All You Need To Know About NRI Banking Services At State Bank of India

Non-Resident Indians who work, go to school, or live abroad may find it hard to keep their savings safe or change money quickly when needed. State Bank of India has many services just for NRIs, making it easier for them to handle their money.

State Bank of India is the biggest bank in India. It has 199 offices in 37 countries to serve Indians who don't live there. The bank's broad reach means it can help its customers in many ways. Find out what SBI has in store for NRIs by reading on.

1. Types of SBI Accounts for NRI
2. How to open an NRI account in SBI
3. SBI NRE/NRO Account Opening Procedure
4. SBI NRI account opening online
5. SBI NRI account opening documents
6. SBI NRI account minimum balance
7. Interest rates for SBI NRI account
8. SBI NRI account benefits
9. SBI NRI Fixed Deposit
10. Highest SBI NRI deposit rates
11. SBI FCNR (B) Deposit rates
12. SBI Remittance services platform
13. State Bank of India Education Loan for abroad studies
14. SBI forex cards
15. SBI Toll-Free Numbers
16. FAQs
17. Useful Links

1. Types of SBI Accounts for NRI

SBI offers four types of accounts to the NRIs.

1. Non-Resident External account (The customer can park funds remitted overseas to India under this account. This category offers rupee-denominated savings, current, fixed deposits, and recurring deposit accounts. The investment terms range from 1 to 10 years. Interest accrued under this category will be tax-free in India.
2. Non-Resident Ordinary account (NRO): This is like an NRE account, except its investment terms range from 7 days to 10 years. Moreover, interest on the income is taxable, but an NRI gets a reduced tax under the Double Tax Avoidance Agreement (DTAA).
3. Foreign Currency Non-Resident Bank (FCNR): Currencies like the dollar, British pound, euro, Canadian dollar, Japanese yen, and Australian dollar are denominated in this category. Investment terms range from 1 to 5 years. Interest accrued will not attract income tax in India.
4. Resident Foreign Currency (RFC): This is dominated by foreign currencies with investment terms ranging from 1 to 3 years. The income interest is tax-free until the account holder's status changes.

	NRO	NRE	FCNR
Account Type	Savings, current and fixed deposit accounts	Savings, current and fixed deposit accounts	Fixed deposits only- term deposits (TDR)/ and special term deposits (STDR)
Best Suited	Local expenses, Income in India	Local expenses, Repatriation requirements	Repatriation requirements
Currency	INR	INR	USD, GBP, JPY, EUR, CAD, AUD
Receipts	Local and foreign funds, Repatraible and Non- Repatriable funds	Only foreign funds, Local funds of repatriable nature only	Local and foreign funds, Repatriable foreign currency funds
Interest Rates	As Indian domestic deposits	Set by SBI under RBI Guidelines	Set by SBI under RBI Guidelines
Deposit Terms	As Indian domestic deposits	1 to 10 years	1 to 5 years
Joint Accounts	Can be held jointly with resident Indians	NRI Only	NRI Only
Local	Freely Permitted	Freely Permitted	Freely Permitted
Repatriation	Restricted- only upto USD 1 Million or its equivalent is permitted	Freely Permitted	Freely Permitted
Currency risk	Yes, if required to be repatriated	Yes, if required to be repatriated	Yes, for local payments
Tax Liability	Taxable in India	Non-taxable	Non-taxable

Here is a quick table of the bank accounts available at SBI:

Type of Account	Purpose
NRE Account	For income earned abroad and converting it to Indian Rupees
NRE Salary Account	For salary earned abroad and converting it to Indian Rupees
NRO Account	For earnings in India for NRIs
Non-Resident Ordinary (NRO) Salary Account	For salary earned in India while an NRI
NRO Tax Saving Scheme	Intended to help save on taxes with 80C
FCNRB Account	For foreign currency deposits
FCNRB Premium Account	For foreign currency deposits and insurance
RFC Account	For income earned abroad when resettling in India
NRI Family Card	For money transfers for families in India
Demat Account	For NRIs wanting to invest in stocks and bonds in India
SBI Capgains Plus Account	For NRIs with property sales in India

2. How to open an NRI account in SBI

To open an NRI account at SBI, you must ensure you are eligible for the account you want.

