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:
To park funds for those NRIs / PIOs who have returned to India for permanent settlement (Returning Indians)
Account can be opened in USD, EURO or GBP
It can be opened either individually or jointly with any other person eligible to open RFC account
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
Interest earned is subject to tax depending on the status of the account holder i.e. Resident or RNOR ( Resident but not ordinarily resident)
It can be converted to FCNR (B) / NRE accounts in case the person regains NRI status
PERMISSIBLE CREDITS
Permissible Credits
Transfer from balances held in NRE / FCNR (B) accounts upon arrival in India. Existing FCNR (B) time deposits can be closed prematurely or can be converted into RFC account or can be held till maturity..
Fresh remittances from overseas through banking channel (upon realization of sales proceeds of assets or income earned)
Personal cheques drawn on foreign account
Proceeds of Foreign Currency Notes / Travelers cheques tendered by NRI / PIO, 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 RFC ACCOUNTS
Types of RFC Accounts:
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 or EURO 1000
Principal & interest amount are fully repatriable
Nomination facility available
Premature withdrawal allowed
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 or EURO 1000
Principal & interest amount are fully repatriable
Nomination facility available
Premature withdrawal permissible
Automatic renewal on maturity for the same period but at the then prevailing rate of interest
TENOR OF DEPOSITS (TDR/STDR)
Tenor of Deposits (TDR / STDR):
Minimum period of 1 year
Maximum period of 3 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, the interest paid shall be 1.00% below the rate applicable for the period deposit has remained with the Bank or 1.00% below the contracted rate, whichever is lower
TAX IMPLICATIONS
Tax Implications:
A person who was non-resident for at least 9 out of 10 previous years prior to the previous year under consideration or person‘s stay in India during the 7 previous year prior to the previous year under consideration should be 729 days or less, shall have the status of “Resident but not ordinarily resident (RNOR)” for the period of two years from his return and then interest income will be tax free in India.
In all other cases, tax will be deducted at source on interest income as per prevalent income tax rules in India.
PROCEDURE TO OPEN A RFC ACCOUNT
Procedure to open a RFC Account:
Please click here to download the account opening application, fill it manually and post / courier or submit in a person to your home branch or preferred branch along with the attested copies of proofs & documents selected for KYC in the application.
