savings Bank Balance | Interest Rate |
|---|---|
| Up to Rs. 50 lakh | 2.75% |
| Rs. 50 lakhs to to Rs. 40 Crores | 3.25% |
| Above Rs. 40 Crores | 0.50% |
Standard Chartered Bank NRE Account Opening
Here are steps you need to follow to open a Standard Chartered Bank NRI account:
- Click on ‘Apply Now’ button on the NRE Savings Account.
- Complete the account opening form by entering your personal details.
- You will get a confirmation message from the bank. One of the bank representatives will contact you and guide you for further steps.
Document Required for NRI Account Opening
Here is the checklist of common documents required for NRI account opening with SC Bank. Note, this is not the comprehensive list of documents, the bank representative will inform you in detail based on your status and requirement.
Mandatory documents:
- Identity proof
- First page of your valid passport containing your name, date of birth, photo, signature, date of issue and expiry, etc.
- Last page of your passport where your father’s name and addresses are mentioned
- Address proof
If the address is different from the address mentioned in the passport, submit any of the following documents for address proof:
- Indian driving license
- Voter’s identity card
- Aadhaar card
- NRI status proof
- Employment visa/ work permit/ student visa/ residence visa/ residence permit/ uniform ID card of the resident country
- Attestation documents: you can get your documents attested by any of the following authorities:
- Embassy
- Public notary
- A banker or exchange company
- Directly submit to RBL’s branch/ relationship manager
- Self-attestation
Open NRE account online using SBNRI app
SBNRI app is one of a kind that caters to the banking needs of Non-Resident Indians (NRIs). You can use SBNRI app for NRI account opening online by taking the following steps:
- 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.
Due to lots of information and documentation required to apply for NRE accounts, NRE 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
An NRE account comes with many benefits – the account is maintained in Indian Rupee, no tax is applicable on interest earned, the fund is fully repatriable abroad.
Yes. Both the principal and interest of an NRE account are repatriable.
Yes, a Power of Attorney (POA) holder can operate an NRE account – he/she can issue INR cheques from your NRE account for legitimate payments. However, a mandate can’t:
– Open/ close accounts
– Give fixed deposits related instructions
– Give a request for change of address
– Repatriate any funds overseas
Yes, you can hold an NRE account jointly with another NRI.
Yes. SC Bank gives a globally valid Visa Platinum Debit card that offers higher limits for ATM withdrawals, purchases and charges zero fuel surcharge across petrol pumps in India.
Yes, you can give standing instructions for recurring payments on the behalf of the account holder.
An NRE account is an Indian Rupee denominated account. So, your term deposit will be maintained in INR.
Yes. Yes NRE fund is fully repatriable – both the principal and interest can be repatriated.
Interest earned on the NRE account is not taxable in India.
You can access Standard Chartered Bank NRE accounts 24 x 7 through the bank’s secure internet banking and Phone Banking facilities and the ATM card provided.
