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 ).