SBI NRI Account

The State Bank of India (SBI) NRI account is designed for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs). The account aims to facilitate the unique financial needs of this demographic through specialised services like NRE and NRO accounts. The SBI NRI account makes it easier for NRIs to seamlessly invest, save, and make transactions in India while enjoying the trust and reliability of India's largest and most reputable bank. In this article, we will explain the key features and benefits of the SBI NRI Account in detail.

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About the SBI NRI Account

SBI NRI account is a special banking account offered by the State Bank of India to Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs). 

It offers the following banking facilities for NRIs:

  • Maintain the funds generated in India and abroad separately

  • Invest foreign currency in India

  • Earn tax-free interest in India on investments

  • Comply with Indian tax rules and regulations

The SBI NRI account offers various categories of accounts that facilitate easy remittances, tax benefits, and the opportunity to invest in Indian markets. This makes it beneficial for NRIs to open an NRI account with SBI Bank to maintain hassle-free financial ties with India.

In the following sections we will discuss SBI NRI accounts, their features, interest rates, etc.

Types of SBI NRI Account

Type of SBI NRI Account Key Features
NRE Account
  • NRE Full Form: Non-Resident External Account
  • Minimum Account Balance (Metro & Urban): Rs. 1 lakh
  • Minimum Account Balance (Semi Urban & Rural): Rs. 50,000
  • For repatriable income 
  • Maintained in Indian Rupees
  • Fully repatriable (both principal and interest)
  • Tax-free interest income
  • Joint accounts with NRIs/PIOs are allowed
NRE Salary Account
  • Specialised account for salary crediting
  • Tax-free interest
NRO Account
  • NRO Full Form: Non-Resident Ordinary Account
  • For non-repatriable income 
  • Maintained in Indian Rupees
  • Partial repatriation of interest allowed
  • Taxed as per Indian income tax laws
  • Joint accounts with residents and NRIs/PIOs are allowed
NRO Salary Account
  • Specialised account for salary crediting
  • Taxed as per Indian laws
NRO Tax Saving Scheme
  • For tax-saving investments in INR
  • Lock-in period with tax benefits
  • Interest is subject to taxation
FCNR (B) Account
  • FCNR Full Form: Foreign Currency Non-Residential Account
  • For foreign currency deposits
  • Maintained in foreign currencies (USD, GBP, EUR, etc.)
  • Minimum Account Balance: 1000 US$/ CA$/ GB£/ EU€/ AU$ and 1,00,000 JP¥
  • Fully repatriable (both principal and interest)
  • No exchange rate risk
  • Interest rates based on currency and tenure
  • Joint accounts with NRIs/PIOs are allowed
FCNR(B) Premium Account
  • For premium foreign currency deposits
  • Enhanced interest rates for large deposits
  • Fully repatriable
  • Various currency options
RFC Account
  • RFC Full Form: Resident Foreign Currency Account
  • For returning NRIs
  • Maintained in foreign currencies
  • Minimum Account Balance: 1,000 US$/ GB£/ EU€/
  • Convertible to RFC account upon return to India
  • Allows retention of foreign income and assets
  • Tax-free interest income for a specified period
NRI Family Card
  • Multi-purpose debit card for NRIs
  • Access to NRI accounts
  • Shopping, ATM withdrawals, and more
Demat Account
  • For holding securities electronically
  • Facilitates trading and investment in Indian markets
SBI Capgains Plus Account
  • For capital gains tax exemption
  • Lock-in period with tax benefits
  • Investment in specified bonds
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Investment Plans for NRIsInvestment Plans for NRIs

SBI NRE and NRO Account Fixed Deposit Interest Rates (as of September 2023)

FD Tenure SBI FD Interest Rates (in % p.a.)
Deposits below Rs. 2 crore Deposits of Rs. 2 crore & above
7 days – 45 days 3.00% 4.75%
46 days – 179 days 4.50% 5.50%
180 days – 210 days 5.25% 6.00%
211 days – less than 1 year 5.75% 6.25%
1 year – less than 2 years 6.80%* 6.75%*
400 Days (Amrit Kalash) 7.10% N/A
2 years – less than 3 years 7.00% 6.50%
3 years – less than 5 years 6.50% 6.00%
5 years – up to 10 years 6.50% 6.00%

*SBI NRE interest rates are applicable in the tenure range of 1 year to up to 10 years.
** Note:
The interest rates mentioned in the above table are subject to change.

