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:
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Maintain the funds generated in India and abroad separately
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Invest foreign currency in India
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Earn tax-free interest in India on investments
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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.
SBI NRE and NRO Account Fixed Deposit Interest Rates (as of December 2024)
| 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 December 2024)
| 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 December 2024)
| 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.
Eligibility Criteria to Open SBI NRI Account
To open an SBI NRI account, you must meet the following eligibility criteria:
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You are a Non-Resident Indian (NRI) or Person of Indian Origin (PIO)
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You have a valid Indian passport or PIO card
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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:
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Valid Passport
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Visa or resident permit
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Overseas address proof
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PAN card or PAN allotment letter (if applicable)
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Person of Indian Origin (PIO) Card (if applicable)
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Recent passport-sized photographs
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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:
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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.
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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.
Benefits of SBI NRI Accounts
Some of the key benefits of opening an SBI NRI account are as follows:
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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.
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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.
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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.
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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.
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Joint Accounts: NRIs can open joint accounts with other NRIs or residents, making it easier to manage finances and assets with family members.
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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.
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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.
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Foreign Currency Deposits: FCNR accounts allow NRIs to hold their foreign earnings in a designated foreign currency, reducing the impact of exchange rate fluctuations.
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Loan Facilities: SBI offers loan facilities to NRIs against their NRI deposits or other eligible collateral, providing access to credit when needed.
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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.
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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.
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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.
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