The guidelines issued by RBI relating to ‘Know Your Customer’ (KYC) norms mandate the Bank to periodically update customer record with current information relating to customer's identity and address. Accordingly, your account with us will be due for update, if it was opened more than two years ago.
You are therefore requested to kindly submit documents for re-KYC to your home branch, along with the request letter. Please click here, to download the standard request letter containing the documents and information required.
We request your co-operation in order to make your account compliant with the regulatory guidelines.
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In case, you have forgotten your login password for your Internet Banking (INB) facility, it can be reset online itself, with the help of your Profile Password.
For the purpose, please click on, Forgot Login password? on Personal Banking Login page and follow instructions.
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We have started emailing detailed position of NRI accounts with us as a password protected PDF attachment on the registered e mail address, beginning from March 14 quarter. In case of any issues, please contact your home branch.
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Now, you can place a request for outward remittance or funds transfer (forex) favouring yourself or third party from your NRE Savings Bank account or NRE fixed deposit account or FCNR (B) account holders to any account overseas Internet Banking facility.
In order to use this facility, please follow the below mentioned procedure:
Please login to your INB account
Please click on ‘e-Services’ tab
Please click on ‘NRI Services’ appearing in the column on left hand side
Please click on ‘Outward Remittance from NRE / FCNR (B) Account’
Please add beneficiary to whom remittance has to be sent. Once the beneficiary has been added and activated, please select / enter request details and proceed accordingly
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Now, you can place a request for disposing off a remittance expected into your NRE / NRO account with us. It will serve three purposes, as mentioned below:
Tracking and disposal of fresh remittance
Creation of multiple deposits
Request for creation of FCNR (B) deposits
To use this facility, please go to? Inward Remittance Disposal Request? under, NRI Services? tab of ‘e-Services’ in the menu bar of your Internet Banking account.
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If you have not applied for Internet Banking (INB) earlier or does not have INB facility, you can now self-register for it online without visiting the branch.
Simply, you have to fill in your account details to create your temporary username and passwords and thereafter you can authenticate it by anyone of the following mode:
By inputting ATM card details linked to your account
By sending a request letter will be generated during the registration process which you have to post/courier to your home branch for INB activation. Upon INB activation, you will receive a SMS alert about the activation.
For applying, please follow the below mentioned procedure:
Please click on Login under Personal Banking section
Please click on Continue to Login
Please click on "New User? Click here" on Personal Banking login page
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Now, you can activate your debit card and generate ATM PIN instantly through internet banking facility. In order to use this facility, please follow the below mentioned procedure:
For activation of debit card:
Please login to Internet Banking facility linked to the account (www.onlinesbi.com)
Please click on e-Services tab
Please click on ATM Card Services option on the left hand side panel
Select the account number with which debit card is linked
Enter the card number in Enter ATM CardNumber and Re-Enter ATM Card Number fields and click on Activate button
Verify the details of account and card number on next screen and click on Confirm button
High Security Password will be sent on registered mobile number, which needs to be entered in the screen and then click on Confirm button, to activate the card
For generation of ATM PIN:
Please login to Internet Banking facility linked to the debit card
Please click on e-Services tab
Please click on ATM Card Services option on the left hand side panel
Please click on ATM Pin Generation and proceed as per the instructions given thereat to create ATM PIN. First 2 digits of ATM PIN will be decided/created by the customer and last 2 digits will be sent on the registered mobile number of the customer.
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Now you can add, change, cancel or inquire a nominee in your NRE / NRO savings bank or NRE / NRO / FCNR (B) deposit accounts through Internet Banking (INB) facility. In order to use this function, please follow the below mentioned procedure:
Deposit is denominated in foreign currency and can be opened in USD, GBP, EURO, CAD, JPY, or AUD
Deposit can be opened either individually or jointly with other NRIs / PIOs / OCIs
Both principal and interest are payable in foreign currency. Hence, there is no exchange loss on principal and interest
Account types permissible:
Term Deposit
Special Term Deposit
Funds deposited in the account can be by way of fresh remittance from overseas or transfer from other NRE / FCNR (B) account or NRO account (subject to limit)
Interest earned on FCNR (B) deposits is exempted from Indian Income tax
Foreign currency loans and Rupee loan available against FCNR (B) deposits
Account can be opened with close resident relatives on "former or survivor" basis
ELIGIBILITY FOR FCNR (B) ACCOUNT OPENING
Please click here to know about the eligibility requirements for opening an FCNR (B) Account
PERMISSIBLE CREDITS
Permissible Credits
Transfer from another NRE / FCNR (B) account
Transfer from another NRO account (subject to limit)
Fresh remittance from overseas through banking channel
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
TYPES OF FCNR (B) ACCOUNTS
Types of FCNR (B) Account :
Term Deposits (TDR) -
Interest is paid at a frequency of 180 days from date of Term Deposit
Foreign Currency deposits of fixed tenure
Minimum Deposit of USD 1000, GBP 1000, EURO 1000, CAD 1000, JPY 1000 or AUD 1000
Principal & interest amount are fully repatriable
Nomination facility available
You can avail a loan/overdraft against your deposit
Premature withdrawal permissible
Automatic renewal on maturity for the same period but at the then prevailing rate of interest.