SBI NRI Account Eligibility

The eligibility criteria depend on if you are an NRI/ OCI/ PIO [OCI card holders can visit India at any time and stay for any time. PIO refers to a foreign citizen who holds an Indian Passport at any time or whose parents/grandparents/great-grandparents were citizens of India.

Type of account	NRI	OCI/ PIO
Domestic/ Resident Accounts	No	unless in India for over 182 days a year
NRO Accounts	Yes	Yes
NRE Accounts	Yes	Yes
FCNRB Accounts	Yes	Yes

3. SBI NRE/NRO Account Opening Procedure

One can put all accounts into a joint account statement for a Resident Indian who is a close relative and a secondary applicant.

If you're moving out of India, You should change your bank account into an NRI account. If you're moving back to India, you should transform your account into an NRI account.

It takes work to open an account with SBI NRI services, depending on what kind of account you want to open.

After this section, you can only make an online application for NRO and Savings Accounts.

All other accounts must go through SBI's agents. Here's what you can expect when you open a bank account:

• Find the account you want to open on the SBI NRI website. Click the "Apply Now" button or the "NRI Callback" button next to the account type.
• Fill out your contact information, including what country you are in now. Enter your SBI account number if you already have one. Choose the account you want from the drop-down menu and click "Submit."
• A person from SBI will get in touch with you about the next steps.
• During this process, you can enter your email address and phone number from abroad. SBI will contact you about your application either way.

Click here for more details: https://sbi.co.in/web/nri/quick-links/nre-nro-account-opening-procedure

4. SBI NRI account opening online

If you want to open a simple NRO or NRE account, you can fill out the application online and mail it to the bank. SBI shows this in three simple steps:

• Fill out the online application, including the customer and account information sections.
• Print your application and have it and your documents attested.

CLick here for more details: https://sbi.co.in/web/nri/quick-links/nre-nro-account-opening-procedure

5. SBI NRI account opening documents

Here is a list of the documents that an NRI will need to open a standard NRE or NRO account at SBI:

• A valid visa or work permit for your country of residence.
• A copy of your Indian passport. A copy of a utility bill, employer certificate, or government-issued ID with your current overseas address.
• Proof of permanent address (overseas or in India).
• Proof of income through a pay slip or void cheque from the applicant's foreign bank account.
• Two passport-size photographs.
• This list doesn't include all of the different types of NRI accounts that SBI has to offer.
• For some accounts, like investments, you may need to fill out more forms.
• Check with an SBI employee if you want to open an NRI account other than an NRE or NRO account.
• The documents that OCI or PIO holders need may also differ.

Click here for more details: https://oaa.onlinesbi.sbi/oaonri/onlineAccOpenNriChecklist.htm

6. SBI NRI account minimum balance

These are the minimum balances or deposits required to maintain an SBI NRI account, not to bend not be fees.

Type of SBI NRI account	Monthly balance/ deposit to maintain to avoid fees
NRE & NRO Accounts- Metro & Urban India	₹1,00,00
NRE & NRO Accounts- Semi Urban & Rural India	₹ 50,000
FCNRB Accounts	1,000 USD, CAD, GBP, EUR, AUD or 100,000 JPY
RFC Account	1,000 USD, GBP or EUR

These amounts could change, so it's best to keep an eye on what SBI says about fees and minimum balance requirements.

Also, check with SBI to see how much you need to keep in your account if you already have one.

Click here for more details: https://sbi.co.in/web/nri/accounts/non-residential-external

7. Interest rates for SBI NRI account

Some accounts for SBI NRIs earn interest. This table is just for now, but it can give you an idea. But remember that interest rates can change, so check with SBI before you do anything else.

