Tag: Bank of India

How To Open NRE Account in State Bank of India

Sanjiv Gupta CPA - 9 years ago
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 is: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/CThis account is only designed for the use of nonresident Indians or (NRIs). 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 an NRI. The account must have a minimum balance of Rs 1000.  You can get other basic NRE Account information here. Features  of NRE Savings Bank A/C: it can receiveSources of creditPayment 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 individually drawn on foreign accounts.Interest or Dividend or Maturity amounts of any kind through an investment that was put to effect in India on a repatriable basis.All proceeds of Foreign Currency Notes/Traveller's 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 any branch of SBI where a person would like to have an account of his own. The form must be attached to the following essential things: Two self-attested passports 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 remittanceSignature in the form must be verified by either Indian Embassy/Consulate/High Commissioner or Notary Public, or someone is 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 a local branch in Fremont that can help with all your transactions.39148 Paseo Padre Parkway  Fremont, CA 94538-1612(510) 713-8070

Opening NRO/NRE Account at SBI Fremont

Sanjiv Gupta CPA - 9 years ago
Recently I wrote a blog post about State Bank of India and got many questions about opening the NRE/NRO account in Fremont Branch of State Bank Of India.  I contacted the Bank to get more details about their process and would like to share those with you.NRE/ NRO accounts are opened for NRIs/ PIOs/ OCIs with State Bank of India branches located in India. These Accounts are maintained and serviced in India by branches of State Bank of India. We facilitate opening of these accounts by accepting duly filled account opening forms and sending them to a designated center in India.To open an NRE/NRO account, each applicant need to visit the  branch, SBI (California) 39148 Paseo Padre Parkway, Fremont CA 94538 with following papers:    Original valid passport with valid Visa/ PIO Card/ OCI Card/ /any other documentary proof of your Indian origin    Valid Local ID (Driver’s License).    Local Current Address proof (Bank Statement/ Utility bills may be considered for address proof).    A Void Local Bank Check    Two passport size photographs   Original PAN Card is mandatory for a NRO Account    Personal check (USD) for initial remittance to India or making the term deposit. We suggest sending at least $500/- along with the account opening form for savings accounts. If you bring a Cashier Check it should be payable to “SBI, California”The account opening forms are available here. The form should be duly filled up. It should be signed in front of branch officials. It may takes around 4-6 weeks for getting all the details, viz. Passbooks, ATM Card and Internet Banking Kits etc. from the SBI Branch in India.For more information about the products for NRIs, visit the website www.onlinesbi.com/nri and see the FAQs tab on the top center of your screen.
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