SBI NRI Fixed Deposits
With a history of over two centuries, State Bank of India holds a unique position in the lives of Indians when it comes to banking. With assets worth over 393 billion US Dollars and 20,000 branches globally, SBI has ensured that NRIs get a feel for Indian services anywhere in the world. SBI offers a range of Fixed Deposits for NRIs, enabling them to make effective use of their hard earned money while staying connected to their Indian roots.
Types of NRI Fixed Deposits
SBI offers four types of NRI Fixed Deposits, as mentioned below.
- NRE Fixed Deposit
- NRO Fixed Deposit
- FCNR (B) Fixed Deposit
- RFC Fixed Deposit
Purpose of NRI Fixed Deposits
NRI Fixed Deposits are primarily designed to act as storehouses where a NRI can park funds which are remitted from his/her current international place to India.
Features of SBI NRI Fixed Deposits
- Simple to open – NRI fixed deposits can be opened without any hassles, minus undue processes and formalities.
- Flexible term periods – These fixed deposits have a term ranging from 7 days to 10 years.
- Low minimum balance – These Fixed Deposits can be maintained with low minimum balance.
- Repatriable – These Fixed Deposits are freely repatriable (Except NRO FD which has conditional repatriability).
- Joint account – It is possible to have a joint account with resident Indians or NRIs in the case of NRE, NRO and FCNR (B) accounts.
- Interest – These Fixed Deposits earn attractive interests.
Benefits of SBI NRI Fixed Deposits
The principle and interest are repatriable.
- Interest earned in case of NRE, FCNR (B) and RFC accounts are tax free in India.
- One can maintain the FCNR (B) and RFC account in multiple currencies.
Eligibility Criteria for SBI NRI Fixed Deposits
Individuals wishing to open a NRI Fixed Deposit need to fulfil the following criteria.
- NRI – Individuals should have a NRI status.
- ID proof – Individuals should have a valid ID proof.
- Joint accounts can be opened with Indian residents only.
Fees and Charges of SBI NRI Fixed Deposits
Fees and charges differ for different NRI Fixed Deposits and are at the discretion of SBI.
Frequently Asked Questions - FAQs
- What is the minimum balance one needs to maintain in a Fixed Deposit?
- Can one open a joint account with a foreigner?
- What are the currencies available under FCNR (B) and RFC Fixed Deposits?
The minimum balance for FCNR (B) and RFC Fixed Deposits are 1,000 USD, with NRE and NRO fixed deposits having a minimum balance requirement of Rs. 1 lakh in urban branches and Rs. 50,000 in rural branches.
No, a joint account cannot be opened with a foreigner.
(A) FCNR (B) FD can be maintained in either USD, EUR, CAD, GBP, JPY or AUD while a RFC FD can be maintained in either USD, GBP or EUR.