NRI Accounts

At SBM Bank India, we offer privileged access to a trove of banking opportunities through the coveted NRI Account. Our NRI Accounts are carefully designed to cater to your financial aspirations and offer a plethora of facilities that will address your every banking need and desire, no matter where you are. With our NRI Accounts, you can continue managing your finances in India with minimal effort. Place your foreign or Indian earnings in interest-generating Accounts. As you embark on a journey to build your wealth through our elite services, you will have access to attractive interest rates, enhanced investment alternatives, and lifestyle privileges, bringing you one step closer to an immersive banking experience.

Types of NRI Bank Account

Our NRI Accounts help you efficiently manage your finances while you live abroad. You can hold, efficiently transfer and grow your money with different types of NRI Accounts. We offer two types of NRI Accounts in India, namely, NRE (Non-Residential External) Accounts and NRO (Non-Residential Ordinary) Accounts - both rupee-denominated accounts.

NRE Account

The NRE Savings Account allows you to safely store your foreign currency income. Your NRE Account deposits earn interest at competitive rates, with the interest being tax-free and the overall funds being fully repatriable. Enjoy convenient banking facilities and a variety of lifestyle privileges. The account can be opened jointly between two Persons of Indian Origin or Non-Resident Indians.

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NRO Account

Place your Indian earnings, like rental income or dividends, in a lucrative NRO Savings Account that you can access remotely with our smart online banking platforms. No matter where you are positioned on the globe, our 24×7 support services and hands-on assistance will be astute in guiding you towards your financial endeavours. The account can be opened jointly between two PIOs or two NRIs. You can also deposit foreign income in your NRO Account.

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FEATURES OF NRI ACCOUNTS

Competitive interest rates

Watch your wealth flourish with our superior NRE/NRO Savings Accounts, which offer the potential to earn interest at competitive rates.

Ease of Access

You can open your NRE/NRO Savings Account with SBM Bank India in a quick and convenient manner with minimal documentation.

Preferred forex rates

Enjoy hassle-free money transfers at competitive rates.

Dedicated Relationship Manager

Receive assistance from experienced banking professionals, with 24×7 support.

Tax Benefits

Enjoy tax-free interest with your NRE Savings Account. The principal amount in the NRE Account also remains tax-free.

Repatriation Benefits

Seamlessly transfer funds back to your local bank account in your country of residence when needed.

Customised Account Number

At SBM Bank India, you can choose a personalised account number for your NRE/NRO Account.

FAQs

An NRI is an Indian citizen who stays outside India:

For purposes of carrying out employment, business or vocation
Under circumstances indicating an intention to stay outside India for an uncertain duration
Any Indian citizen deputed outside India for a temporary period in connection with employment.

Yes, they are. The foreign currency you deposit in an NRE Account is automatically converted to Indian Rupees and the account is maintained in Indian Rupees by the bank. When it comes to NRO Accounts, you can deposit both foreign and Indian currency income. The bank converts the foreign income you deposit in the NRO Account into Indian rupees.

To open an NRI Savings Account with SBM Bank, you need to have NRI status or a PIO status, which means you are either an Indian citizen living abroad (NRI) or a Person of Indian Origin residing outside India.

The required documents include your valid passport with NRI status endorsement, proof of overseas and Indian address, passport-sized photographs, PAN card, and NRI status proof. Please consult an SBM bank representative for more information.

NEVER SHARE your Card Number, CVV, PIN, OTP, Internet Banking User ID, Password, or URN with anyone, as it can lead to unauthorised access to your account. | DIAL 1930 FOR ONLINE FINANCIAL FRAUD. REPORT ANY CYBERCRIME AT | Dear Customer, in line with RBI regulation, if there are any changes/updates in the KYC documents you previously submitted with the Bank, please provide the updated documents within 30 days of such changes.

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