SBI NRI Account : Benefits, Eligibility, and Require Documents

SBI offers to open a bank account to all Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) in foreign countries, and these bank accounts are known as the SBI NRI account. These account of the State Bank of India provides many facilities to the NRIs and hence they are best suited to maintain the hassle-free financial relations with India. The banking facilities offered by these accounts for the NRIs are listed below:

• It helps in maintaining the funds generated in India and foreign countries separately.
• It helps you to invest in foreign currencies in India.
• You can earn tax-free interest income in India on your investments.
• You can also comply with the indian rules and regulations for taxes.

Eligibility Criteria to Open SBI NRI Account

There is a list of eligibility criteria that you must follow to open an SBI NRI account. They are mentioned below in this section:

• You should be a Person of Indian Origin or a Non-Resident of India
• You should have a valid Indian passport or PIO card
• You should have a valid overseas address proof

Documents Required to Open SBI NRI Account

Here is a list of documents that you will need while opening an SBI NRI account:

• A valid Passport
• Overseas address proof
• Visa or a resident permit
• Person of Indian Origin (PIO) Card, if needed
• PAN card or PAN allotment number, if needed
• Recent passport-sized photographs, not older than 6 months
• Documentation and declarations regarding compliance with the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA) requirements

How to Open SBI NRI Account

There are two ways by which you can open an SBI NRI account: through the SBI Bank Branch or the SBNRI app. In this section, we will learn about both of these methods:

Steps to open an SBI NRI Account through an SBI Bank Branch

1. Choose which type of SBI NRI account you want to open; the most common ones are NRE (Non-Resident External) and NRO (Non-Resident Ordinary) bank accounts.
2. Gather the necessary documents, including a valid passport, proof of permanent address, proof of non-resident status, a passport-sized photo, and proof of an overseas address.
3. Self-attest all the documents and then also attest them by a notary public, Indian embassy, or overseas branch of indian bank.
4. Fill out a form for the account opening by downloading it from the online SBI website or taking it from the branch.
5. Submit all your documents and application to the SBI branch by going there in person or just mailing them.
6. Deposit the fee, which can vary depending on the type of account you are opening.
7. After your application is processed and approved, you will receive your debit card and account number from the SBI branch.

Steps to open an SBI NRI Account through SBI online ot Mobile app

1. Visit the official website of the State Bank of India, log in, or download the SBNRI app
2. Click on "Account opening"
3. Select the type of account you want to open
4. Fill out the application form for the selected account
5. Upload the documents
6. Self-attest the form
7. Submit the application

Benefits of Having an SBI NRI Account

The main benefits of opening an SBI NRI Account are given below:

• Variety of Account Types: There are many varieties of NRI accounts, and you can choose the most appropriate account based on your needs and objectives. The types of accounts are NRE, NRO, and FCNR (Foreign Currency Non-Resident).
• Local and International Banking Services: SBI provides a whole lot of services in India as well as internationally. These services include ATMs, SBI online banking, and SBI net banking. They made it convenient for the NRIs to access their account and use the SBI online netbanking services.
• Repatriation of Funds: SBI NRE account enable NRIs to easily repatriate both the principal and interest earned, facilitating fund management and transfer abroad.
• Tax Benefits: You can make significant savings as an NRI in the interest earned on the NRE and FCNR accounts because it is tax-free in India.
• Joint Accounts: You can open joint accounts with other NRIs or residents. It makes it easy to manage the finances with your family members.
• Competitive Interest Rates: State Bank of India savings account interest rate on the NRI deposits is very competitive, which can provide attractive returns on the savings.
• Loan facilities: The State Bank of India, provides loan facilities to its NRI account holders on their deposits.
• Investment Opportunities: NRIs can invest in Indian Financial instruments such as Mutual funds, stocks, and bonds, which enable them to participate in the Indian Financial markets.
• Foreign Currency Deposits: FCNR accounts enable NRIs to hold their foreign earnings in a specific foreign currency, minimizing the effects of exchange rate fluctuations.
• Nomination Facility: The bank permits NRIs to designate beneficiaries for their SBI NRI accounts, ensuring that funds are transferred to the specified individuals in case of unforeseen circumstances.

Conclusion

The SBI NRI account provides a lot of benefits and facilities for Non-Resident Indians. It makes their banking solutions very convenient and easy. If you want to avoid the hassles of opening the NRE and NRO accounts, then you can simply visit Visament. Our team of experts provides you with great assistance in opening an NRI account just by sitting at home. These accounts have a wide range of benefits, which are mentioned above in the blog. They also have an SBI NRI Customer Care team, which provides assistance 24/7 for their customers.