How To Open NRE Account in State Bank of India

How To Open NRE Account in State Bank of India

 NRE Account – State Bank ofIndia

NRE account: what is it?

NRE stands for Non-Resident External Account where transactions take place in rupee only. The funds in this account are maintained in Indian rupees only. Any interest on this account is subjected to total tax-exemption. An NRE account can only be allowed to be functional provided the account is jointly opened with other NRI’s.

 Types of NRE accounts of State Bank of India:

Mainly the type of NRE accounts that are functional in the State Bank India are:

Savings Bank/ Current Account/Term Deposit/Special Term Deposit/Recurring Deposit.

The underlying principle to open an account is that they can only be opened jointly with other NRI’s.

 Some information about NRE Savings Bank A/C

This account is only designed for the use of non resident Indians or (NRI’s). The account can be operated by two people in a joint account mode. In case the joint account holder is your spouse, she or he should also be a NRI. The account must have the minimum balance of Rs 1000.  You can get other basic NRE Account  information here.

 Features  of NRE savings Bank A/C: it can receive

  • Sources of credit
  • Payment and remittances from abroad through banks.
  • Transfer of credit from a different NRE account.
  • Bank drafts issued by banking institutions or companies based abroad.
  • Cheques of individual drawn on foreign accounts.
  • Interest or Dividend or Maturity amounts of any kind through investment that was put to effect inIndiaon repatriable basis.
  • All proceeds of Foreign Currency Notes/ Travellers cheque tendered by NRI.

How to open an NRE account and what services are provided by SBI in this regard?

The first thing required to be done for opening an NRE account in State Bank of India is to print and fill this account opening form. Then the form must be properly filled and send to the any branch of SBI where a person would like to have an account of his own. The form must be attached with the following essential things:

  •  Two self attested passport sized photographs.
  •  Passport & residence visa/ Copies of ID card attested by Banker/Notary Public/Indian Embassy/ a person who is familiar to the bank.
  • Initial remittance
  • Signature in the form must be verified by either Indian Embassy/Consulate/High Commissioner or Notary Public, or someone known to the bank, etc.
  • Xerox copies of any two of the following: Copy of Telephone/Electric Bill, Cheque drawn on bank account abroad, etc.

Where can you go to open the account ?

Well, Good news of us is that there is local branch in Fremont that can help with all your transactions.

39148 Paseo Padre Parkway  Fremont, CA 94538-1612
(510) 713-8070

 

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  • KP

    good information- one comment on your last point “local branch at Fremont that can help with all your transaction” is not 100% correct. i have my own experience last month. Fremont branch will charge you $25 USD to verify your supporting documents and give a attested signature and stamp. then it is your responsibility to post it to respective branch where as SBI customer care says to drop at local branch and they will post it which is not true as well. so you have to fedex it to SBI branch in India. After that it will take 10-15 days to get your account ready for transaction.

    • Vani

      What if you already have an account in india with SBI ..then also the attestation is required?

  • Upendra Gandhi

    Hey guys, I am visiting India in few days. Can I take my originals to India and fill out forms in India itself(for SBI) and submit required forms to the branch physically? In this case, do I need to get passport/proof of address notarized in US?

  • Srikrishna Subramaniam

    Whether can we get Notary public signatures from JFK(library) .?

  • Sharon Lobo

    Hey, Actually i need to open an NRI Account but currently i am in abroad.is it possible to open NRI Account from here itself or with help of family members in india.

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    I got NRE Accounts form in Internet so I have a one doubt what is the applicant 2 ?

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  • Samiullakhan

    Nri account