FAQ For NRI - Faq's

1. Who is an NRI?

Section 2(w) of FEMA, 1999 defines a 'person resident outside India' as a person who is not resident in India.

An individual shall be deemed to be a non-resident in following cases:

a. When he stays in India for less than or upto 182 days during the preceding financial year. The period of stay may not be 'continuous' and the same shall be calculated by adding up the days of his stay in India during that financial year. Thus a student who goes for studies abroad and his stay in India during a financial year is less than 182 days, then he shall be treated as non-resident Indian for the next financial year. Similarly, tourists and all others who have gone out of India without the purpose of taking up employment or starting any business abroad, shall be treated as non-residents if, their stay in India during the preceding financial year was less than or upto 182 days.

b. When he goes or stays outside India for any of the following purposes:

• For or on taking up employment outside India, or
• For carrying on outside India a business or vocation outside India, or
• For any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period.

In such cases, the person becomes a 'non-resident' irrespective of the period of his stay in India. It is pertinent to note here that while the period of his stay in India shall be reckoned for the preceding financial year, the event of going or staying abroad for any of the aforesaid purposes shall be reckoned for the current financial year.

2. Who is Resident but not ordinarily resident (RNOR)?

A Non Resident who has returned to India for good is covered under the provisions of section 6(6) of the Income-tax Act. He is given a special status of RESIDENT BUT NOT ORDINARILY RESIDENT (RNOR) if he satisfies one of the following conditions:

A person who is returning to India after 9 years of stay outside India (and who was non-resident for each of the 9 years under the Income Tax Act, 1961), shall remain RNOR for the period of two years only.

3. Who is a ‘PIO’?

A ‘Person of Indian Origin (PIO)’ means a foreign citizen not being a citizen of Bangladesh, Pakistan or other countries as may be specified by the Central Government from time to time if

• a) at any time, held an Indian Passport or
• b) who or either of whose father or mother or whose grandfather or grandmother was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).
• c) he/she is a spouse of a citizen of Indian or a PIO

4. Who is an ‘OCI’?

A Overseas Citizen of India (OCI) means any foreign national who was eligible to become citizen of India on 26th January 1950 or was a citizen of India on or at any time after 26th January 1950 or belong to a territory that became part of India after 15th August 1947 is eligible for registration as OCI. Minor children of such person are also eligible for OCI. However, if the applicant has ever been a citizen of Pakistan of Bangladesh, he/she will not be eligible for OCI.

1. Can an NRI account be opened or maintained along with Resident Indian (Domestic) account?

In order to open NRI account, the existing Resident Indian (domestic) account (s) either needs to be converted into NRO account or to be closed down. An NRI cannot maintain a domestic account.

In order to convert existing domestic account to NRO account, please download a standard request letter for converting resident Indian savings bank account into NRO savings bank by clicking on ‘For converting resident Indian savings bank account into NRO savings bank account on change of residential status’ from ‘Download Forms’ and post / courier it to your home branch along with supporting documents mentioned in the letter. Please note that such request coming through email cannot be acted upon, due to security reasons. Please also note that:

• a) No conversion charges will be levied for conversion
• b) No loss of interest (but no senior citizen benefit, in case you are getting some senior citizen interest benefit)
• c) Taxation will be as applicable on NRO deposits

2. Which bank accounts a NRI can open in India?

A NRI can open and maintain accounts denominated in either Indian Rupee or in Foreign Currency as described below:

• NRE or NRO Account in Indian Rupees (as a running account or a fixed deposit)
• FCNR (B) Account in USD, EURO, GBP, CAD, JPY and AUD (only as a fixed deposit)

3.Which type of funds can be deposited in NRO account ?

