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NRI Accounts

NRI Accounts

Reach your saving goals quicker

NRI Accounts

If you're a non-resident Indian (NRI) and hold an SBI UK account, we can act as a facilitator for NRI accounts offered by our parent company (State Bank of India). These are opened, maintained and serviced by State Bank of India branches in India.
•    Non-resident Ordinary Rupee Account (NRO)
Rupee account, taxable in India, with interest rates linked with Indian domestic deposit rates.

Non-resident External Rupee Account (NRE)
Rupee account, non-taxable in India, with interest rates decided by State Bank of India.
•    Foreign Currency Non-resident Deposit Account (FCNR)
Fixed-deposit accounts only, non-taxable in India, available in six currencies. (USD, GBP, EUR, CAD, AUD, JPY)

Do I qualify?
You can open one of the above accounts with the State Bank of India if you're a Non-resident Indian (NRI), Person of Indian origin (PIO) or overseas citizen of India (OCI), as defined in the Foreign Exchange Management Act 1999.
Non-resident Indians includes:
•    Indian citizens who stay abroad for employment, business or any other purpose that indicates an indefinite period of stay outside India.
•    Indian citizens working abroad on assignment with foreign governments, government agencies or international agencies, such as the United Nations Organisation (UNO) or its affiliates (IMF, IBRD, etc).
•    Government officials (both central and state), and other public-sector officials deputed or posted abroad on assignment.
Note: For those holding a visiting visa won't be qualified to open an NRE or FCNR account.
A person of Indian Origin includes a citizen of any country other than Bangladesh and Pakistan who:
1.    Has held an Indian passport; or
2.    Has at least one parent or grandparent who was a citizen of India under the Constitution of India or the Citizenship Act 1955: or
3.    Is the spouse of an Indian citizen or of a person referred to in (1) or (2 ).


This table shows key features and benefits of various accounts in India for non-resident Indians. 
Key to table abbreviations:
•    NRO: Non-Resident Ordinary Rupee account
•    NRE: Non-resident external Rupee account
•    FCNR: Foreign Currency Non-resident Deposit Account
•    RFC: Resident Foreign Currency Account

Accounts for non-resident Indians (NRIs)

Account type Savings bank account, current account and fixed-deposits account Savings bank account, current account and fixed-deposits account Fixed deposits only - term deposits (TDR) / and special term deposits (STDR)
Best suited - Local expenses
- Income in India
- Local expenses
- Repatriation requirements
Repatriation requirements
Receipts - Local and foreign funds
- Repatriable and non-repatriable funds
- Only foreign funds
- Local funds of repatriable nature only
- Local and foreign funds
- Repatriable foreign-currency funds
Interest rates As Indian domestic deposits Set by State Bank Of India Set by State Bank Of India under Reserve Bank of India guidelines
Deposit term As Indian domestic deposits - Minimum 1 year
- Maximum 10 years
- Minimum 1 year
- Maximum 5 years
Joint accounts Can be held jointly with resident Indians NRI only NRI only
Local Freely permitted Freely permitted Freely permitted
Repatriation Restricted – currently up to USD 1million per year, subject to tax payable and clearance in India1 Freely permitted Freely permitted
Currency risk Yes, if required to be repatriated Yes, if required to be repatriated Yes, for local payments in India
Tax liability Taxable in India Non-taxable in India Non-taxable in India

For more details, please visit the SBI Corporate website or

1 The Reserve Bank of India (RBI) allows fund transfers from NRO accounts to NRE accounts,subject to fulfillment of guidelines.

Internet banking, ATM/debit card services and nomination options

When you apply to open a savings account, please ask about these additional services.

Internet banking

Please request this service through INB registration form.

ATM/debit card

You can request this card using our International ATM-cum-Debit Card form, which you can send either with your account-opening form or separately to your home branch.

SBI domestic cards (for use at our 40,000 plus ATMs in India) and international cards (for use at ATMs in India and abroad). ATM cards will be sent to you to your overseas address and the PIN to be collected from home branch.The ATM card needs to be activated at one of the SBI ATM in India.

