SBI NRI Services – NRE ‘SUKOON’ Current Account

Overview

  • Specially designed product for NRIs who do not wish to earn interest on their deposits due to personal reasons.
  • To park your overseas earnings remitted to India and converted to Indian Rupees
  • Account can be opened either individually or jointly with other NRIs / PIOs / OCIs
  • Account types: Current Account
  • Funds deposited in the account will be in the form of fresh remittances from overseas or transfer from other NRE / FCNR (B) accounts
  • Account can be opened with close resident relatives on "former or survivor" basis
  • Account can be withdrawn for making local payments in Rupees

PERMISSIBLE CREDITS
  • Fresh remittance from abroad through banking channel
  • Transfer from another NRE / FCNR (B) account
  • Personal cheques drawn on foreign account
  • Proceeds of Foreign Currency Notes / Travelers cheques tendered by NRI / PIO / OCI, while visiting India. Amounts in excess of USD 5000 (or equivalent) in currency or USD 10,000/- (or equivalent) in Travelers cheques should be accompanied by a Currency Declaration Form
  • Drafts issued by bank / exchange companies abroad
  • Interest, dividend and maturity proceeds of investments made in India etc. on repatriable basis

FEATURES of NRE ‘SUKOON’ CURRENT ACCOUNT
  • Rupee denominated account
  • Account can be opened with zero balance
  • It is preferable to fund the account upfront to avoid payment of charges for non-maintenance of Minimum Average Balance
  • Minimum Deposit: Average Monthly Balance (AMB) Rs.3,000/-
  • Penalty for non-maintenance of AMB: Rs.100 + GST (per month)
  • Balance amount fully repatriable
  • Nomination facility available

INTEREST RATE
  • No Interest is paid on Current Accounts.

OTHER FACILITIES

You can avail following facilities with your NRE account:

  • SMS Alerts
  • Multy-City cheque book(MCC)
  • International or Domestic Debit Card
  • Internet Banking
  • NRI Family Card
FUNDS TRANSFER FROM NRE TO OVERSEAS ACCOUNT

The funds in NRE Sukoon Current Account is fully repatriable i.e. funds can be transferred to any overseas account.

JOINT ACCOUNT OF NON-RESIDENTS WITH RESIDENTS

NRI/PIO/OCI customers are permitted to open and maintain NRE Sukoon current accounts with their resident relative(s) (as mentioned below) as a joint holder on “Former or Survivor” basis (NRI/PIO/OCI being the former);

(i) they are members of a Hindu Undivided Family;

(ii) they are husband and wife; or

(iii) one person is related to the other in such manner as may be prescribed;

1) Father (Provided that the term “Father” includes step-father)

2) Mother (Provided that the term “Mother” includes step-mother)

3) Son (Provided that the term “Son” includes step-son)

4) Son’s wife

5) Daughter

6) Daughter’s husband

7) Brother (Provided that the term “Brother” includes step-brother)

8) Sister (Provided that the term “Sister” includes step-sister)