SBI FCNR(B) Account Interest Rates (as of September 2023)

FD Period SBI FD Interest Rates (in % p.a.)
US $ GB £ EU € CA $ AU $ JP¥
1 year 5.60 5.00 1.50 4.50 3.60 0.02
Above 1 year – less than 2 years 5.60 5.00 1.50 4.50 3.60 0.02
2 years – less than 3 years 4.30 2.35 1.50 4.10 3.50 0.05
3 years – less than 4 years 4.00 2.45 1.50 3.85 3.00 0.05
4 years – less than 5 years 4.00 2.45 1.50 3.90 3.00 0.05
5 years 4.05 2.45 1.50 3.95 3.00 0.05

* Note: The interest rates mentioned in the above table are subject to change.

SBI RFC Account Interest Rates (as of September 2023)

FD Period SBI FD Interest Rates (in % p.a.)
US $ GB £ EU €
1 year – less than 2 years 5.60 5.00 1.50
2 years – less than 3 years 4.30 2.35 1.50
3 years 4.00 2.45 1.50

* Note: The interest rates mentioned in the above table are subject to change.

Investment Plans for NRIsInvestment Plans for NRIs

Eligibility Criteria to Open SBI NRI Account

To open an SBI NRI account, you must meet the following eligibility criteria:

  • You are a Non-Resident Indian (NRI) or Person of Indian Origin (PIO)

  • You have a valid Indian passport or PIO card

  • You have a valid overseas address proof

Documents Required to Open an SBI NRI Account

To open an SBI NRI account, you will need to provide the following documents:

  • Valid Passport

  • Visa or resident permit

  • Overseas address proof

  • PAN card or PAN allotment letter (if applicable)

  • Person of Indian Origin (PIO) Card (if applicable)

  • Recent passport-sized photographs

  • Declaration and documentation related to compliance with the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) requirements

Steps to Open an SBI NRI Account

You can open an SBI NRI account through the SBI Bank branch or the SBNRI app. Let us learn about these two methods from below:

  1. Steps to Open an SBI NRI Account through SBI Bank Branch

    Step 1: Choose the type of SBI NRI account you want to open.

    Step 2: Collect the required documents, like a valid passport, non-resident status proof, overseas/communication address proof, permanent address proof, and a passport-size photograph. 

    Step 3: Self-attest all of your documents and then have them attested by a notary public, Indian embassy/high commission, overseas branch of an Indian bank, or foreign bank with Indian presence.

    Step 4: Fill out an account opening form by downloading the account opening form from the SBI website or get one from your preferred SBI branch.

    Step 5: Submit your application and documents to an SBI branch. You can either visit an SBI branch in person or submit your application and documents by mail.

    Step 6: Deposit the initial balance, which varies depending on the type of account you are opening.

    Step 7: Receive your account number and debit card. Once your application has been processed and approved, you will receive your account number and debit card from the SBI branch.

  2. Steps to Open an SBI NRI Account through Online or SBI NRI App

    Step 1: Visit the SBI website or download the SBNRI app from the Google Play Store or Apple App Store.

    Step 2: Tap on the "Account Opening" tab.

    Step 3: Select the type of NRI account you want to open.

    Step 4: Fill out the online account opening form.

    Step 5: Upload the required documents.

    Step 6: Self-attest the form and get it further attested by a notary public, Indian embassy/high commission, overseas branch of an Indian bank, or foreign bank with an Indian presence.

    Step 7: Submit the application and documents.

SIP Investment for NRIsSIP Investment for NRIs

Benefits of SBI NRI Accounts

Some of the key benefits of opening an SBI NRI account are as follows:

  • Variety of Account Types: SBI offers different types of NRI accounts, including NRE (Non-Resident External), NRO (Non-Resident Ordinary), and FCNR (Foreign Currency Non-Resident) accounts. This variety allows NRIs to choose the most suitable account based on their financial needs and objectives.

