NRI Services
Non Resident Indian
Services
“World Class Services from a Bank you
can trust”
With over 9500 branches in India and 83 foreign offices/branches in 32 countries, and advanced technology at our fingertips, State Bank of India has one of the most extensive commercial bank networks worldwide.
We are India’s largest bank, and currently rank amongst Asia’s top 25 commercial banks, owning assets exceeding US$130 billion, and total deposits in excess of US$100 billion.
We have a host of products and services customized to suit your financial needs. Benefit from the flexibility in operating the bank accounts or the facilities offered to Returning Indians and the various deposit schemes available for Non Resident Indians. Perhaps, you are interested in housing property in India? State Bank of India’s Housing Loan Scheme for Non-Resident Indians is just what you need.
Given our phenomenal network of branches in India and abroad, we are THE BANK you can TRUST! |
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TYPES OF ACCOUNTS
The eligible NRIs and PIOs can open and maintain the following types of accounts in India:
| 1. |
Foreign Currency Non Resident (fixed deposit account in a foreign currency) |
| 2. |
Non Resident External A/C (fixed deposit account in Indian rupees) |
| 3. |
Non Resident External Savings Bank A/c. (running account with chequebook facility, in
Indian rupees. Minimum balance requirement: Rs 1,000/-) |
4. |
Non Resident Ordinary (i.e. NRO) Rupee A/c. |
The salient features of these accounts
are as under:
| PARTICULARS |
FCNR |
NRE
TERM DEPOSIT |
NRE
SAVINGS BANK |
NRO
SAVINGS |
CURRENCY |
POUND USDOLLAR EURO
CAN$
AUS$ |
INDIAN RUPEES |
INDIAN RUPEES |
INDIAN RUPEES |
PERIOD |
Min 12 Mths Max.60 Mths |
Min.12 Mths Max. 60 Mths |
- |
- |
Repatriability |
Freely Repatriable |
Freely Repatriable |
Freely Repatriable |
NOT Repatriable (interest is repatriable) |
MINIMUM BALANCE |
USD1000 GBP1000 EURO1000
CAN$1000
AU$1000 |
- |
Rs1,000/-** |
- |
Interest periodicity |
Half - yearly |
Quarterly |
Half-yearly |
- |
Cheque Book/ Pass Book/ATM |
NO |
NO |
YES |
YES |
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(** Rs. 5,000/- at Personal Banking Branches)
ELGIBILITY FOR OPENING THE ACCOUNT
Non-Resident Indians or Persons of Indian Origin (PIO) can open the account. Section 2 w of Foreign Exchange Management Act, 1999 defines person resident outside India as a person who is non-resident in India. Non-resident Indian generally fall under one of the following categories:
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Indian citizens who stay abroad for employment or for carrying on business or for any other purpose in circumstances indicating an indefinite period of stay outside India. |
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Indian citizens working abroad on an assignment with Foreign Governments, Government Agencies or International Agencies like United Nations Organisation (UNO) or its affiliates IMF, IBRD etc. |
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Government Officials (both Central and State), and |
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Other Officials of Public Sector Undertakings deputed abroad on assignment or posted abroad. |
Note: Persons on visit visa are not eligible to open NRE/FCNR accounts.
PERSON OF INDIAN ORIGIN
For the purpose of being eligible for the facilities of opening and maintaining of various types of bank accounts in India, a person of Indian Origin means a citizen of any country other than Bangladesh and Pakistan, if
| a) |
he at any time held Indian Passport; or |
| b) |
he or either of his parents or any of his grand parents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955; or |
| c) |
the person is a spouse of an Indian Citizen or of a person referred to in (a) or (b) |
PROCEDURE FOR OPENING THE ACCOUNT:
You need to fill up the account opening form, complete the formalities mentioned in the following paragraph. We shall forward these documents to the Branch in India where you want to open the account. The said Branch, after opening the account, will provide you the details of your account, Deposit Certificate or cheque book/passbook, depending on the type of account you open. The whole procedure takes almost 4 to 6 weeks time. (It would take much less time if you open the account at one of the NRI or Personal Banking Specialised branches). However, your deposit would start earning interest from the day we receive money here in U.K. If you pay by cheque, it will take five working days to clear your cheque and your deposit would start from the 5th working day.
DOCUMENTS REQUIRED TO OPEN THE ACCOUNT
(A)IF YOU ARE PERSONALLY VISITING THE BRANCH FOR OPENING THE ACCOUNT :
| i) |
Two recent passport-size photographs of each of the depositors (duly signed by the depositor(s) on the face of each of the photographs). |
| ii) |
Passport(s) of each of the depositor(s) . |
| iii) |
Proof of addresses in U.K. of the depositor(s) viz. Utility bill, Bank statement, Council Tax Demand Notice. |
iv) |
The cheque for the amount (including our charges*) made payable to “State Bank of India A/C (Depositor’s name(s)”. |
(B) IF YOU ARE SENDING THE ACCOUNT OPENING FORM THROUGH POST :
The documents as above plus the following additional documents:
| i) |
Photocopy of the Identification document such as full driving licence etc. |
| ii) |
One additional proof of address such as Bank statement/Utility Bill/Council Tax Bill etc. |
The photocopies of the identification documents viz passport/driving licence and your signatures on the account opening form are required to be attested by the Bank/Indian High Commission Official/Notary Public. You may send the proof of address, in original, which we would return after taking the photocopies.
CHARGES:
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For
fixed deposit A/C: No Account opening & postal charges applicable. Deposit accounts are now FREE of any charges. |
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For
NRE Savings Bank A/C: Postal Charges of GBP 5.00 plus usual draft charges, as detailed under the "Remittances" Section. |
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If you were paying in cash, there would be cash handling charge of £3.00 per £1000 or part thereof. |
TERMS & CONDITIONS OF THESE ACCOUNTS
| i) |
The accounts are opened and maintained at the branches of State Bank of India in India and NOT at State Bank of India, in the UK. |
| ii) |
These deposits are the liabilities of State Bank of India in India and are not the liability of any of the branches outside India. |
| iii) |
These deposits are NOT covered by any of the European Deposit Protection Scheme. |
iv) |
The depositor has to assess the tax liability, if any, in U.K. for the amount of interest earned on these deposits in India. |
v) |
These deposits are governed by the Reserve Bank of India regulations in force and are subject to the laws/changes in effect from time to time. |
vi) |
The deposits are payable only at the particular branch in India where the account is opened. |
vii) |
State Bank of India reserves the right to reject any deposit application without assigning any reason. |
viii) |
Premature Payment: Admissible in all schemes. But there would be penalty of 1% on the actual interest payable, and no interest would be paid if the deposit has not run for the minimum period prescribed in the relative scheme. |
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INTERNET BANKING & ATM/ DEBIT CARD
FACILITIES
The Bank has taken initiative to provide the Internet Banking facilities (http://www.onlinesbi.com/) at designated branches of the Bank spread over almost all important centres in India. The service is provided free of charge. To facilitate withdrawal of money from cash machines (State Bank ATMs) during your visit in India, selected Branches are issuing ATM/Debit Cards on NRE Savings/Current accounts. It gives you freedom to withdraw money from your account 24 hours a day and 365 days a year.
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