Special Term Deposits (STDR) -
Enjoy higher returns, with interest both on your deposit and on the interest accrued i.e. interest gets compounded after every 180 days
Foreign Currency deposits of fixed tenure
Minimum Deposit of USD 1000, GBP 1000, EURO 1000, CAD 1000, JPY 1000 or AUD 1000
Principal & interest amount are fully repatriable
Nomination facility available
You can avail a loan/overdraft against your deposit
Premature withdrawal permissible
Automatic renewal on maturity for the same period but at the then prevailing rate of interest. 1
TENOR OF DEPOSITS (TDR/STDR)
Tenor of Deposits (TDR / STDR) :
Minimum period of 1 year
Maximum period of 5 years
INTEREST RATES
Interest Rates
Please click here for FCNR (B) Deposits (TDR / STDR)
PREMATURE WITHDRAWALS
Premature Withdrawals:
No interest is payable, if the deposit is withdrawn before one year
If the deposit is withdrawn after completion of one year, interest will be paid at the rate available on the date of deposit for the period deposit has remained with the Bank.
e.g. if deposit is made for 3 years and is prematurely withdrawn after 2 years, the rate applicable for the 2 to 3 years tenure at the time of making deposit shall be applied without levying any penalty.
TAX IMPLICATIONS
Tax Implications:
Interest income is exempted from Indian income tax. However, on relocation back to India, tax is payable subject to person’s tax status.
LOANS AGAINST FCNR (B) ACCOUNT
Loans against FCNR (B) Account:
You can avail a loan in Indian rupees or in Foreign Currency against the security of FCNR (B) TDR / STDR deposits.
You need not close the deposit prematurely, and can avail the loan at the branch where you maintain the deposit, as an overdraft or as a demand loan
Maximum loan of 90% of the face value of deposit, and including the interest accrued on the deposit at an interest rate linked to the prevailing base rate, for loan in India rupee
The funds held in FCNR (B) account are fully repatriable i.e. funds can be transferred to any overseas account. You can place a request for transfer of funds as per any of the following mode:
Through Internet Banking (INB): For placing outward remittance or funds transfer request (forex) favouring yourself or third party from your NRE Savings Bank account or NRE fixed deposit account or FCNR (B) account holders to any account overseas. For this, you have to first add a ‘beneficiary’ and then place a request for remittance in his/her favour. The ‘beneficiary’ is to be added only once and the details thereof will be stored in our system, thereby enabling you to send multiple remittances to him/her at any time subsequently.
Procedure to add beneficiary for remittance:
Please login to your INB account
Click on ‘Profile’ tab
Enter your profile Password
Click on ‘Manage Beneficiary’
Click on ‘Outward Remittance Beneficiary for NRE / FCNR (B) Account’
Enter details of beneficiary and submit it after entering OTP sent on your registered mobile number
Procedure for placing the remittance request:
Please login to your INB account
Click on ‘e-Services’ tab
Click on ‘NRI Services’ appearing in the column on left hand side
Click on ‘Outward Remittance from NRE / FCNR (B) Account’
Please select / enter request details and proceed accordingly
Through Branch: Please download a standard request letter by clicking on ‘For outward remittance from NRE / FCNR (B) account’ from ‘Download Forms’ and post / courier it your home branch. Please note that such request coming through email cannot be acted upon, due to security reasons.
PROCEDURE TO OPEN A FCNR (B) ACCOUNT
Procedure to open a FCNR (B) Account:
You can place a request for creating FCNR (B) deposit as per any of the following mode:
By sending fresh remittance from overseas: If you are sending fresh remittance from your overseas account for purpose of creating FCNR (B) deposit, then please mention the following message in the remittance message section along with the required details of creation of deposit:
Please create FCNR (B) deposit as per following details:
Please mention the currency in which deposit has to be created (USD / GBP / EURO / CAD / AUD / JPY)
Please mention the amount of deposit to be created
Please mention the tenor of deposit to be created
Through Internet Banking (INB): By the way of debiting NRE or NRO account, as per following procedure:
Please login to your INB account
Click on ‘e-Services’ tab
Click on ‘NRI Services’ on left hand side column
Click on ‘Inward Remittance Disposal Request’
Please select / enter request details and click on Submit
Through Branch: You can post / courier or submit in a person a request letter for creation of deposit by debiting NRE or NRO account. Please click here to download the standard request letter.
JOINT ACCOUNT OF NON-RESIDENTS WITH RESIDENTS
Joint account of Non- Residents with Residents:
NRI/PIO/OCI customers are permitted to open and maintain their FCNR (B) 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)