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Disclaimer: # The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. All plans listed here are of insurance companies’ funds.

State Bank of India NRE Account

The State Bank of India (SBI) NRE Account is a secure and convenient banking solution designed for Non-Resident Indians (NRIs). It allows you to deposit and manage your foreign earnings in Indian Rupees while enjoying tax-free interest, full repatriation benefits, and seamless banking access.

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What is the SBI NRE Account?

The State Bank of India Non-Resident External (NRE) Account is a secure and convenient banking option for Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs). It allows individuals to deposit their overseas earnings in Indian Rupees. These accounts can be opened as Savings, Current, Term Deposits, Special Term Deposits, or Recurring Deposits and are fully repatriable, making them ideal for managing finances in India.

Features of SBI NRE Account

Below are the features of SBI NRE account:

SMS Alerts: Stay updated on account transactions.
Multi-City Cheque Book (MCC): Convenient cheque issuance for multiple locations.
International or Domestic Debit Card: Easy access to funds globally or locally.
Internet Banking: Manage your account anytime, anywhere.
NRI Family Card: A supplementary card for family members in India.
Account Types: Savings, Current, Term Deposit, Special Term Deposit, Recurring Deposit.
Fund Sources: Fresh remittances, transfers from NRE/NRO/FCNR accounts.
Flexibility: Open individually, jointly with NRIs/PIOs/OCIs, or with close resident relatives on a "former or survivor" basis.
Loan Facility: Avail of Rupee loans against deposits.

Benefits of SBI NRE Account

Below are the benefits of SBI NRE account:

Tax-free interest income under Indian Income Tax laws.
Free and smooth repatriation of funds to overseas accounts.
Access funds in India for local payments in Indian Rupees.
Flexible deposit tenors ranging from 1 to 10 years.
Seamless banking experience with advanced digital banking services.

Eligibility Criteria for State Bank of India NRE Account

Below is the eligibility criteria for SBI NRE account:

Eligibility Conditions For Opening Of Resident Indian Or NRI Accounts
Account Type	Domestic / Resident Accounts	Non-Resident Ordinary (NRO) Accounts	Non-Resident External (NRE) Accounts	Foreign Currency Non-resident (Bank) {FCNR (B)} Accounts
Residential Status	Domestic / Resident Accounts	Non-Resident Ordinary (NRO) Accounts	Non-Resident External (NRE) Accounts	Foreign Currency Non-resident (Bank) {FCNR (B)} Accounts
NRI	❌	✔️	✔️	✔️
PIO	❌	✔️	✔️	✔️
OCI	Permitted in certain cases	✔️	✔️	✔️
Foreign Nationals on employment in India	✔️	❌	❌	❌
Foreign Students studying in India	❌	✔️	❌	❌
Foreign Tourists with short visit to India	❌	✔️	❌	❌

