SBBJ NRI Account

Hi I am interested in knowing about the account facility which an Non Resident India can open with State Bank of India?

[Rajkumar Agarwal]

As on 1st April 2017 State Bank of Bikaner and Jaipur merged with State Bank of India.

Your earnings abroad can earn striking returns back home. Select from the range of accounts, with flexibility to maintain savings in Indian or foreign currency, offering tax free interest income in India as well as other benefits.

NRE / NRO account opening procedure



Accounts
NRE
NRO

Purpose of account

To park funds remitted from overseas to India
To park funds remitted from overseas to India or funds from Indian sources

Currency

Rupees
Rupees

Types of account

Savings, Current, Fixed Deposits (TDR/STDR) and RD
Savings, Current, Fixed Deposits (TDR/ STDR) and RD

Investment Term
Min: 1 Year
Max: 10 Years

Min: 7 Days
Max: 10 Years

Initial funding for opening (common for both)

Savings, Current: Nil
RD: Rs. 100
TDR, STDR: Rs. 1000

Minimum Balance (common for both)

Savings, Current:
Monthly Average Balance (MAB):
Metro MAB: Rs. 5000/-
Urban MAB: Rs. 3000/-
Semi-Urban MAB: Rs. 2000/-
Rural MAB: Rs. 1000/-
RD: Rs. 100
TDR, STDR:
For Personal Banking Branches in:
Metro / Urban centres: Rs. 1 lakh
Semi-Urban / Rural centres: Rs. 50,000
For all other Branches: Rs. 1000

Joint Holding with
NRIs
Resident Indians on Former or Survivor basis

NRIs
Resident Indians on Former or Survivor basis

Repatriability of Principal
Freely Repatriable
Current income up to USD 1 million (Conditional)

Repatriability of Interest
Freely Repatriable
Freely Repatriable subject to deduction of tax

Taxability in India
Interest income tax free in India
Interest income is taxed as per India Income Tax Rules. Reduced tax under Double Tax Avoidance Agreement