If you're a non-resident Indian (NRI) and hold an SBI UK account, we can act as facilitator for NRI accounts offered by our parent company. These are opened, maintained and serviced by SBI 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 SBI.
- 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 the above accounts 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 Indian 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: holding a visiting visa won't qualify you to open an NRE or FCNR account.
Person of Indian Origin includes a citizen of any country other than Bangladesh and Pakistan who:
- Holds or has held an Indian passport; or
- Has at least one parent or grandparent who was a citizen of India under the Constitution of India or the Citizenship Act 1955; or
- Is the spouse of an Indian citizen or of a person referred to in (1) or (2).