Interest rates for SBI NRE & NRO Savings accounts

Savings Accounts	Below ₹1,00,000	Above ₹1,00,000
NRE Account	2.70%	2.70% p.a on the entire balance
NRO Account	2.70%	2.70% p.a on the entire balance

Interest rates f or SBI RFC accounts:

Currency Deposit	1-2 years	2-3 years	Three years
US Dollars	0.67%	0.79%	0.99%
British Pound	0.69%	0.94%	1.05%
Euro	0.01%	0.01%	0.01%

The interest you get on an FCNR deposit depends on your chosen currency. On the SBI FCNR Deposit page, you can find out more about each currency’s yields and time frames.

If you are already an SBI customer, talk to SBI to find out what special rates and balances you can get.

CLick here for more details: https://sbi.co.in/web/interest-rates/savings-bank-deposits

8. SBI NRI account benefits

If you and your family already know, trust, and use SBI for banking, look into NRI accounts there.

Indians who live abroad and like to bank in person can also use SBI foreign office branches.

On the other hand, some NRIs may find that SBI needs to include critical digital services and ways to access them that modern travelers need.

9. SBI NRI Fixed Deposit

The State Bank of India (SBI) offers a wide range of customized fixed deposit products for Non-Resident Indians (NRIs) to help them earn good returns while enjoying other benefits, such as tax exemptions on specific FDs. The various types of schemes offered by SBI for NRIs include Non-Resident External (NRE) accounts, Non-Resident Ordinary (NRO) accounts, Foreign Currency Non-Repatriable (FCNR) accounts, and Resident Foreign Currency (RFC) accounts. NRIs can open NRE fixed deposit accounts, NRO fixed deposit accounts, RFC, and FCNR term deposits. SBI fixed deposit interest rates were revised on February 28, 2018. Interest rates changed for all deposit tenures and types, including SBI NRI and fixed deposits.

Among the fixed deposits offered by SBI, the ones for NRIs include.

SBI NRE Deposit rates: Less than Rs.1 crore

Tenure bracket	Regular FD rates (per annum)	Senior Citizens FD rates (per annum)
12 months to 24 months	5.10%	N/A
24 months to 36 months	5.20%	N/A
36 months to 60 months	5.45%	N/A
60 months to 120 months	5.85%	N/A

SBI NRE FD Rates: Rs.1 crore to Rs.10 crore

Tenure bracket	Regular FD rates (per annum)	Senior Citizens FD rates (per annum)
12 months to 24 months	5.10%	N/A
24 months to 36 months	5.20%	N/A
36 months to 60 months	5.45%	N/A
60 months to 120 months	5.85%	N/A

SBI NRE Fixed Deposit rates: Above Rs.10 crores

Tenure bracket	Regular FD rates (per annum)	Senior Citizens FD rates (per annum)
12 months to 24 months	6.70%	3.50%
24 months to 36 months	6.75%	3.50%
36 months to 60 months	6.80%	3.60%
	6.85%	3.80%

SBI NRO FD rates: Under Rs.1 crore

Tenure bracket	Regular FD rates (per annum)	Senior Citizens FD rates (per annum)
7 to 45 days	2.90%	N/A
Above 45 days to 6 months	3.90%	N/A
Six months to 7 months	4.40%	N/A
From seven months to 12 months	4.40%	N/A
12 months to 24 months	5.10%	N/A
24 months to 36 months	5.20%	N/A
36 months to 60 months	5.45%	N/A
60 months to 120 months	5.50%	N/A

SBI NRO Deposit rates: Rs.1 crore to Rs.10 crore

Tenure bracket	Regular FD rates (per annum)	Senior Citizens FD rates (per annum)
7 to 45 days	2.90%	N/A
Above 45 days to 6 months	2.90%	N/A
Six months to 7 months	2.90%	N/A
From seven months to 12 months	2.90%	N/A
12 months to 24 months	2.90%	N/A
24 months to 36 months	3.00%	N/A
36 months to 60 months	3.00%	N/A
60 months to 120 months	3.00%	N/A

