Complete guide to education loans available for Indian students pursuing higher studies abroad. Read on to go over the available options & general requirements.
SBI offers NRI bank accounts for Indians living overseas, and those thinking of returning to India.
Read on to learn more about the types of accounts, and how they work.
|📝 Table of contents
SBI offers NRIs banking relationships to manage personal finances and income from abroad and in India.
There are 2 categories of NRE and NRO accounts, plus additional types of accounts for insurance, foreign currency deposits and also returning NRIs.
Here is a quick table on the bank accounts available at SBI:¹
|Type of Account
|For income earned abroad and converting it to Indian Rupees
|NRE Salary Account
|For salary earned abroad and converting it to Indian Rupees
|For earnings in India for NRIs
|Non Resident Ordinary (NRO) Salary Account
|For salary earned in India while an NRI
|NRO Tax Saving Scheme
|Intended to help save on taxes with 80C
|For foreign currency deposits
|FCNRB Premium Account
|For foreign currency deposits and insurance
|For income earned abroad when resettling in India
|NRI Family Card
|For money transfers for family in India
|For NRIs wanting to invest in stocks and bonds in India
|SBI Capgains Plus Account
|For NRIs with property sales in India
|🔖 Read more: Full guide to NRE/ NRO accounts
In order to open an NRI account at SBI, you will first have to make sure you are eligible for the account you want.
The eligibility criteria depends on if you are an NRI/ OCI/ PIO
|Type of account
|Domestic/ Resident Accounts
|❌/ ✅ No, unless in India for over 182 days a year
All of the accounts can be made into a joint account with a Resident Indian who qualifies as a close relative and as a secondary applicant.²
|⚠️ To qualify as an NRI, you must be a resident outside of India for more than 50% of the year
If you are moving abroad, your bank account should be rolled into NRI accounts, and vice versa if you are moving back to India.
To open an account with SBI NRI services isn’t straightforward and depends on the type of account you are opening.
You can create an application online only for NRO and NRE Savings Accounts, more on that in the next section.
Any other accounts need to go through SBI’s representatives. Here is what you can expect from the account opening process:³
- Identify the account you would like to open at the SBI NRI website
- Click on Apply Now button under the account type or at NRI Callback
- Complete your contact details including what country you are currently in
- Enter in your SBI account number if you have an existing relationship
- Choose the account you’re interested in from the drop down, and hit ‘Submit’
- An SBI representative will contact you for next steps
You have the option to enter in your email address and local phone number abroad in this process. SBI will reach out to you through either method for your application.
If you are looking to open a simple NRO or NRE Account, you can complete the application online and then mail the forms to the bank.
SBI highlights this as 3 easy steps:
- Complete the online application including both the customer information and account information section
- Print your application, and have it and your documents attested
- Mail the application to SBI
|⚠️ There is no direct way to completely apply online for an SBI NRI account
You will have to go through the call-back process or an alternative option is to go to a SBI bank branch either in India or one of the foreign offices.
Here is a list below of documents needed for opening a standard NRE or NRO account at SBI as an NRI.⁴
- A valid visa or work permit for your country of residence
- Copy of your Indian passport
- A copy of a utility bill, employer certificate or government issued ID with your current overseas address
- Proof of permanent address (it can be overseas or in India)
- Proof of income through a pay slip, or void cheque from the applicant’s foreign bank account
- 2 passport size photographs
This list is not comprehensive for all the different types of NRI accounts SBI offers- and for certain accounts, like investments, you may be asked for additional forms.
Check with an SBI representative first if you are applying for any other NRI accounts outside of the NRE or NRO accounts.
The required document list also may vary for OCI or PIO holders.
These are the minimum balances or deposits required to maintain in an SBI NRI account in order to not be hit with fees.⁵
|Type of SBI NRI account
|Monthly balance/ deposit to maintain to avoid fees
|NRE & NRO Accounts- Metro & Urban India
|NRE & NRO Accounts- Semi Urban & Rural india
|1,000 USD, CAD, GBP, EUR, AUD or 100,000 JPY
|1,000 USD, GBP or EUR
These amounts may change so it is best to continue to watch communication from SBI about minimum balance requirements and fees.
Also check with SBI on the balances you need to maintain if you are an existing client of the bank.
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Certain SBI NRI accounts accrue interest. This quick table below can give you an idea.
But keep in mind, interest rates are subject to change so check with SBI before your move forward.⁶
Interest rates for SBI NRE & NRO Savings accounts
|2.70% p.a on entire balance
|2.70% p.a on entire balance
Interest rates for timed deposits below ₹2 crore
|NRE & NRO Account
Interest rates for SBI RFC accounts:
FCNR deposits have interest rates that depend on the currency you chose. Learn more about each currency’s yields and time horizons on the SBI FCNR Deposit page.
|⚠️ The interest rates you get or the minimum balances you need to maintain can often depend on the depth of your relationship with the bank.
If you are already an SBI client, see what preferential rates and balances you can get by speaking to SBI directly.
If you and your family already have familiarity, trust and a banking relationship with SBI, it can be a good idea to look at them for NRI accounts too.
SBI foreign office branches can also be a benefit for Indians living abroad who like to bank in person.
But on the other hand, some NRIs may find that SBI is missing key digital services and accesibility for modern globe trotters.
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Wise is FCA regulated, and uses smart technology to make global money transfers directly between your Indian bank account and local bank accounts abroad.
Independent research has found that Wise is at least 3x cheaper to send money abroad than SBI
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If you are currently living abroad, check if you can get the Wise multi-currency account and card.
SBI NRI customer care can be reached online or by phone, in addition to visiting an SBI branch. If you are currently abroad, you can take a look at the SBI global customer care number for close to 20 different countries to contact the bank overseas.
Additionally you can log into your SBI portal for direct help or use the chat feature and contact us feature on theSBI website’s customer care page.
Sources used for this article:
- NRI Accounts at SBI
- Applying for an NRI account
- NRI documents list
- Minimum Balance amounts
- Interest Rates
All sources checked as of 17 August 2021
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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