Funds as detailed hereunder can be deposited to NRO account:

• Transfer from another Resident Indian / NRE / NRO / FCNR (B) account
• Fresh remittance from abroad through banking channel
• Personal cheques drawn on foreign account
• Proceeds of Foreign Currency Notes / Travelers cheques tendered by NRI / PIO / OCI, while visiting India. Amounts in excess of USD 5000 (or equivalent) in currency or USD 10,000/- (or equivalent) in Travelers cheques should be accompanied by a Currency Declaration Form
• Interest, dividend and maturity proceeds of investments made in India etc on non-repatriable basis

4. Which type of funds can be deposited in NRE account?

Funds as detailed hereunder can be deposited to NRE account:

• Transfer from another NRE / FCNR (B) account
• Transfer from another NRO account (subject to limit)
• Fresh remittance from abroad through banking channel
• Personal cheques drawn on foreign account
• Proceeds of Foreign Currency Notes / Travelers cheques tendered by NRI / PIO / OCI, while visiting India. Amounts in excess of USD 5000 (or equivalent) in currency or USD 10,000/- (or equivalent) in Travelers cheques should be accompanied by a Currency Declaration Form
• Drafts issued by bank / exchange companies abroad
• Interest, dividend and maturity proceeds of investments made in India etc on repatriable basis

5. What are the differences between NRE and NRO accounts ?

• The interest income earned on NRO attracts income tax deduction at source in India, whereas interest income in NRE is tax free in India.
• Balances held in NRE accounts can be fully repatriated abroad, whereas funds in NRO account are partially repatriable (up to USD 1 million per financial year), subject to payment of taxes in some cases.
• Overseas earnings can be deposited in NRE account whereas in NRO account earnings from overseas as well as Indian sources can be deposited.

6. What is the tenure for the various NRI deposits?

7.How to open an NRI account from abroad ?

Please fill up the account opening application as per any of the following mode and send it to bank accordingly:

• Please click here to fill online application and dispatch along with KYC documents as per the process mentioned
• Please click here to download the account opening application, fill it manually and send it to your preferred home branch in India along with the attested copies of proofs & documents selected for KYC in the application
• Please fill and submit application along with proofs & documents selected for KYC in the application by visiting a SBI branch in India or overseas (selected centres only)

8. Can NRE / NRO / FCNR (B) account be opened jointly?

Account can be opened jointly with other NRIs / PIOs or with resident Indians as per following :

NRI/PIO/OCI customers are permitted to open and maintain their NRE / NRO /FCNR (B) accounts with their resident relative(s) (as mentioned below) as a joint holder on “Former or Survivor” basis (NRI/PIO/OCI being the former);

(i) They are members of a Hindu Undivided Family;

(ii) They are husband and wife; or

(iii) one person is related to the other in such manner as may be prescribed;

9. Is nomination facility in NRO / NRE / FCNR (B) account available ?

Yes, nomination facility is available for NRO / NRE / FCNR (B) / RFC accounts. Nomination can be added, changed or cancelled as per any of the following modes :

a) Through Internet Banking: In order to use this function, please follow the below mentioned procedure:

• Please log in to your SBI Personal Banking account (https://www.onlinesbi.com/)
• Please click on ‘e-Services’
• Please click on ‘Online Nomination’ on left hand side column and the page will display various deposit account maintained by you with us.
• Please choose the account and click on anyone of the following tab for the needful:
• • ‘Register Nomination’ for adding a nominee, if no nominee is presently linked to your account
  • ‘Inquire Nomination’ for checking which nominee is presently linked to your account
  • ‘Cancel Nomination’ for removing the nominee from the account
• In order to change existing nominee, please cancel nominee first and then register a fresh nominee as per procedure mentioned above.

Through Home Branch: The account holder needs to submit anyone of the following letter as per the required purpose to home branch in India. It can either be submitted in person or through post / courier to the home branch. Due to security reasons, such request if coming through email cannot be accepted and acted upon.

10. Can any person in India be authorized to operate the NRE / NRO / FCNR (B) account ?

Yes, the NRI can authorize resident Indian to operate your account by way of giving suitable Power of Attorney (POA). Please download standard format of POA by clicking ‘Power of Attorney (POA) for operating NRE / NRO / FCNR (B) account’ from ‘Download Forms’ and submit it to your home branch along with supporting documents of the attorney mentioned in it. Operation on the basis of letter of authority (LOA) are not permissible.