The State Bank of India offer competitive interest rates on accounts and deposits for non-resident Indians (NRIs)/ Persons of Indian Origins (PIOs) and Overseas Citizens of India (OCIs). For further information on interest rates, please visit the NRI Services Interest Rates section on the website of the State Bank of India -


•    Accounts are opened and maintained at branches of State Bank of India in India, not the State Bank of India in the UK or State Bank of India (UK) Ltd.
•    NRI deposits are the liability of State Bank of India (India), and not of any branch outside India.
•    NRI deposits are not covered by the European Deposit Protection Scheme or the Financial Services Compensation Scheme.
•    Deposits in India aren't covered under the Financial Services Compensation Scheme (FSCS). Still, cover of up to INR 5100,000per customer, per bank is available through the Deposit Insurance Guarantee Corporation (DICGC).
•    NRI/PIO/OCI depositors must assess their tax liability (if any) in the UK for interest earned on their deposits in India.
•    NRI deposits are governed by regulations issued from time to time by the Reserve Bank of India (RBI) only.
•    NRI deposits are payable only at the branch in India where the account is opened and maintained.
•    State Bank of India and State Bank of India (UK) Ltd. reserves the right to accept or reject any application without reason.
•    State Bank of India may grant at its discretion requests to pay deposits before maturity while including a penalty, as permitted by RBI regulations.
•    Please do not deposit cash as an initial deposit towards NRE/ NRO account opening. Funds may be transferred to such accounts subsequent to their opening.

NRI Services through SBI UK Ltd branches

NRI services through SBI UK branches are available to SBI UK account holders.
State Bank of India UK Operations is a facilitator for Non-Resident Indian (NRI) Accounts which are offered by our parent company's (SBI) branches in India.  FSCS does not cover these accounts and are not supervised by any UK Banking regulators since they are domiciled in India. 
All accounts opened by Non-Resident Indians ("NRIs") / Persons of Indian Origin (PIOs) with SBI branches in India under the Reserve Bank of India or State Bank of India's ("SBI") deposit programs are neither maintained at, not serviced by, any offices of SBI in the United Kingdom. These accounts are NOT the obligations of any office of SBI in the United Kingdom. As a courtesy and accommodation, branches of SBI (UK) Ltd in the United Kingdom extend assistance to you concerning matters involving branches of SBI in India.
Any office of SBI in the United Kingdom and/or its officers, staff representatives, etc., shall not, in any way, be liable or responsible for any alleged deficiency in such assistance, nor for any dispute that you may have with any of the services provided by an office or branch of SBI in India. Any information provided as general guidance is neither a solicitation for business, investment advice, nor tax advice.
Customers and prospects who may be subject to UK taxation or the reporting of financial assets to the His Majesty Revenue and Customs (HMRC) should consider seeking professional advice before opening or operating  NRI Account in India, 

For its existing account holders, branches of SBI (UK) Ltd facilitate the opening of Non-Resident Indian (NRI) accounts with branches of SBI in India. You can open your account in two easy steps:
1.    Visit and complete the online account-opening form, then visit an SBI UK branch to complete the steps as stipulated. 
2.    SBI UK branches will attest your signature, photographs and KYC documents and forward the application form to the State Bank of India, Global NRI Centre, Ernakulam in India, or the branch of State Bank of India in India where you want to open the account.
The process outlined above usually takes four to six weeks.
Documents you'll need.
SBI UK account holders can apply of NRI accounts with State Bank of India at any of SBI UK branches with prior appointment. Please bring the following documents with you:
1.    Two recent passport-size photographs of the applicant (or each applicant). Applicant(s) should sign across their photographs.
2.    Passport, VISA, and address page (each applicant).
3.    Proof of each applicant's UK address (anyone) – UK Driving License/bank statement/ utility bill or council tax bill.
4.    If you're opening an NRO account, your Permanent Account Number (PAN) card.
5.    If you don't have an Indian passport, please bring proof of your Indian origin, such as any one of the following: 
o    OCI / Person of Indian Origin (PIO) card
o    Marriage certificate (if you're the spouse of a PIO)
o    Old, cancelled Indian passport OR surrender certificate OR other records of Indian passport held
o    A parent's Indian Passport, plus your birth certificate.
6.    Proof of your Indian address (if your chosen correspondence address is in India).
7.    Proof of NI number
Can't visit branch of State Bank of India (UK) Ltd?
If you can't visit a SBI UK branch, please send your completed application to State Bank of India, Global NRI Centre or State Bank of India  branch in India, where you want to open the account, after (a) verifying your signature on the application form and (b) ensuring copied documents have been attested by a notary public in UK or the Indian High Commission in the UK. 

Service charges

  • Please refer to the SBI UK Ltd.’s tariff of charges for NRI Services under the section Tariff of Charges

    If you don't hold an SBI (UK) branch account

    In this case, you can have your photo, signature and KYC documents attested by a notary public in the UK or the Indian High Commission. Please then send your form direct to the Global NRI Centre, Ernakulam in India at following address after attestation – 
    SBT Bhavan, State Bank of India Administrative Office
    Panampillynagar, Ernakulam, India
    Pin Code: 683 036

    Just check which documents you'll need and complete our application form.

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