SBI NRO Fixed Deposit rates: Above Rs.10 crores

Tenure bracket	Regular FD rates (per annum)	Senior Citizens FD rates (per annum)
7 to 45 days	3.00%	N/A
Above 45 days to 6 months	3.10%	N/A
Six months to 7 months	3.30%	N/A
From seven months to 12 months	3.60%	N/A
12 months to 24 months	3.60%	N/A
24 months to 36 months	3.60%	N/A
36 months to 60 months	3.60%	N/A
60 months to 120 months	3.60%	N/A

10. Highest SBI NRI deposit rates

• NRE Deposits to 6.70% p.a. for tenure between five and ten years.
• NRO Deposits to 3.00% p.a. for a maturity range between five and ten years.

Click here for more details: https://sbi.co.in/web/interest-rates/interest-rates/sbi-nri-services-interest-rates/sbi-nri-services-fcnr-deposit-interest-rate

11. SBI FCNR (B) Deposit rates

Tenure
	FCNR (B) FD rates (per annum)
	AUD	CAD	USD	JPY	GBP	EURO
	12 months	1.96%	2.55%	3.63%	0.02%	1.43%
	Above 12 months to 24 months	1.96%	2.55%	3.63%	0.02%	1.43%
	24 months to 36 months	2.04%	2.70%	3.55%	0.05%	1.62%
36 months to 48 months	2.11%	2.76%	3.58%	0.05%	1.72%	0.01%
48 months to 60 months	2.37%	2.79%	3.61%	0.05%	1.80%	0.10%
60 months	2.47%	2.81%	3.62%	0.05%	1.86%	0.15%

12. SBI Remittance services platform

Remittance From India

• Through our Fxout platform, sending money from India is much easier and faster.
• Available in USD, GBP, EUR, AUD, SGD, CAD, and 91 other currencies at every SBI branch.
• It is also available to all Retail Internet Banking (INB) users through www.onlinesbi.com in USD, GBP, EUR, AUD, and SGD. It has highly competitive and transparent rates. This platform is available to resident individuals under the Liberalized Remittance Scheme (LRS) of RBI up to the current limit of USD 2, 50,000 per Financial Year and from an NRI's NRE account.
• Through a branch, the limit per transaction is Rs.20 lacs or USD 25,000, whichever is less on the day of a transaction, up to the total LRS limit.
• With INB, the limit for each transaction is Rs.10 lacs or USD 250,000, whichever is less on the day of the transaction, up to a total of LRS.
• The PAN on a customer's account should be up to date and meet KYC requirements.
• Customers can go to any branch with information about the person who will get the money.
• If you want more information, you can write to fxout.gmuk@sbi.co.in.
• For all other remittances not covered by "Fxout," customers can go to SBI branches authorized to deal in foreign exchange.

Click here for more details: https://sbi.co.in/web/international-banking/services/remmitance-from-india

Foreign Inward Remittance:

Customers can send remittances to India for credit to their account with the bank or for any family member conveniently with SBI's foreign offices and correspondent banking arrangements mentioned by the lender by r. The facilities for remittances are available worldwide.

You could use any of the following ways to send the remittances.

• SBI Express Remit Facility
• Demand Drafts in Rupees
• Telegraphic/wire transfers
• Personal cheques/traveler's cheques (in person only)/ DDs in foreign currency

Demand Draft in Indian Rupees

You can get a DD in rupees from our offices/correspondent banks (click here) or exchange companies in UAE, Bahrain, Oman, and Qatar (click here) that have Rupee Drawing arrangements with our bank. Then, you can mail it to the SBI branch, where your account is kept. Under the Rupee Drawing arrangement, Rupee DDs from exchange companies in the Gulf drawn on certain SBI branches are paid as soon as they are received. The total amount was put into your account before any deductions were made.