11. Which all activities can be done by Power of Attorney Holder with respect to NRE / NRO / FCNR (B) account ?

A Power of Attorney Holder can perform following activities :

• a) To make all local payments in Rupees including payments for eligible investments subject to compliance with relevant regulations made by the Reserve Bank of India.
• b) To do remittance outside India of account holder’s current income in India, net of applicable taxes.
• c) To write and sign cheques and other instruments to be paid by the Bank drawn on the said account; to give orders for the withdrawal, transfer or other use of money on deposit at the Bank or otherwise available to the account holder from the said account for the aforesaid purposes.
• d) To enter into, make, sign, execute, deliver, acknowledge and perform any agreement, deed, writing or thing that may in the opinion of the ‘Attorney’ be necessary, proper and expedient for the aforesaid purposes.
• e) To do all such acts, deeds and things as may be necessary for or incidental in respect of the aforesaid.

12. Which all activities cannot be performed by Power of Attorney with respect to NRE / NRO / FCNR (B) account?

A Power of Attorney Holder cannot perform following activities:

• Repatriate funds held in the said account to outside India other than to the account holder.
• Make payment by way of gift to any resident Indian on account holder’s behalf.
• Transfer of the funds from the said account to another NRO account

13. Can funds be transferred between NRE and FCNR (B) accounts ?

Yes, the funds can be freely transferred between NRE and FCNR (B) accounts of a single account holder as well as two different account holders.

14. Can funds be transferred NRE to NRO account?

• a) Transfer from NRE to NRO : Transfer of funds from an NRE to an NRO account is permitted. Once you transfer funds from NRE to NRO account, the funds become conditionally-repatriable (up to USD one million or equivalent per financial year), subject to payment of taxes, as applicable.
• b) Transfer from NRO to NRE : Transfer of funds from NRO to NRE account is permitted within the overall ceiling of USD one million or equivalent per financial year (April - March), subject to payment of taxes, as applicable. Please download a standard request letter to transfer funds from NRO to NRE account by clicking on ‘For transfer of funds from NRO to NRE account’ from ‘Download Forms’ and post / courier it to your home branch along with supporting documents mentioned in the letter.}Please note that such request coming through email cannot be acted upon, due to security reasons.

15. How much funds can be repatriated or sent overseas from NRE / NRO / FCNR (B) account ?

Funds from NRE / FCNR (B) deposits accounts are fully repatriable without any upper limit, whereas funds from NRO account are partially repatriable (up to USD 1 million per financial year).

16. Can NRE / NRO / FCNR (B) deposits be closed prematurely?

NRE / NRO / FCNR (B) deposits can be closed or withdrawn prematurely, subject to following :

a) For NRE Deposits :

i: For deposit below Rs. 1 crore:-

• No interest is payable if the deposit is withdrawn before one year.
• Effective 01st April 2017, Penalty for Premature Withdrawal for Retail Term Deposits will be applicable as under:

The interest shall be 0.50% or 1% below the rate applicable at the time of Deposits for the period Deposit has remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower.

ii : For deposit of Rs. 1 crore & above : -

• No interest is payable if the deposit is withdrawn before one year.
• On pre-mature withdrawal of the deposit (after completion of 1 year), interest will be paid at applicable rate for the period the deposit has actually remained with the Bank or contracted rate less applicable penalty (as per table mentioned below), whichever is lower.

b) For NRO Deposits :

i: For deposit below Rs. 1 crore : -

• No interest is payable if the deposit is withdrawn before 7 days.
• For single deposit of amount up to Rs. 5.00 lacs, there shall be no penalty for premature, provided it has remained with the bank for at least 7 days.
• In all other cases, on pre-mature withdrawal of the deposit (after completion of 7 days), interest will be paid at applicable rate for the period the deposit has actually remained with the Bank or contracted rate less applicable penalty (as per table mentioned below), whichever is lower.

ii: For deposit of Rs. 1 crore & above : -

• No interest is payable if the deposit is withdrawn before 7 days.
• On pre-mature withdrawal of the deposit (after completion of 7 days), interest will be paid at applicable rate for the period the deposit has actually remained with the Bank or contracted rate less applicable penalty (as per table mentioned below), whichever is lower.

c) For FCNR (B) fixed deposits :

• No interest is payable, if the deposit is withdrawn before one year
• If the deposit is withdrawn after completion of one year, the interest paid shall be 1.00% below the rate applicable for the period deposit has remained with the Bank or 1.00% below the contracted rate, whichever is lower

17 . What is the procedure for premature withdrawal of NRO / NRE / FCNR (B) deposit ?