  • Repatriation of Funds: SBI NRE accounts allow NRIs to freely repatriate both the principal and interest earned, making it easy to manage and transfer funds abroad.

  • Local and International Banking Services: The SBI bank provides a wide range of banking services both in India and internationally, including Internet banking, mobile banking, and ATMs, making it convenient for NRIs to access their accounts and conduct transactions from anywhere in the world.

  • Competitive Interest Rates: SBI typically offers competitive SBI interest rates on NRI deposits, which can provide NRIs with attractive returns on their savings and investments.

  • Joint Accounts: NRIs can open joint accounts with other NRIs or residents, making it easier to manage finances and assets with family members.

  • Online Money Transfer: SBI NRI accounts allow for easy online money transfers, including remittances to India and sending money abroad through various channels like NEFT, RTGS, and SWIFT.

  • Tax Benefits: The interest earned on SBI NRE accounts is tax-free in India, and the interest on FCNR accounts is also exempt from Indian income tax. This can lead to significant tax savings for NRIs.

  • Foreign Currency Deposits: FCNR accounts allow NRIs to hold their foreign earnings in a designated foreign currency, reducing the impact of exchange rate fluctuations.

  • Loan Facilities: SBI offers loan facilities to NRIs against their NRI deposits or other eligible collateral, providing access to credit when needed.

  • Investment Opportunities: NRIs can invest in Indian financial instruments like stocks, mutual funds, and bonds through their SBI NRI accounts, enabling them to participate in the Indian financial markets.

  • Nomination Facility: The bank allows NRIs to nominate beneficiaries for their SBI NRI accounts, ensuring that the funds are transferred to the designated individuals in case of unforeseen circumstances.

  • Dedicated NRI Services: SBI has dedicated NRI branches and customer support teams to assist NRIs with their banking needs and provide guidance on investment options and regulatory requirements.

Summing It Up

The SBI NRI account offers a comprehensive and convenient banking solution for non-resident Indians. With a  wide range of services, competitive interest rates, and global accessibility, it caters to the unique financial needs of NRIs. Whether for savings, investments, or remittances, SBI NRI accounts provide a reliable and efficient platform, ensuring that NRIs can manage their finances seamlessly from anywhere in the world.

FAQ's

  • What is the minimum balance for an SBI NRI account?

    The minimum balance requirement for SBI NRI accounts varies depending on the type of account and the location of the branch.
    • NRE and NRO account: Rs. 50,000 in semi-urban and rural India

    • NRE and NRO account: Rs. 1 lakh in metro and urban India

    • FCNR account: 1000 US$/ CA$/ GB£/ EU€/ AU$ and 1,00,000 JP¥

    • RFC account: 1000 US$/ GB£/ EU€

  • Is SBI good for the NRI account?

    Yes, SBI is a good bank for NRI accounts. It offers a number of benefits, including:
    • Offers a variety of NRI accounts to meet the needs of different customers, including NRE, NRO, and FCNR accounts.

    • Competitive interest rates on SBI NRI account deposits, both in Indian rupees and foreign currencies.

    • A large network of branches and ATMs in India, as well as online and mobile banking services.

    • Provides dedicated NRI relationship managers to provide personalised assistance to NRI customers.

    • Interest earned on some types of SBI NRI accounts, such as NRE accounts, is tax-free in India.

  • Can I open an SBI NRI account online?

    You can open an SBI NRI account online, but the process is not completely online. You will need to self-attest and then get your application and documents attested by a notary public, an Indian embassy/high commission, an overseas branch of an Indian bank, or a foreign bank with an Indian presence. Once your documents are attested, you will need to mail them to the Global NRI Centre in India.
  • What is an NRI account in SBI?

    An SBI NRI account is a bank account that is specifically designed for non-resident Indians (NRIs). It offers a number of features and benefits that are tailored to the needs of NRIs, such as the ability to maintain funds in Indian rupees and foreign currencies, transfer money between India and abroad at competitive rates, and access a wide range of banking services online and through mobile banking.

Past 5 Year annualised returns as on 01-03-2024

^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.

Tax benefit is subject to changes in tax laws. Standard T&C Apply
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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