NRI Accounts

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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 decided by State Bank of India.

• Non-resident External Rupee Account (NRE)

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), with interest rates decided by State Bank of India.

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 ).

Compare features

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

Accounts for non-resident Indians (NRIs)

	NRO	NRE	FCNR
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 - Savings and Repatriation requirements	Savings and Repatriation requirements
Currency	INR	INR	USD, GBP, EUR, CAD, AUD, JPY
Receipts	- Local and foreign funds - Repatriable and non-repatriable funds	- Foreign funds - Any other credit if covered under general or special permission granted by Reserve Bank.	- Foreign funds - Any other credit if covered under general or special permission granted by Reserve Bank.
Fixed Deposit term	Tenor Of Deposits For TDR: 7 days to 10 years Tenor Of Deposits For STDR: 6 months to 10 years	- Minimum 1 year - Maximum 10 years	- Minimum 1 year - Maximum 5 years
Joint accounts	• Account can be opened either individually or jointly with other NRIs / PIOs / OCIs • Account can be opened with resident Indians close relatives on "former or survivor" basis	• Account can be opened either individually or jointly with other NRIs / PIOs / OCIs • Account can be opened with resident Indians close relatives on "former or survivor" basis	• Account can be opened either individually or jointly with other NRIs / PIOs / OCIs • Account can be opened with resident Indians close relatives on "former or survivor" basis
Local Payments	Freely permitted	Freely permitted	Freely permitted
Repatriation	Restricted – currently up to USD 1million per financial 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.

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

ATM Card will be sent to your chosen address for correspondence. ATM PIN can be generated / collected as per anyone of the following:
Through Internet Banking : You can generate your ATM PIN using internet banking facility, as per following procedure:
•   Please login to Internet Banking facility linked to your account
•   Please click on e-Services tab
•   Please click on ATM Card Services option on the left hand side panel
•   Please click on ATM Pin Generation and proceed as per the instructions given thereat to create your ATM PIN. First 2 digits of ATM PIN will be decided/created by the customer and last 2 digits will be sent on the registered mobile number of the customer.
Kindly note that this is a priced facility and charges will be levied to your account for every instance of PIN generation through INB.
Through Home Branch: You can collect your ATM PIN from your home branch by visiting branch personally or can be collected by the authorized representative of account holder with suitable letter of authority (LOA) within 45 days. Please note that branches of SBI UK Limited do not attest the Letter of Authority.

Rates

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 - SBI NRI Services Interest Rates Interest Rates

Terms & conditions

• Accounts are opened and maintained at branches of State Bank of India in India, not at the branch of State Bank of India in the UK or branches of 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).
Each depositor in a bank is insured by the Deposit Insurance Guarantee Corporation upto a maximum of INR 500,000.00 (Indian Rupees Five Hundred Thousand only) for both principal and interest amount held by him/her in the same right and same capacity.
•   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 and branches of SBI UK Limited.

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,

Apply now

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 an SBI UK branch with your original documents for attestation with prior appointment. The list of our branches and contact details are available on this link - Branch Locator SBI UK
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 or Patiala 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:

a) PIO / OCI Card
b) Relevant pages of Passport of parents or grandparents, establishing their Indian Origin along with birth certificates.
c) Marriage Certificate and documents establishing spouse’s Indian Origin
d) Old, cancelled Indian passport OR surrender certificate OR other records of Indian passport held:
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 your home 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 / Consul General of India offices in the UK.

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 / Consul General of India offices in the UK. Please then send your form direct to your home branch in India by courier/post.

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