What are the documents required to open an NRO Savings Account?

The documents required to open an NRO savings account include: ID proof such as Passport, proof of NRI status such as Visa for Indian passport holders and PIO/OCI card for foreign passport holders, Indian address proof which is mandatory for NRO Accounts, overseas address proof such as driving licence or current utility bill, passport-sized photographs, and Permanent Account Number (PAN).

NRO Savings Account

No matter where you reside, you can effortlessly manage your savings, earnings and payments in India with our Non-Resident Ordinary (NRO) Account. As a Non-Resident Indian (NRI), you can enjoy superior returns, world-class services and premium lifestyle privileges. Whether you receive income in India via rental properties, pensions, dividends, interest or other sources, our rupee-denominated NRO Accounts offer seamless management of funds through our online banking channels. You can also deposit your foreign income in your NRO Account. Get access to a host of Indian investment opportunities to nurture your wealth.

FEATURES OF SBM BANK INDIA NRO ACCOUNT

SBM Bank NRO Account features and benefits are intended to give you a comprehensive banking experience customised to your needs.

Attractive Interest Rates

We offer highly competitive interest rates with our NRO Account to maximise the growth on your income and investments.

Repatriable Funds

You can repatriate your funds in your NRO Bank Account up to a specified limit, making it easier to manage your finances in your country of residence.

Exclusive Debit Card Privileges

From airport lounge access, zero mark up on forex* to zero ATM fee and unique experiences, enjoy a suite of Debit Card privileges with your NRO Account.

Online Banking Facility

SBM Bank provides digital banking options, allowing you to conveniently manage your NRO Account through Mobile and Internet Banking platforms, giving you control over your finances at any time and from any location.

Joint Account Facility

You can open a joint NRO Account with NRIs / Persons of Indian Origin (PIO) / Resident Indians (RI).

Mandate Facility Available

Assign a trusted individual to manage your SBM Bank NRO Account on your behalf, thereby allowing flexibility and ease in account management.

Personalised Account Number

At SBM Bank India, we take personalisation a step ahead by letting you choose an NRO Account number of your choice.

WHY CHOOSE SBM BANK INDIA AS YOUR BANKING PARTNER?

Convenience is at the core of SBM Bank India. Choose our NRO Accounts and discover a new level of banking experience tailored to your diverse requirements.

Global Presence with Local Expertise

Our global presence offers you the convenience of a global network combined with local expertise. You can enjoy our personalised assistance from anywhere in the world.

Hassle-free Account Opening Process

Opening an SBM Bank India NRO Account is a simple and convenient process that ensures a hassle-free experience for you. Connect with our Relationship Managers, and they will guide you in the account opening process.

Access to Comprehensive Banking Services

At SBM Bank India, we stay committed to fulfilling your every demand. We offer a wide range of banking services, from Online Banking to Wealth Management solutions, catering to your diverse financial needs.

Preferential Pricing

Enjoy preferred pricing on NRI Loans, foreign exchange and other financial products to fulfil your fund requirements, money transfers, etc., whenever needed.

Wealth Creation Opportunities

The SBM Bank India offers prospects for wealth creation through attractive interest rates to help you amplify your financial assets.

Dedicated Relationship Manager

Your Dedicated Relationship Manager is available to resolve all your banking-related queries. You can also contact our customer support team 24×7.

Open NRO Account at SBM Bank

The following are the steps to open an NRO Savings Account:

Click here to provide your contact details. Our representative will get in touch with you to initiate the application process.

You can also visit our nearest branch and speak to our bank representative to start your application process. Ensure that you have all the required documents, including your passport, visa, overseas address proof, and passport-sized photographs.

NRO Savings Account Interest Rates

At SBM Bank India, we strive to offer attractive interest rates on NRO Savings account, enabling you to earn significant returns on your deposits. The interest rate is subject to change; therefore, we recommend checking our website or contacting our customer support for the up-to-date information. Click here to check our latest interest rates.

FAQs

Non-Resident Indian (NRI) customers can manage their income received in India with an NRO Savings Account. It operates as a fully functional rupee-denominated Savings Account, giving you access to your funds in India, which you may use to invest, save, or transfer. Repatriation of NRO Accounts is governed under Foreign Exchange Management Act (FEMA) and are subject to tax implications. For further information regarding NRO Bank Account operations you can contact our Relationship Managers.

You can repatriate the interest earned on your NRO Account and also your principal amount within specified limits. You can transfer up to USD 1 million per financial year, after the required tax deductions have been made.

NRO Accounts in India are subject to taxation. Income earned through an NRO Account is taxable as per your income tax bracket.

You will need the following documents to open an NRO savings account with SBM Bank:

ID proof: Passport
NRI status: Visa for Indian passport holders and PIO/OCI card for foreign passport holders.
Proof of address: Indian address proof (mandatory for NRO Accounts)
Overseas address proof: Driving licence or current utility bills
Passport-sized photographs
Other documents: Permanent Account Number (PAN)

Yes, you can open multiple NRO Accounts in India. There are no restrictions on the numbers of NRO Account that an NRI can open.

Upon returning to India permanently, you need to inform us of your change in residential status. We will initiate the process to convert your NRO Account to Resident Savings Account.

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.