State Bank of India (SBI) is one of the top preferences of Non-Resident Indians (NRIs) for NRI Account Opening in India. State Bank of India offers two types of savings accounts for NRIs – NRE account and NRO account. You can apply for an SBI NRI account from the country of your residence. In this article, we will explore 2 ways of SBI NRI Account Opening and understand how the process can be made simpler and effortless.
SBNRI is a business partner of leading Indian banks. NRIs can apply for an NRE/ NRO account with any of these banks by clicking the below button.
As mentioned at the start of the article, we will explore the 2 ways of opening an NRI Account at SBI. Let’s start:
Way 1: Apply to SBI Bank directly. Here is the process of SBI NRI account opening process:
Way 2: Apply NRI account online via the SBNRI App. Here is the process:
You can apply for an NRI account online either by clicking the “Open NRI Account” button in this blog. Or
What happens next:
The process of opening an NRI Account is getting simpler and effortless as you read this sentence. SBNRI is making the vision of a one-stop platform for NRIs in India into a reality.
During the process of NRI Account Opening at SBI, it is mandatory that we understand the prerequisites for the same. There are factors we need to take care of beforehand such as documentation, attestation, etc. Also, we need to understand what are the different types of NRI Accounts to choose the best one as per our needs. Let’s take a look at these aspects of SBI NRI Account Opening:
There is a common set of documents that you will require in order to open an NRI Bank Account at any bank in India. The exact list of documents may slightly vary from one bank to another. Let’s glance through the documents required for SBI NRI Account Opening:
For queries related to NRI account opening, you can contact SBI NRI customer care team.
We know that the most irritating experience an NRI has to go through comes from bad customer care service. At SBNRI we believe that there is a need to upgrade the customer service experience that’s we why with SBNRI, you get a dedicated 24×7 Indian Friend that coordinates with the bank, connects you with experts, provides you with daily NRI updates, and a lot more. Click on the button below to get in touch with your Indian Friend directly on WhatsApp. Also, visit our blog and YouTube Channel for more details.
No. The NRI Account Opening process at SBI isn’t completely online. You need to opt for offline attestation and send the hard copies to the bank in India. Alternatively, you can apply for SBI NRI Account through the SBNRI App which enables online tracking for the application and 24×7 doubt resolution and end-to-end expert guidance.
How long does it take to open NRI account?The time of account opening at SBI depends on your financial profile, document verification, and attestation requirements and can be done in 3 days to 1 week.
Can I add NRI account to Google pay?Yes, you can link the NRE/NRO account on UPI however the registered mobile number must be from an Indian service provider & without the prefix 91.
Can I convert my SBI account to NRI account?Yes. NRIs can convert their existing resident savings bank account to an NRO Bank Account.
Which account is best for NRI?The best bank for NRI depends on their needs and requirements. For example, NRE Account will be the best option for maintaining the income generated abroad while the NRO Account will be the best pick for maintaining the income generated in India.
How to open SBI NRI account online?Here are 3 easy steps for SBI NRI account opening online:
– Fill SBI NRE/ NRO account opening form online
– Get the filled account opening form and supporting documents attested
– Post the application to a State Bank of India branch (in India)
Yes, you can open a zero balance account in SBI, but you are required to maintain a minimum balance of Rs. 1 lakh for metro and urban areas and Rs. 50,000 for semi-urban and rural areas.
What is the interest rate on NRE account in SBI?Current SBI NRE savings account interest rate is 2.70%
Do NRIs need to pay tax on interest earned on SBI NRE savings account?Interest earned on an NRE account is not taxed in India. However, NRO accounts are taxable.
What is the minimum balance in SBI NRI account?Minimum balance in SBI NRI account should be:
– Rs. 1 lakh for metro & urban areas
– Rs. 50,000 for semi-urban and rural areas
NRIs (Non-Resident Indians) and OCIs (Overseas Citizens of India) can open an NRI account.
What are the benefits of SBI NRI account?When you open an NRI account with SBI, you can enjoy the following benefits:
– SMS alert
– Internet banking
– NRI family card
– International or domestic debit card
– Multi-city cheque book(MCC)
Yes. The account holder and his/ her family members who have access to the account can withdraw cash.
What are the documents required to open a SBI NRI account?Given below are the documents required for SBI NRI Account Opening:
1. Proof of Identity (Passport)
2. Non-Resident Status Proof (Visa/Work Permit, etc.)
3. A copy of any one of the following documents with your current residential address: Utility bill (gas, water, or electricity), bank statement, credit card statement, or residence permit.
4. Permanent Address (overseas/ Indian)
5. PAN Card
6. Photographs
For opening SBI NRI Bank Account, you will need to self-attest the common documents and then visit any of the following entities for further attestation:
– Notary
– Embassy/High Commission
– Overseas Branch of Indian Bank
– Foreign Bank with Indian Presence
NRIs can apply for SBI NRI account opening in Saudi Arabia online or they can visit the nearest branch of the bank if they are in India. NRIs can apply for an SBI NRE/NRO/FCNR(B)/RFC account. To apply for an SBI NRI account opening online, one needs to download and fill up an online application, get all the necessary documents and get the application attested by any of the SBI foreign office/ Notary Public/ Indian High Commission in Saudi Arabia. Then he/she has to send it to any of the SBI branches in India.
Is PAN Card necessary for SBI NRI account opening?No, a PAN Card is not a mandatory document for NRI account opening at SBI. A PAN Card is necessary to file taxes and carry on investments from these NRI Accounts. NRIs who do not have a PAN card can sign Form 60 to open an NRI Account.
How can I contact SBI if I want to open an NRI account?NRI customers of State Bank of India can call on SBI International Toll-Free Numbers (ITFNs) mentioned on their website. NRIs can also reach the contact center by calling the toll number: +91-80-26599990. For any queries, they can contact SBI via an email at the following email address – [email protected]
Can NRIs open NRI account at any SBI branch?Yes, NRIs/PIOs/OCIs can open any of the NRE/NRO savings account at any branch of State Bank of India (SBI).
