Introduction to SBI NRI Banking Services
State Bank of India (SBI) is one of the largest and trusted Indian banks. It offers a specialised suite of banking products and services tailored for NRIs. SBI has a strong presence with 21,000 branches in India, and an international network of 199 offices within 37 countries.
SBI places a strong emphasis on customer satisfaction and global connectivity. There is one main SBI branch located in Dubai International Financial Centre (DIFC) and two representative offices located in Bur Dubai and Abu Dhabi.
In this blog, we will be providing you with a step-by-step guide detailing how to open an SBI NRI account from the UAE.
Types of NRI Accounts Offered by SBI
SBI offers three types of accounts for NRIs, and choosing the right type of NRI account is especially important. This is because each type of account serves distinct purposes based on the source of income and the specific financial requirements. These four types of NRI accounts are as follows:
Non-Resident External (NRE) Account: An NRE Account is used for depositing foreign earnings in the respective currency. This currency is automatically converted to INR upon deposit. An important feature of this type of account is that the deposited earnings are not subject to income taxes in India.
Non-Resident Ordinary (NRO) Account: This type of account is predominantly used to manage domestic earnings (for instance, rental income) while living abroad. The earnings deposited in this account is subject to taxation under the Income Tax Act.
FCNR Account: This type of account is used to deposit your foreign income in international currencies. You do not have to pay taxes on the interest in your FCNR account.
GIFT City Bank Account: GIFT City is India’s offshore and financial services Special Economic Zone (SEZ). The SBI branch here offers offshore bank accounts denominated in USD. The interest earned here is tax-free.
How to Open an SBI NRI Account Online
You can open an SBI NRI account through SBI's secure online banking platform. However, it is important to note that this process is limited to setting up new NRI accounts. It will not help you convert existing resident accounts to NRI accounts. The steps to create a new SBI NRI account online are as follows:
Step 1: Visit the SBI NRI Services Page
The first step is to visit the SBI NRI Services Website. Once there, you can head to the SBI NRI Online application portal.
Step 2: Fill out the Application Form
In this portal, you can begin by clicking “Start New” under the Customer Information Section. This will require you to fill in your personal details. Upon completion, the page will generate an NRI Customer Reference Number (NCRN) - this number is important for later, so keep a note of this. Under the same section, there will be another tab titled “Additional Information”, fill this out and you will receive an email with your NCRN and steps outlining further processes.
Next, you will be required to fill out the online application form given under the “Account Information Section”. Enter your previously generated NCRN number to link the details entered under the Customer Information Section.
This tab will require you to input information such as the type of account, applicant details, branch information (the branch where you wish to open the account), and the type of services required for the account. After filling out these details, the page will then generate an NRI account Reference Number (NARN) - also to be noted down for later use. As with the previous section, you will receive an email with the NARN and steps outlining further processes upon completion.
Step 3: Submit KYC Documents
To complete the application process, your identification documents will need to be attested by the relevant authorities to fulfil KYC requirements. You can submit the relevant documents for verification by any of the following:
Visit a local SBI foreign branch (if available) and submit directly.
Send documents by courier/post to the SBI branch in India where you want to open the account.
Ask a relative/friend in India to submit them at your chosen branch (only if allowed by the branch).
The required documents for verification as required by SBI are:
Proof of Status (valid visa/ work permit)
Proof of Identity (relevant pages of Passport)
Current Overseas Address Document (relevant passport pages, government-issued national identity card, utility bill, etc.)
Proof of Permanent Address (Overseas/ Indian)
Additional proof for applicants who are not visiting the local branch for opening the account ( cheque drawn on the overseas Bank account, cancelled/paid cheque of the overseas Bank account, proof of income)
Additional Requirements (2 passport-sized photographs, Cancelled/Paid Cheque of the overseas Bank account, Proof of Income)
How to Open an SBI NRI Account Offline
You can open an offline account by visiting SBI’s representative offices either at DIFC, Bur Dubai or Abu Dhabi. These representative offices offer instant account opening facilities. The customer gets their NRE/NRO account number instantly on submission of the application. These accounts are activated in the next 2-3 business days.
You can open your SBI IFSC bank account by contacting the bank and notarising the KYC documents mentioned in the section through:
Authorised official of a bank located in a Financial Action Task Force (FATF) compliant jurisdiction with whom the individual has a banking relationship
Notary Public (outside India)
Court Magistrate (outside India),
Judge (outside India),
Certified public or professional accountant (outside India),
Lawyer (outside India),
The Embassy/Consulate General of the country of which the non-resident individual is a citizen
Once the notarisation is completed, you can email/courier the documents to the GIFT City Branch of SBI. After this, the bank account will be opened.
Benefits of an SBI NRI Account
So far, we have talked at length about the process of creating an NRI account with SBI. But why SBI? Do they provide any additional benefits compared to other major banks? Let’s find out. There are many unique benefits for opening an SBI NRI bank account, these being:
SBI has a strong global reach with over 199 foreign offices in 37 countries, including representative offices in Dubai and Abu Dhabi, specifically to assist NRIs.
SBI has its own money transfer services for streamlined remittances like SBI Express Remit and SBI Rupee Express.
A unique feature known as “NRI Family Card”, which is kind of like a reloadable prepaid card linked to your NRI account, that your family can spend in India instantly.
High interest on FCNR Deposits (one of the best rates among Indian Banks) that are protected against rupee exchange value fluctuations.
SBI NRI Account Interest Rates & FD Options
You can check the latest interest rates of SBI NRE, NRO, FCNR, and GIFT City accounts using Belong’s FD tool. This tool will provide you with the latest information on the interest rates.
Conclusion
SBI’s NRI accounts and innovative products fulfil the needs of NRIs looking for bank accounts. With its large network of branches, it will ensure that you get the best service.
