Non-Residential External

NRI Non-Residential External NRO Account NRE ‘SUKOON’ Current Account

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NRE Account

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Features

SMS Alerts
Multi-City Cheque book (MCC)
International or Domestic Debit Card
Internet banking
NRI Family Card
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 permissible:
- Savings Bank
- Current Account
- Term Deposit
- Special Term Deposit
- Recurring Deposit
Funds deposited in the account will be in the form of fresh remittances from overseas or transfer from other NRE / NRO / 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Account can be withdrawn for making local payments in Rupees
Interest earned on NRE accounts is exempt from Indian Income tax
Rupee loan available against NRE Deposits
Tenor Of Deposits (TDR/STDR/RD) Minimum period of 1 year
Tenor Of Deposits (TDR/STDR/RD) Maximum period of 10 years
Interest income is exempted from Indian income tax

Eligibility For NRE Account Opening

Eligibility Conditions For Opening Of Resident Indian Or Nri Accounts
Account Type	Domestic / Resident Accounts	Non Resident Ordinary (NRO) Accounts	Non Resident External (NRE) Accounts	Foreign Currency Non-resident (Bank) {FCNR (B)} Accounts
Residential Status	Domestic / Resident Accounts	Non Resident Ordinary (NRO) Accounts	Non Resident External (NRE) Accounts	Foreign Currency Non-resident (Bank) {FCNR (B)} Accounts
NRI	Not-permitted¹	Permitted^2,7	Permitted²	Permitted²
PIO	Not-permitted¹	Permitted ^{2, 3, 7}	Permitted^{2, 3}	Permitted^{2, 3}
OCI	Permitted in certain cases^1.1	Permitted^{2, 3, 7}	Permitted^{2, 3}	Permitted^{2, 3}
Foreign Nationals on employment in India	Permitted^{3, 4}	Not-permitted⁴	Not-permitted	Not-permitted
Foreign Students studying in India	Not-permitted	Permitted^{3, 5}	Not-permitted	Not-permitted
Foreign Tourists on short visit to India	Not-permitted	Permitted^{3, 6}	Not-permitted	Not-permitted

¹ However a joint account with Resident Indian (RI) who is a close relative can be opened subject to following conditions:

Mode of operation permitted is 'Either or Survivor' only
The RI will be the primary/first account holder in the joint account and NRI (PIO / OCI) will be the second applicant

^1.1 When OCI comes to India with an intention to stay for an indefinite period and stays more than 182 days, he/she loses the privileges available to NRIs/PIOs/OCIs. Such OCI is required re- designate / convert his/her NRE/NRO/FCNR Accounts to resident account, or NRE/FCNB account to RFC account as the case may be. Further, an OCI can open all types of accounts allowed to a Resident customer.

² A joint account with Resident Indian (RI) who is a close relative can also be opened subject to following conditions:

Mode of operation permitted is 'Former (NRI) or Survivor' only
The NRI (PIO / OCI) will be the primary/first account holder in the joint account and RI will be the second applicant

³ Following conditions applicable:

Pakistani National will require a prior approval from RBI before opening the account.
Bangladesh National to have a valid visa and residential permit issued by Foreigner Registration Office (FRO) / Foreigner Regional Registration Office (FRRO) concerned.

⁴ Foreign nationals who come to India on employment and on leaving the India can convert their Domestic account to NRO account, to enable them to receive their legitimate dues subject to certain conditions. But, continuation of account beyond 6 months will require RBI’s approval.

⁵ NRO account be opened for Foreign Students studying in India on the basis of his/her passport (with appropriate visa & immigration endorsement) which contains the proof of identity and address in the home country along with a photograph and a letter offering admission from the educational institution, subject to following:

Within a period of 30 days of opening the account, the foreign student should submit to the branch where the account is opened, a valid address proof giving local address, in the form of a rent agreement or a letter from the educational institution as a proof of living in a facility provided by the educational institution. Banks should not insist on the landlord visiting the branch for verification of rent documents and alternative means of verification of local address may be adopted by banks.
During the 30 days period, the account should be operated with a condition of allowing foreign remittances not exceeding USD 1,000 into the account and a cap of monthly withdrawal to Rs. 50,000/-, pending verification of address.
On submission of the proof of current address, the account would be treated as a normal NRO account, and will be operated in terms of extant instructions.

⁶ Continuation of account beyond 6 months will require RBI’s approval.

⁷ NRIs (including PIO / OCI) residing in Nepal or Bhutan are not permitted to open NRO account.

