SBI NRI Account Benefits

SBI NRI Account Benefits

Indian Banking and Monetary systems have a robust system to secure the economy of the country as well as the individuals. Banks play a major role in such financial objective delivery. While Indians residing within India and earning and saving in India find it easy to transact through these banks, which include both the nationalized and private banks, even the Non Resident Indians or NRI’s not residing in India and earning outside India too can use this robust banking system to not only save but also to transact within India. There are specific benefits offered to the NRI through various banks such as SBI. Before planning to open up an NRI account, it is important to understand the various benefits offered by the various banks and choosing the appropriate banking partner. This article would help you understand why it is beneficial to open an SBI NRI Account.

How To Open SBI Account For NRI?

The State Bank of India (SBI) is one of the largest commercial nationalized bank in India which is known for its widespread branches all across the country. With its 24000 branch network, it is adept at meeting the requirements of offering a wide range of banking services and customized product offerings to its corporate and retail customers and to its domestic and NRI clientele.

Opening an SBI Account for NRI (whether an NRE or an NRO account) is easy. Any NRI individual can apply for such an account using the online portal of SBI. The Online NRI Account Opening procedure to fill in the application form is mentioned below:

  • Filling in the Customer Information Section of the Online Application Form which begins with the filling up of the Personal Details Page. Saving the form after filling the page would generate the NRI Customer Reference Number (NCRN) which is an important number for the NRI Individual especially in case the individual needs to edit the form later or to link the customer details in the account information section and other subsequent sections. The individual would then require filling in the additional details page. Thereafter an email along with the NCRN would be sent to the email address provided by the individual.
  • Filling in the Account Information Section where the individual needs to fill in the ‘Type of Account Page’ and then link the customer information section filled earlier through the NCRN. This would then help in the generation of the NARN which would also be sent along with an email to the email ID of the individual after filling in the Verification page.

Thereafter, the individual needs to send the relevant documents as mentioned on the portal to the bank (corresponding address mentioned on the portal). This would help the individual (saves time and efforts) and the bank (to process the application) both.

Once the requisite NRI account (depending on customer requirements of NRE or NRO) is set up, the NRI individual can operate such accounts from anywhere across the world while enjoying the Internet and mobile banking facilities provided by the bank, backed by the latest technology and updated systems running across time zones and round the clock.

13 SBI NRI Account Benefits

While the primary benefit of SBI NRI Account is the vast expanse of the bank across the length and breadth of the country, some of the other SBI NRI Account benefits include:

  • SBI allows deposit of funds in its various NRI accounts (NRE/NRO/FCNR (B)) in the form of fresh remittances from either any other account maintained overseas or even as transfers from any other NRE / NRO / FCNR (B) accounts.
  • SBI offers the facility to open NRE accounts along with close resident relatives on a "former or survivor" basis.
  • SBI offers the facility of withdrawal of money from an NRE account for making local payments in rupees.
  • SBI offers the interesting feature of Indian Income Tax-exempted income of Interest earned on NRE accounts.
  • SBI further offers the important facility of Rupee loan against NRE Deposits.

While SBI NRI Account Interest Rates are clearly mentioned on the online portal of the bank, the bank also offers the benefit of tax-free interest income in India, though the individual needs to carefully choose the requisite type of account. While these are some generic benefits, let us understand what makes SBI NRI Account more beneficial than other banking partners. SBI is the largest lender in India and for the Indians settled all across the globe, some important competitive advantage of choosing SBI NRI accounts include:

  • SBI has been successful in making its presence felt across all the time zones
  • SBI, with its expanse, has the largest overseas network, among all other Indian banks, and has 198 foreign offices spread over 35 countries.
  • Apart from such huge number of foreign offices, the bank further has corresponding business tie-ups and banking relationship with more than 402 banks and 24 Exchange companies across all the continents, thus making SBI a bank with global outreach.
  • SBI also has 8 Foreign Banking Subsidiaries, 11 Non-Banking Subsidiaries and 7 Joint Ventures in some of the major locations across the globe.
  • The bank further appoints dedicated Relationship Managers for servicing the huge customer base in the GCC (Middle East) area.
  • The bank offers a variety types of accounts depending upon the customer requirements such as NRO, NRE, FCNR (B), and RFC.
  • The bank also offers the flexibility to maintain the savings either in Indian currency or foreign currency (the individual though needs to choose the account type carefully).

While these are some important benefits offered by SBI, especially for their NRI clientele, there are various other benefits (account specific benefits related to the type of benefits) mentioned on their online portal. The individual is advised to understand the features of each specific account and make a wise decision as far as the investments are concerned. Apart from this SBI NRI Account Customer Care is also available round the clock to assist the esteemed NRI client base.