SBI - Loans, Accounts, Cards, Investment, Deposits, Net Banking - Personal Banking
Search
SBI NRI Services - NRO Savings Bank Interest Rate
SBI offers appealing features with NRO Account specifically designed to park India based current income in Rupees .
Features
- Transfer from NRE / NRO / FCNR (B) accounts or fresh remittance from overseas
- Individual or joint account with other NRIs / PIOs / OCIs.
- Multiple Account types.
- Withdrawals for making local payments in Rupees.
- Loan against NRO Deposits
- Transfer from another Resident Indian / NRE / FCNR (B) account
- Transfer from another NRO account but only for payment of legitimate dues in India
- Fresh remittance from abroad through banking channel
- Personal cheques drawn on foreign account
- Loan in Indian rupees against the security of deposits. Avail loan at the branch as an overdraft or as a demand loan.
- No need to close the deposit prematurely.
- Avail Maximum loan of 90% of the face value of deposit including the interest accrued.
- Other Facilities:
- SMS Alerts
- Multi-City Cheque book (MCC)
- Domestic Debit Card
- Internet banking
- NRI Family Card
Eligibility
ELIGIBILITY CONDITIONS FOR OPENING OF RESIDENT INDIAN OR NRI ACCOUNTS |
||||
---|---|---|---|---|
Account Type |
Domestic / Resident Accounts |
Non Resident Ordinary (NRO) Accounts |
Non Resident External (NRE) Accounts |
Foreign Currency Non-resident (Bank) {FCNR (B)} Accounts |
Residential Status |
||||
NRI |
Not-permitted 1 |
Permitted2,7 |
Permitted2 |
Permitted2 |
PIO |
Not-permitted1 |
Permitted2, 3, 7 |
Permitted2, 3 |
Permitted2, 3 |
OCI |
Not-permitted 1 |
Permitted 2, 3, 7 |
Permitted 2, 3 |
Permitted 2, 3 |
Foreign Nationals on employment in India |
Permitted3, 4 |
Not-permitted4 |
Not-permitted |
Not-permitted |
Foreign Students studying in India |
Not-permitted |
Permitted3, 5 |
Not-permitted |
Not-permitted |
Foreign Tourists on short visit to India |
Not-permitted |
Permitted 3, 6 |
Not-permitted |
Not-permitted |
- 1. However a joint account with Resident Indian (RI) who is a close relative can be opened subject to following conditions :
- Mode of operation permitted is 'Either or Survivor' only
- The RI will be the primary/first account holder in the joint account and NRI (PIO / OCI) will be the second applicant
- 2. A joint account with Resident Indian (RI) who is a close relative can also be opened subject to following conditions:
- Mode of operation permitted is 'Former (NRI) or Survivor' only
- The NRI (PIO / OCI) will be the primary/first account holder in the joint account and RI will be the second applicant
- 3. Following conditions applicable:
- Pakistani National will require a prior approval from RBI before opening the account.
- Bangladesh National to have a valid visa and residential permit issued by Foreigner Registration Office (FRO) / Foreigner Regional Registration Office (FRRO) concerned.
- 4. Foreign nationals who come to India on employment and on leaving the India can convert their Domestic account to NRO account, to enable them to receive their legitimate dues subject to certain conditions. But, continuation of account beyond 6 months will require RBI's approval.
- 5. NRO account be opened for Foreign Students studying in India on the basis of his/her passport (with appropriate visa & immigration endorsement) which contains the proof of identity and address in the home country along with a photograph and a letter offering admission from the educational institution, subject to following:
- Within a period of 30 days of opening the account, the foreign student should submit to the branch where the account is opened, a valid address proof giving local address, in the form of a rent agreement or a letter from the educational institution as a proof of living in a facility provided by the educational institution. Banks should not insist on the landlord visiting the branch for verification of rent documents and alternative means of verification of local address may be adopted by banks.
- During the 30 days period, the account should be operated with a condition of allowing foreign remittances not exceeding USD 1,000 into the account and a cap of monthly withdrawal to Rs. 50,000/-, pending verification of address.
- On submission of the proof of current address, the account would be treated as a normal NRO account, and will be operated in terms of extant instructions.
- 6. Continuation of account beyond 6 months will require RBI's approval.
- 7. NRIs (including PIO / OCI) residing in Nepal or Bhutan are not permitted to open NRO account.
Savings Bank (SB) / Current Account -:
- Rupee denominated account
- Zero balance account.