Types of NRE Accounts & Deposits in SBI NRE Account

Savings Bank (SB) / Current Account
- Rupee-denominated account: Convenient for NRI banking needs in Indian currency.
- Zero balance account: Can be opened without an initial deposit. However, funding upfront is advised to avoid charges for non-maintenance of Minimum Average Balance (MAB).
- Interest payment:
  - Savings Account: Interest paid quarterly on daily balance.
  - Current Account: No interest is paid.
- Minimum deposit requirements:
  - General Branches: As per MAB criteria.
  - Personal Banking Branches:
    - Metro/Urban: Rs. 1 lakh.
    - Semi-Urban/Rural: Rs. 50,000.
- Repatriability: Both principal and interest amounts are fully repatriable.
- Nomination facility: Available for added convenience.
Term Deposits (TDR)
- Rupee-denominated fixed tenure deposits: A secure investment option for NRIs.
- Zero balance account: Can start without an initial deposit.
- Interest payment: Paid quarterly and credited to the NRE Savings Bank account as per customer request.
- Minimum deposit requirements:
  - General Branches: Rs. 1,000.
  - Personal Banking Branches:
    - Metro/Urban: Rs. 1 lakh.
    - Semi-Urban/Rural: Rs. 50,000.
- Repatriability: Principal and interest amounts are fully repatriable.
- Additional features:
  - Nomination facility available.
  - Loan/overdraft against deposit allowed.
  - Premature withdrawal permissible.
  - Automatic renewal at maturity for the same tenure, at the prevailing interest rate (if no renewal instructions are provided).
Recurring Deposits (RD)
- Ideal for financial goals: Save monthly for education, marriage, home, or holidays.
- Minimum monthly installment: Rs. 100.
- Repatriability: Principal and interest amounts are fully repatriable.
- Additional features:
  - Nomination facility available.
  - Loan/overdraft against deposit allowed.
  - Premature withdrawal permissible.
  - No automatic renewal upon maturity.
Special Term Deposits (STDR)
- Rupee-denominated fixed tenure deposits: Interest is compounded quarterly and paid on maturity along with the principal.
- Minimum deposit requirements:
  - General Branches: Rs. 1,000.
  - Personal Banking Branches:
    - Metro/Urban: Rs. 1 lakh.
    - Semi-Urban/Rural: Rs. 50,000.
- Repatriability: Both principal and interest amounts are fully repatriable.
- Additional features:
  - Nomination facility available.
  - Loan/overdraft against deposit allowed.
  - Premature withdrawal permissible.
  - Automatic renewal at maturity for the same tenure, at the prevailing interest rate (if no renewal instructions are provided).

Premature Withdrawals Under SBI NRE Account

Premature Withdrawals

Premature withdrawal of funds under an SBI Non-Resident External (NRE) account is subject to specific terms and conditions. These withdrawals may attract penalties, and the interest payable depends on the deposit amount and duration.

Below Rs.1 Crore - No Interest for Withdrawals Before One Year
If the deposit is withdrawn within one year, no interest is payable.

Effective 01st April 2017, Penalty for Premature Withdrawals for Retail Term Deposits up to Rs.5.00 Lacs Will Be 0.50% (All Tenors)

Description: Up to Rs.5.00 Lacs
- Penalty (All Tenors): 0.50%
Description: Above Rs.5.00 Lacs but Below Rs.1 Crore
- Penalty (All Tenors): 1%

The interest payable will be 0.50% or 1% below the rate applicable at the time of deposit for the period it has remained with the bank, or 0.50% or 1% below the contracted rate, whichever is lower.

Rs.1 Crore & Above - No Interest on Withdrawals Before One Year
Deposits of Rs.1 Crore or more do not earn any interest if withdrawn before completing one year.

Funds Transfer From NRE to Overseas Account

Transferring funds from your Non-Resident External (NRE) account to an overseas account is a straightforward process. The funds in your NRE Savings Bank account or deposits are fully repatriable, meaning they can be transferred seamlessly to any international account. Here’s how you can initiate the transfer:

Through Internet Banking

Using Internet Banking is a convenient and secure method for transferring funds. You can initiate a transfer from your NRE Savings Bank account, NRE fixed deposit account, or FCNR (B) account to any overseas account, whether it is in your name or a third party.

Steps to Add a Beneficiary for Remittance
- Log in to your Internet Banking (INB) account.
- Navigate to the ‘Profile’ tab.
- Enter your profile password.
- Select ‘Manage Beneficiary’ and choose ‘Outward Remittance Beneficiary for NRE / FCNR (B) Account.’
- Enter the beneficiary’s details and submit the request by entering the OTP sent to your registered mobile number.
Steps to Place a Remittance Request
- Log in to your INB account.
- Click on the ‘Payments / Transfers’ tab.
- Select ‘International Funds Transfer’ from the left-hand menu.
- Choose ‘NRI - Outward / Inward Transfer / Remittances.’
- Enter the required details for the transfer and proceed.
Through Branch

For those who prefer offline methods, you can submit a request via your home branch.
- Download the standard request letter for outward remittance from the ‘Download Forms’ section.
- Post or courier the completed form to your home branch.
Note: Requests received via email cannot be processed due to security concerns.

By following these simple steps, you can ensure a smooth and secure transfer of funds from your NRE account to an overseas account.

