The State Bank of India provides bank accounts for Indians residing outside the country. One can open SBI NRI Bank Account like savings account, fixed deposits in Indian currency, foreign currency nonresident deposit account in dollars, pounds, euro, yen etc. Customer can also open a joint account with another person who is an NRI. Nomination facilities are also available in SBI NRI Bank Account.
In order to create an account the documents required are:
- Photocopies of passport and visa.
- Photocopy of residence permit and money remittance.
- Photographs of the customer.
- Verification of signature of the customer by the consulate of the Indian embassy or the notary or SBI foreign officers.
- The customer can authorize anybody who is a resident of India to operate the account. The letter of authority or the power of attorney by the owner of the account is required.
- SBI NRI Bank Account provides easy interest rates.
- Foreign direct investment capital insures deposits till $250,000.
- NRE/FCNR fixed deposits are allowed to close prematurely with 1% payable tax if it is kept for one year.
- This bank also allows the transfer of FCNR from one currency to any other currency.
- In case if any account/deposit is closed before maturing the bank authorities does not levy any penalty.
- NRIs are also allowed to hold resident foreign currency or RFC accounts.
- Any body who is a PIO (person of Indian origin) can open an account under the category of NRI accounts with proper documents.
- These accounts can be hold for a number of years as this bank allows a nominee.