Telegraphic Transfer/Wire Transfers

You can send wire or telex transfers through our offices or correspondent banks to get money into your account quickly. You can transfer money by wire or telex at branches with SWIFT/ TT drawing arrangements. For sharing money through our partner banks, you can give information in the format below.

Personal cheques/ DDs/Traveller’s cheques (in person only)

You can also deposit your cheques drawn in foreign currencies payable at foreign centers to your account or for the issue of NRE/ FCNRB depo. After a certain amount of time, depending on the currency of the check, the bank will deposit the money from the check into your account through our Global Link Service (GLS) or accredited correspondents.

Click here for more details: https://sbi.co.in/web/personal-banking/information-services/kyc-guidelines/foreign-inward-remittance

13. State Bank of India Education Loan for abroad studies

The State Bank of India is the biggest government-owned bank in India. It has five different SBI education loans: the Scholar Loan, the Global Ed-vantage Education Loan, the Student Loan, the Skill Loan, and the Takeover of an Education Loan. Scholar Loan and Skill Loan are for students who want to go to a top college or vocational school in India for their higher education. Global Ed-vantage and Student Loan are for students who wish to study abroad. SBI mainly offers education loans with collateral for people who want to study overseas. Unsecured loans, which don't require collateral, are only available to the best of the best colleges and are limited to 7.5 lakhs.

SBI lowers interest rates for students who are women and people who have a Rinn Raksha credit life insurance policy. SBI offers government programs with most of its education loans as a scheduled commercial bank. These include the Dr. Ambedkar Interest Subsidy Scheme for Overseas Studies for OBCs (non-creamy layer) and EBCs, CSIS, and Padho Pardesh Interest Subsidy Scheme.

What are the Key Features of SBI Global Ed-vantage and SBI Student Loan Schemes?

Global Ed-vantage - Loan amounts range from 20 lakh to 1.5 crore rupees. Interest rates are 8.55% for men and 8.05% for women. | Ban: Course plus six months.

Student Loan: Loans up to 7.5 lakh without collateral and up to 20 lakhs with collateral for India or abroad. Rate of interest: 8.65%.

Finance For	Global Ed-vantage	Student Loan
Finance for	Overseas education only	India or abroad, after admission
Loan Amount Range	₹ 20 lakh to ₹1.5 crore	Up to ₹ 7.5 lakh without collateral
Up to ₹ 20 lakh with collateral
Interest Rate	9.05%, with an additional 0.50% concession for girl students, and extra 0.5% for Rinn Raksha credit life insurance or similar policyholders.	Up to ₹ 7.5 lakh: 8.65%; 0.50% concession for girls is available
Processing Fees	₹ 10,000 + GST, non-refundable	NIL
Property valuation charges	Are additional and vary as per the location
Repayment Period	Maximum 15 years
Repayment Holiday / Moratorium period	Course period + 6 months	12 months after course completion
Eligible Degrees	Regular Graduate/ Post Graduate/ Doctorate Courses in any discipline offered by foreign Institutes/ Universities in the USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong, New Zealand	Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses offered by reputed universities; Courses conducted by CIMA, CPA
Margin	10%	Up to ₹ 4 lakh: NIL Above ₹ 4 lakh: 15%
Expenses covered	It covers tuition fees, examination/ library/ lab fees, living expenses, round-trip travel, study material, or anything related to studies, and the premium of the ‘Rinn Raksha’ insurance cove. rage
Disbursal norms	Tuition is disbursed directly to the college. Living expenses can be loaded onto a prepaid card or transferred to your foreign bank account. Pre-visa disbursal is allowed wherever mandated.

14. SBI forex cards

A good vacation can help you feel less stressed not only in your body but also in your mind for a long time. Studies have shown over and over again how important it is to take a break and how it helps recharge your batteries. It is essential to be financially ready. Bringing cash on a domestic or international trip is a risky thing to do. Getting a forex card is always a good idea before going anywhere, especially abroad. It can take much work to determine which forex card is best. SBI is one of the country's most trusted banks, giving its customers two options for foreign currency cards.