Joint Account of Non-Residents with Residents in SBI NRE Account

NRI/PIO/OCI Customers Can Open Joint NRE Accounts

Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), or Overseas Citizens of India (OCIs) can open and maintain an NRE account in State Bank of India (SBI) with a resident relative as a joint holder. The account must be maintained on a "Former or Survivor" basis, with the NRI/PIO/OCI being the primary account holder.

Eligible Resident Joint Holders in SBI NRE Accounts

NRE accounts can be jointly held with resident relatives under the following relationships:

Members of a Hindu Undivided Family (HUF).
Spouses (husband and wife).
Relatives as prescribed under specific family definitions, including:
- Father (including step-father).
- Mother (including step-mother).
- Son (including step-son).
- Son's wife.
- Daughter.
- Daughter's husband.
- Brother (including step-brother).
- Sister (including step-sister).

Conclusion

SBI’s NRE Account combines convenience, flexibility, and financial security, making it an ideal choice for NRIs seeking efficient management of their international earnings in India. With a wide range of benefits, it ensures hassle-free banking no matter where you are in the world.

FAQs

What are the types of NRE accounts available at SBI?
SBI offers the following types of NRE accounts:
- Savings Bank (SB) / Current Account: For everyday banking needs.
- Term Deposits (TDR): Fixed tenure deposits for secure investment.
- Recurring Deposits (RD): Ideal for monthly savings toward financial goals.
- Special Term Deposits (STDR): Fixed tenure deposits with compounded interest.
What is the minimum balance required for an SBI NRE account?
- Savings Account:
  - General Branches: As per Minimum Average Balance (MAB) criteria.
  - Personal Banking Branches:
    - Metro/Urban: ₹1 lakh.
    - Semi-Urban/Rural: ₹50,000.
- Term/Recurring Deposits:
  - General Branches: ₹1,000.
  - Personal Banking Branches:
    - Metro/Urban: ₹1 lakh.
    - Semi-Urban/Rural: ₹50,000.
Is the principal and interest on an NRE account repatriable?

Yes, both the principal and interest amounts in all types of NRE accounts are fully repatriable.
Can I open an NRE account without an initial deposit?

Yes, NRE accounts can be opened without an initial deposit. However, funding upfront is recommended to avoid charges for non-maintenance of the Minimum Average Balance (MAB).
What is the penalty for premature withdrawal of NRE term deposits?
- For deposits below ₹1 crore:
  - Up to ₹5 lakh: 0.50% penalty on the interest rate.
  - Above ₹5 lakh but below ₹1 crore: 1% penalty on the interest rate.
- For deposits of ₹1 crore or more: No interest is paid if withdrawn before one year.
How can I transfer funds from my NRE account to an overseas account?
Funds can be transferred via:
- Internet Banking (INB):
  - Log in, add a beneficiary, and initiate a remittance request.
- Branch: Submit a remittance request form to your home branch via post or courier.
Can I open a joint NRE account with a resident relative?

Yes, NRIs/PIOs/OCIs can open a joint NRE account with a resident relative on a "Former or Survivor" basis. Eligible relatives include spouses, members of HUF, and family members such as parents, siblings, and children (including step-relatives).
What happens to an NRE account term deposit at maturity?
- Term Deposits (TDR) and Special Term Deposits (STDR): Automatically renewed for the same tenure at the prevailing interest rate unless renewal instructions are provided.
- Recurring Deposits (RD): Not automatically renewed; proceeds are credited to the linked savings account.
What is the interest payout frequency for NRE accounts?
- Savings Account: Interest is paid quarterly based on the daily balance.
- Term Deposits (TDR): Interest is paid quarterly.
- Special Term Deposits (STDR): Interest is compounded quarterly and paid on maturity.
Are loans or overdrafts available against NRE deposits?

Yes, loans or overdrafts can be availed against NRE term deposits for financial flexibility.

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*Past 10 Year annualised returns as on 01-01-2025
*All savings plans 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
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 2 Cr. is for a 30 year old healthy individual investing Rs 18,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: 1,06,79,507 @ CAGR 4%; 2,12,15,817 @ CAGR 8%. All plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
**Returns are based on past 10 years' fund performance data (Fund Data Source: Value Research).