Permissible Credits

Transfer from another NRE / FCNR (B) account
Transfer from another NRO account (subject to limit)
Fresh remittance from abroad 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
Drafts issued by bank / exchange companies abroad
Interest, dividend and maturity proceeds of investments made in India etc on repatriable basis
Interest Rates
- Please click here for NRE Savings Bank account
- Please click here for NRE Deposits (TDR / STDR / RD)

Types Of NRE Accounts

Savings Bank (SB) / Current Account

Rupee denominated account
Account can be opened with a zero balance
It is preferable to fund the account upfront to avoid payment of charges for non-maintenance of Minimum Average Balance
Interest is paid quarterly on the daily balance in Savings Bank account. No interest is paid in Current Account.
Minimum Deposit:
- In General Branches: As per MAB (Minimum Average Balance) criteria
- In Personal Banking Branches: Minimum total customer account/deposit balance should be Rs. 1 lakh for Metro / Urban areas and Rs. 50,000 for Semi-Urban / Rural areas
Principal & interest amount are fully repatriable
Nomination facility available

Term Deposits (TDR) -

Rupee deposits of fixed tenure
Account can be opened with a zero balance
Interest is paid quarterly on Term Deposit Receipts (TDRs). It can be credited to the NRE Savings Bank account as per request of the customer.
Minimum Deposit:
- In General Branches: Rs. 1000/-
- In Personal Banking Branches: Minimum total customer account/deposit balance should be Rs. 1 lakh for Metro / Urban areas and Rs. 50,000 for Semi-Urban / Rural areas
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, if there are no instructions for renewal

Recurring Deposits (RD) -

Want to create a fund for your children's education or marriage or to buy a house or for a dream holiday? Whatever may be your financial goals, through our Recurring Deposit Scheme, you can save a little every month so that at the time of need you have sufficient funds to achieve your financial goals. So, set aside a small amount every month and earn at compounded rates of interest.

Minimum monthly installment of Rs.100/-
Principal & interest amount are fully repatriable
Nomination facility available
You can avail a loan/overdraft against your deposit
Premature withdrawal permissible
No automatic renewal will happen, if there are no instructions for renewal

Special Term Deposits (STDR) -

Rupee deposits of fixed tenure
Interest gets compounded every quarter. It is paid on maturity with the Principal.
Minimum Deposit:
- In General Branches: Rs. 1000/-
- In Personal Banking Branches: Minimum total customer account/deposit balance should be Rs. 1 lakh for Metro / Urban areas and Rs. 50,000 for Semi-Urban / Rural areas
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, if there are no instructions for renewal

Premature Withdrawals

Below Rs.1 Crore - No interest is payable if the deposit is withdrawn before one year.
- Effective 01st April 2017, Penalty for Premature Withdrawal for Retail Term Deposits upto Rs.5.00 lacs will be 0.50% (all tenors).
  - Description- Up to Rs.5.00 lacs
  - Penalty (All Tenors : 0.50%
  - Description: Above Rs.5.00 lacs but below Rs.1 Crore
  - Penalty (All Tenors) : 1%
- The interest shall be 0.50% or 1% below the rate applicable at the time of Deposits for the period Deposit has remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower.
Rs.1 Crore & Above - No interest on withdrawals before one year

Loans Against NRE Deposits

You can avail a loan in Indian rupees against the security of NRE - TDR / STDR / RD deposits. The loan may be used to meet emergency financial requirements, to carry on business activities, for direct investment in India or for acquiring a flat / house in India.

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 including the interest accrued. The applicable interest rate on loan against Deposits is @ 1.00% over the rate paid on the relative deposit offered as security. For more information, please click here

Funds Transfer From NRE To Overseas Account

The funds in NRE Savings Bank account and deposits 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 An NRE Account

Please fill up the account opening application as per any of the following mode and send it to bank accordingly:

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 selected for KYC in the application.
Please fill and submit application along with proofs & documents selected for KYC in the application by visiting a SBI branch in India or overseas.

Joint Account Of Non-residents With Residents

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

they are members of a Hindu Undivided Family;
they are husband and wife; or
one person is related to the other in such manner as may be prescribed;
- Father (Provided that the term “Father” includes step-father)
- Mother (Provided that the term “Mother” includes step-mother)
- Son (Provided that the term “Son” includes step-son)
- Son’s wife
- Daughter
- Daughter’s husband
- Brother (Provided that the term “Brother” includes step-brother)
- Sister (Provided that the term “Sister” includes step-sister)

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Non-Residential External - NRI