HOW TO OPEN NRI ACCOUNTS IN INDIA

A Non Resident Indian (NRI) as per FEMA 1999 is an Indian citizen or Foreign National of Indian Origin resident outside India for purposes of employment, carrying on business or vocation in circumstances as would indicate an intention to stay outside India for an indefinite period.An individual will also be considered NRI if his stay in India is less than 182 days during the preceding financial year.

A Person of Indian origin (PIO) is a citizen of any country other than Pakistan, Bangladesh or Sri Lanka

Who

At any time held an Indian Passport,
He or any of his parents or grand parents was a citizen of India,

Is a spouse of an Indian Citizen or a person referred to above.

HOW TO OPEN NRI ACCOUNTS WITH A BRANCH IN INDIA

To open an NRE account please complete the account opening form and mail it to the branch of your choice alongwith ;

Passport copy
Visa/residence permit
2 photographs
initial money remittance

Your signature may be verified by anyone of the following;
Indian Embassy/consulate
Any person known to the Bank
Notary public
Any of our offices abroad

You can open
NRE Saving Bank a/c / Current Accounts
Fixed Deposits in Indian Rupees
Fixed Deposits in Foreign Currency
NRO accounts (Rupee accounts for crediting income in India )

You can authorise a resident to operate your account through a Power of Attorney or Letter of Authority

Nomination Facility available (Nominee can be a resident Indian also)

TYPES OF DEPOSIT ACCOUNTS

NRIs can open the following types of accounts with us

· NRE Rupee Accounts.

· Savings Bank.

· Current Accounts.

· Term Deposits (Interest Paid out Quarterly).

· Special Term deposits (Interest compounded Quarterly).

· Non-Resident (Ordinary) Account .

· NRO A/cs - Rupee Accounts for crediting income in India.

· Foreign Currency Non Resident Accounts.

· Fixed Deposits in Pound Sterling, US Dollar Euro Canadian Dollar and Australian Dollar

· Resident Foreign Currency Accounts.

REMITTANCES TO INDIA

SBI offers remittances to India through multiple channels. Our remittance products are customized to suit your needs. You can select the mode of remittance based on the time within which you need to remit to India .

For information on remittances from US, UK, Canada and Middle East use the right navigation links.

The following table lists the generic remittance options for other countries as well.

Mode of Remittance	Normal Time Taken
Instant Transfer	Instantaneously
Online remittance	1 to 5 days depending on the mode of online remittance chosen
Speed remittance	Within 1 day
SWIFT	1 to 3 days depending on the location of beneficiary branch
Draft / Cashier's Cheque / International MO	7 days to 28 days
Foreign Currency Cheque	7 days to 28 days

FACILITIES FOR RETURNING INDIANS

You are free to maintain your assets acquired or inherited abroad.

NRIs/PIOs on return to India can freely maintain and operate their foreign currency accounts with Banks abroad.

Balances in NRI/FCNR accounts can be credited to RFC accounts in US Dollars.

INVESTMENT SCHEMES FOR NON RESIDENT INDIANS

NRIs are permitted to invest in:

Government Securities & Treasury Bills.

Schemes of Domestic Mutual Funds.

Equity shares of PSUs on disinvestment (subject to terms & conditions in notices inviting bids).

Bonds issued by PSUs.

Non-convertible debentures of Indian Companies.

In all these cases, if investment is made by repatriable funds, sale or maturity proceeds are fully repatriable.

NRIs are not allowed to invest in NSCs and PPF.

TAX BENEFITS for NRIs

Interest on NRE & FCNR deposits are free of income tax.

Tax @ 30% will be deducted at source on all interest income in NRO accounts.

On permanent return to India, income on all investments out of foreign exchange funds would be eligible for a flat tax rate of 20% (excluding surcharge) till maturity of the investments.