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SBI NRI Services
|SBI offers specifically designed banking services to the expatriate Indians settled in various parts of the world in the name of SBI NRI services or SBI NRI Banking services with over 73 SBI NRI branches in 30 countries along with representative offices and off shore banking units across the globe.
NRI accounts, deposit schemes, loans, remittance, investments, are some of the services being offered by the state bank of India to its NRI customers throughout the world. Being India's largest and the most trusted bank State bank of India provides special services through SBI Online to its NRI customers spread across the globe.
SBI NRI Account:
The bank through its SBI NRI account facility provides a host of account/deposit schemes providing interest earnings free from tax and facility to keep savings in form of foreign currency. There are four types of NRI accounts that can be opened with the state bank of India, namely:
The interested NRI can open a current a/c, savings a/c, term deposit a/c and special term deposit a/c and the applicant can download the SBI NRI account opening form from the bank's website.
- Foreign Currency Non-Resident Account (FCNR)
- Non-Resident External (NRE) Rupee Account
- Non-Resident Ordinary Account (NRO) for crediting income in India
- Resident Foreign Currency (RFC) Account for Indians returning
- Online NRI e-Z trade 3 in 1 account with SSL(SBICAP Securities Limited) for online share trading
SBI NRI Account opening:
In order to open an NRI account with SBI the interested applicant must download the SBI NRI account opening form and mail the same duly filled up at your nearest branch along with a copy of your passport, visa or residence permit, 2 photos and initial money remittance. The verification of your signature may be down by Indian Embassy or Consulate, any SBI foreign office, notary public or any person known to the bank. An NRI can open NRE, NRE Rupee accounts, savings bank a/c or current a/c, FD in Indian or foreign currency, term deposits, special term deposits, resident foreign currency accounts, NR (ordinary) account, foreign currency non-resident account, FD in US Dollar, Euro, Australian Dollar, Canadian Dollar.
SBI NRI loan:
SBI offers three kinds of loans - car loan, home loan, loan against deposits to its NRI customers. These types of loans are briefly discussed below.
SBI NRI Car loan/vehicle loan:
NRI car loans are tailor made for an Indian resident with an NRI relative who acts as both sponsor and guarantor. The SBI NRI vehicle loan are offered for buying LMVs, MUVs and SUVs.
SBI NRI Home loan:
State bank of India provides SBI NRI home loan for building a new house/flat, buying an old house/flat or repair and reconstruction of house. However, SBI lays down certain pre-conditions for NRIs to avail home loan like the loan seeker should have stayed in India for at least 182 days or more, the loan seeker should be at least 21 years old, should be holding a valid Indian passport, should have been working abroad for at least 2 years with valid job contract and should have a steady flow of monthly income with stable employment/business to ascertain the repayable capacity of the loan applicant. The loan seeker can submit the required documents at the bank's foreign office and The loan acquired against deposits can be availed to carry on business operations, for sudden financial needs/requirements or may be to even buy a home/flat in India.
SBI NRI Loan against deposits:
The loan seeker can avail SBI NRI loan against security of their STDR/FCNR or NRE TDR deposits. This type of loan can be acquired for further expansion of business operations, for direct investment in India like buying a flat or a home or in case of urgent financial operations.
SBI NRI Remittance facility: Instant money transfer
SBI provides customized remittance services to NRIs on the basis of needs of individual customers. The individual can choose the remittance mode and the duration during which you want to remit the amount to India. SBI offers a rupee remittance service to its customers through its net of branches in 18 countries across the globe to your relative's SBI account in India out of 9000 SBI CBS branches and 4500 branches of SBI associate banks. This is probably the easiest and the fastest way to transfer money and this facility is charged at a amount that varies from branch to branch. One can contact the SBI branch in a foreign country for further inquiry about the bank's remittance facility.
There is an option to send remittances online so you can remit to India from US or UK using SBI EXPRESS REMIT which provides best exchange rates, hardly any transaction fees, credit facility to accounts held in other banks in India including direct credit facility to all SBI branches in India.
SBI NRI Demat facility:
The bank offers demat facility to NRIs wishing to invest in share market, debentures, securities, bonds of other Indian organizations converting physical holding of securities to electronic balance held in the demat account.
Apart from the common products related to finance and savings the SBI offers a host of other services to its NRI customers which include investment and specially customized tax benefit schemes. Liberty to keep up property or assets purchased abroad, to keep up the foreign currency in foreign banks etc. The bank through its vast network of branches and over 73 foreign offices in 30 countries is able to serve the largest number of NRIs.
For further details on SBI NRI services, service charges, interest rates charged by the bank for its services, SBI NRI account opening form and other downloads please log on to the bank's website:
www.statebankofindia.com or www.sbi.co.in or www.onlinesbi.com