NRE Salary Account

Overview

  • For depositing monthly overseas earnings in Indian Rupees in India
  • Account can be opened either individually or jointly with other NRIs / PIOs / OCIs
  • Account type permissible: Savings Bank
  • Funds deposited in the account will be in the form of fresh remittances from overseas or transfer from other NRE / NRO / FCNR (B) account
  • Interest earned on NRE accounts is exempt from Indian Income tax
  • Additional benefits on NRI Home loan and NRI Car loan
  • Waiver of various service charges
ELIGIBILITY CRITERIA
  • If you are working for Indian employer and posted overseas or on ship: Account can be opened either before leaving India or after relocating overseas.
  • If you are working for an overseas employer and posted overseas or on ship: Account can be opened subject to following:
  • Minimum 10 NRE / NRO Salary Package accounts of employees of the same employer need to be opened in the first instance.
  • One of the following documents will need to be submitted in addition to the identification documents required for KYC compliance:
    • Last month’s salary slip
    • Copy of Employee Identity Card issued by the Employer
    • Bonafide / Authentic  certificate or letter from HR / Letter from HR / Admin of the Employer
FEATURES & BENEFITS

Features & Benefits:

All features of normal NRE Savings Bank Account (please click here to view the features of normal NRE Savings Bank Account) will be applicable to NRE Savings Bank Account along with:

A. Waiver of the following service charges :-

  • For SMS alerts
  • For NEFT / RTGS transactions undertaken through INB
  • For issue of Multicity Cheque Books
  • For issue of Demand Drafts
  • For issue of Debit Card
  • For Annual Maintenance of Debit Card
  • For PIS account opening
  • For issuance of NRI Family Card
  • 50% of NRI Home Loan processing charges


B. Waiver of the following requirement while availing of NRI Car Loan:-

However, the account should be minimum 3 months old with continuous credit of salary in the account.

  • Having an NRI account with SBI for at least twelve months with minimum average balance of Rs. 50,000/- or opening of a new account with USD 5000/- or its equivalent as the initial deposit.
INTEREST RATE

Interest Rate:

Please click here to view the applicable interest rate for NRE Salary Account

PROCEDURE TO OPEN AN NRE SALARY ACCOUNT
Procedure to open an NRE Salary Account:

Please fill up the account opening application through any of the following modes:

  • Please click here to fill it online as per the process mentioned
  • Please click here to download the account opening application, fill it manually and send it to your preferred home branch in India along with the attested copies of proofs & documents for KYC compliance, selected in the application
  • Please fill and submit application along with proofs & documents for KYC compliance, selected in the application, by visiting a SBI branch in India or overseas