- Competitive Minimum Average Balance
- Low non-maintenance charges
- Quarterly interests
- Minimum Deposit:
- In General Branches: As per MAB
- In Personal Banking Branches :
- Rs. 1 lakh for Metro / Urban areas
- Rs. 50,000 for Semi-Urban / Rural areas
- Principal & interest amount are fully repatriable
- Nomination facility available
Fixed Deposits -:
- Rupee deposits of fixed tenure
- Zero balance accounts
- Quarterly interests on Term Deposit Receipts (TDRs).
- Minimum Deposit :
- In General Branches: Rs. 1000/-
- In Personal Banking Branches:
- Rs. 1 lakh for Metro / Urban areas
- Rs. 50,000 for Semi-Urban / Rural areas
- In General Branches: Rs. 1000/-
- In Personal Banking Branches:
- Rs. 1 lakh for Metro / Urban areas
- Rs. 50,000 for Semi-Urban / Rural areas
- Principal & interest amount are fully repatriable
- Nomination facility available
- Loan/overdraft against deposit
- Premature withdrawal
- Automatic renewal on maturity for the same period
- Minimum period of 1 year & Maximum period of 10 years
Special Fixed Deposits -:
- Rupee deposits of fixed tenure
- Quarterly Compounded Interest paid on maturity with the Principal .
- Minimum Deposit :
- In General Branches: Rs. 1000/-
- In Personal Banking Branches:
- In Personal Banking Branches:
- Rs. 1 lakh for Metro / Urban areas
- Rs. 50,000 for Semi-Urban / Rural areas
- Principal & interest amount are fully repatriable
- Nomination facility available
- Loan/overdraft against deposit
- Premature withdrawal
- Automatic renewal on maturity for the same period
- Minimum period of 1 year & Maximum period of 10 years
Recurring Deposits (RD) -:
- Minimum monthly installment of Rs.100/-
- Principal & interest amount are fully repatriable
- Nomination facility
- Loan/overdraft against deposit
- Premature withdrawal
- No automatic renewal
- Minimum period of 1 year & Maximum period of 10 years
Terms & Conditions
- Proceeds of Foreign Currency Notes / Travelers cheques tendered by NRI / PIO / OCI, while visiting India. Amounts in excess of USD 5000 in currency or USD 10,000/- in Travelers cheques should be accompanied by a Currency Declaration Form
- Interest, dividend and maturity proceeds of investments made in India on non-repatriable basis.
- Premature Withdrawals :
Tenors |
Below Rs.1 Crore |
Rs.1 Crore & Above |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Premature withdrawal |
|
|
- Tax implication for interest income less than or equal to Rs. 1 crore: 30.90%
- Tax implication for interest income more than Rs. 1 crore: 34.608%
- TDS will be deducted on maturity or accrual basis annually, whichever occurs first.
- The applicable interest rate on loan against Deposits is @ 1.00% over the rate paid on the relative deposit offered as security.
- In case, depositor is resident of a country with whom India has a DTAA then tax will be deducted as per DTAA agreed between India and the respective country.
- DTAA benefit can be availed by submitting following three documents :
- 1. Tax Residency Certificate issued by the revenue authorities of your home country
- 2. Self-declaration (please click here to download the standard format)
- 3. Form No. 10F (please click here to download the standard format)
- **Please click here for list of DTAA countries and corresponding TDS rates.
- From NRO to overseas account -
- Repatriation up to USD 1 million or equivalent is permitted for bonafide purposes.
- Necessary documents as applicable shall be submitted
- A request letter for transfer of funds from NRO account to overseas account shall be furnished.
- **Please click hereto download the standard request letter.
- NRI/PIO/OCI customers are permitted to open and maintain their NRO accounts with their resident relative(s) as a joint holder on "Former or Survivor" basis (NRI/PIO/OCI being the former);
- Members of a Hindu Undivided Family
- Husband and wife;
- Father (Provided that the term "Father" includes step-father)
- Mother (Provided that the term "Mother" includes step-mother)
- Son (Provided that the term "Son" includes step-son)
- Son's wife
- Daughter
- Daughter's husband
- Brother (Provided that the term "Brother" includes step-brother)
- Sister (Provided that the term "Sister" includes step-sister)
How to Apply ?
- Please click here to fill it online as per the process mentioned
- Please click here to download the account opening application.
- Please fill and submit application along with KYC documents.
Last Updated On : Saturday, 01-06-2019
Interest Rates
2.70% p.a.
less than Rs.10 Cr. w.e.f 15.10.22
3.00% p.a.
Rs.10 Cr. and above w.e.f 15.10.22
2.70% p.a.
Balance below Rs. 10 crs
3.00% p.a.
Balance Rs. 10 crores and above