These cards are made to help people travel without worrying about money. The State Bank Foreign Travel Card is a VISA, but the State Bank Foreign Travel Card with Multiple Currencies is a MasterCard.

Customers of SBI, both old and new, can get one of these cards by going to their nearest branch or going to the bank's website. Here's what you need to know about the two forex cards that the State Bank of India offers:

SBI Travel Forex Cards Types

SBI has two foreign exchange credit cards, each with benefits and perks. These cards are State Bank Foreign Travel Cards and State Bank Foreign Travel Cards that one can use in more than one currency. Let's look at them in more depth:

State Bank Foreign Travel Card

The State Bank Foreign Travel Card is a prepaid overseas currency card that makes it easy for the cardholder to travel abroad without any problems. It is a credit card with a chip that holds private information that has been encrypted. With this card, the person who has it can carry cash anywhere in the world (valid everywhere except in India, Bhutan, and Nepal). The State Bank Foreign Travel can be used in eight different foreign currencies, including the US Dollar (USD), the Euro (EUR), the British Pound (GBP), the Japanese Yen (YEN), the Singapore Dollar (SGD), the Australian Dollar (AUD), the Canadian Dollar (CAD), and the Saudi Riyal (SR).

Features and Benefits of SBI Foreign Travel Card

Here are some of the good things about the State Bank Foreign Travel Card:

• The VISA International platform is used to make this card.
• More than 1.70 million VISA ATMs and more than 28 million merchant establishments (MEs) around the world accept the State Bank Foreign Travel Card (except in India, Bhutan, and Nepal).
• This card is easy to get, as it is sold at more than 1,100 branches.
• People with this card can use it for medical care, tourism, pilgrimage, and other things.
• Customers in the business world, such as government departments, public sector enterprises, and companies, can also use this card.
• The smallest amount that can be loaded and reloaded is USD200/AUD200/SGD250/GBP120/Euros150/YEN15,800/SAR750 AND CAD200.
• The most that can be given, based on what the overseas trip is for, as recommended by FEMA/RBI in 1999. It is USD250,000, equal to each financial year for employment, pilgrimage, education, business trip, medical trip, or tourism. Cardholders can get reasonable rates when exchanging money.
• These cards can be reloaded as frequently as FEMA and RBI rules allow.
• The State Bank can use Foreign Travel Cards at ATMs with a 4-digit PIN and stores with the same PIN or a signature. Cardholders can check their balance for free at State Bank of India's ATMs in India and at any VISA ATMs abroad (after paying a nominal charge).
• By going to www.prepaid.onlineSBI.com, cardholders can check their balances or download/view their spending records. They must combine letters, numbers, and special symbols to get to their statement or check their credit. It will be a total of eight characters.
• If the primary cardholder loses, breaks, or misplaces the card, they can get up to two add-on or supplementary cards. After each swipe, the cardholder will get an SMS alert with information about the balance.
• A call center is open 24 hours a day, seven days a week, to keep track of stolen or lost cards and answer any questions about the card. One can use the State Bank Foreign Travel card to purchase abroad online. In online transactions, one must validate the card with the VBV and CVV2, so the card's safety is not at risk. The bank will not let a trade go through on an eCommerce site that doesn't check the CVV2 or VBV.

Fees on SBI Foreign Travel Card

Type of Charge	Amount
FTC Issuance Fee	Rs.105 plus GST
Add-on cards fee (not more than 2)	Rs.105 plus GST
Reloading fee on the card	Rs.52 plus GST
Replacement card fee in case of stolen/lost card and acquiring duplicate ATM PIN/WEB PIN	It depends on the currency.
Chargeback fee	It depends on the currency.
ATM withdrawal fee	It depends on the currency.
Physical statement of the card	It depends on the currency.
ATM balance inquiry fee	It depends on the currency.
The minimum amount of initial load	It depends on the currency.
The minimum amount of reload	It depends on the currency.
The maximum amount of reload	As recommended by the FEMA/RBI from time to time for travel overseas
GCAS fee per transaction through VISA	Lost/Stolen Report- USD 35 or equivalent in other currencies. Cash/Card Replacement- USD 175 or equivalent in other currencies. Miscellaneous inquiries- USD 5 or equivalent in other currencies.
Withdrawal limits for ATM	ATM withdrawals are subject to the daily transaction limits set by the acquirer's bank

15. SBI Toll-Free Numbers

• Australia: 1800-012-473
• Bahrain: 80-801-724
• Canada: 1866-3284-209
• France: 800-740-849
• Germany: 800-183-0736
• Hong Kong: 800-932-045
• India: 1800 425 3800 or 1800 11 2211 or +91-80-26599990 (chargeable)
• Italy: 800-789-407
• Japan: 006-633-812-439
• Netherlands: 800-022-3031
• New Zealand: 800-449-909
• Oman: 800-757-92
• Qatar: 00800-100-157
• Russia: 810-800-293-010-12
• Saudi Arabia: 800-814-4209
• Singapore: 800-101-2333
• South Africa: 800-982-360
• UAE: 800-091-190-05
• UK: 808-101-7633
• USA: 1866-328-4209

16. FAQs

The official link for FAQ: https://sbi.co.in/web/nri/information/faqs

Which SBI Education Loan Program is Right for You?

If you want to go to school overseas and need more than 20 lakhs, Global Edvantage is a suitable scheme. If not, the Student Loan program is for you. It is because the least amount you can ask for through the Global Ed-vantage scheme is 20 lakhs.

What kinds of classes can get an SBI education loan?

Regular Bachelor's, Master's, or Doctoral Courses in any field offered by foreign institutes or universities in the countries where SBI education loans are available. Like the other courses, SBI education loans for medical school are also based on collateral.

Which countries can get an SBI loan for school?

USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong, and New Zealand. In some cases, students who want to go to other countries can also be considered.

What is the difference between NRE and NRO accounts?

NRIs can open an NRE account if they wish to deposit their money in foreign currency. However, if they want to make deposits in Indian currency, they will be required to open an NRO account.

Can I change my tenure after opening an NRI fixed deposit account?

No, it will not be possible for you to change your tenure after opening an NRI fixed deposit account.

I am an NRI. Can I avail of a loan against FD?

Yes, you can avail of a loan against your fixed deposit even if you are an NRI.

I don't have a PAN Card. Can I still open an NRI FD account?

If you do not have a PAN Card, you must submit Form 60 to open an NRI FD account.

I am an NRI aged above 60 years. Will I get additional interest on my deposits?

No, you will not earn additional interest on your deposits even if you are an NRI senior citizen. People aged above 60 years in India can receive other interest on their deposits.

17. Useful Links

https://sbi.co.in/web/nri/accounts/eligibility-fcnr#:~:text=However%20a%20joint%20account%20with,will%20be%20the%20second%20applicant

https://sbi.co.in/web/nri/accounts https://sbi.co.in/web/nri/investments

https://sbi.co.in/web/nri/accounts/non-residential-external

https://sbi.co.in/web/nri/accounts/nre-salary-account

https://sbi.co.in/web/nri/accounts/nro-account

https://sbi.co.in/web/nri/accounts/nro-salary-account

https://sbi.co.in/web/nri/accounts/fcnrb-account

https://sbi.co.in/web/nri/accounts/fcnrb-premium-account

https://sbi.co.in/web/nri/accounts/nro-tax-saving-scheme

https://sbi.co.in/web/nri/accounts/nri-family-card

https://sbi.co.in/web/nri/accounts/rfc-account

https://sbi.co.in/web/nri/accounts/demat-account