If you have created deposit through Internet Banking facility, then you can close it prematurely through internet banking itself. However, if the deposit was created by the branch, then please download a standard request letter by clicking on ‘For closure or premature closure of an existing NRE / NRO / FCNR (B) deposit’ from ‘Download Forms’ and post / courier it your home branch. Please note that such request coming through email cannot be acted upon, due to security reasons.

18. Will the penalty be waived if the deposit is closed for redeployment in another scheme of the Bank?

No penalty is levied if the deposit is closed prematurely for redeployment in another deposit with the Bank.

19. Can a deposit held in one currency be converted to a deposit in another currency?

Yes, any of the existing NRI deposit can be converted into another currency denominated NRI deposit by prematurely withdrawing existing NRI deposit. However, currency will be converted at the prevailing exchange rate and charges to be borne by the account holder.

20. Will NRE / NRO / FCNR (B) deposit be renewed automatically on maturity?

On maturity, NRE / NRO / FCNR (B) deposit will be automatically renewed for the same period, if no instructions are given otherwise by the account holder.

21. What is the procedure for changing maturity instruction for existing NRO / NRE / FCNR (B) deposit?

In order to change maturity instruction for your existing NRO / NRE / FCNR (B) please post / courier a request letter to your home branch mentioning the new maturity instruction.

22. What is Inoperative account ?

NRE / NRO Savings or Current account becomes inoperative, if there has been no transactions ('no credit or debit' other than crediting of periodic interest or debiting of service charges) in the account over the period of last two years.Interest in Savings Bank accounts will continue to be credited on regular periodicity in Inoperative accounts as well.

23. How to re-activate Inoperative account?

In order to reactivate your account, please provide information & documents for re-KYC of your account as well as a mandate to debit & credit Rs. 1/- from your account to your home branch. Please download a standard request letter by clicking on ‘For operationalizing In-operative NRE / NRO account’ from ‘Download Forms’ and send it to your home branch as per the modes mentioned in the letter. On receipt of it by the branch, status of your account will be changed to active. No charge is levied for activation of 'Inoperative Accounts'.

24. How can I request for closure of my NRO / NRE Savings account ?

Please download a standard request letter for closure of account by clicking on ‘Request for any of the following services in the NRE / NRO account’ from ‘Download Forms’ and post / courier it your home branch. Please note that such request coming through email cannot be acted upon, due to security reasons.

25. Can I transfer my account from one branch to another ?

Please download a standard request letter for transfer of account by clicking on ‘Request for any of the following services in the NRE / NRO account’ from ‘Download Forms’ and post / courier it your home branch. Please note that such request coming through email cannot be acted upon, due to security reasons.

26. How can signature be updated in existing NRE / NRO account ?

Please download a standard request letter for updating signature in existing NRE / NRO account by clicking on ‘For change of any of the following personal details in the NRE / NRO account’ from ‘Download Forms’ and post / courier it your home branch. Please note that such request coming through email cannot be acted upon, due to security reasons.

27. How to change personal details such as mobile number, postal address, email address etc. in existing NRE / NRO account?

Please download a standard request letter for updating following personal details in NRE / NRO account by clicking on ‘For change of any of the following personal details in the NRE / NRO account’ from ‘Download Forms’ and post / courier it your home branch. Please note that such request coming through email cannot be acted upon, due to security reasons.

• Postal Address
• Mobile Number
• Telephone Number
• Email Address
• Passport details
• VISA / Work Permit details

1. What is Resident Foreign Currency Account?

NRIs / PIOs who have returned to India for permanent settlement (Returning Indians) can park their funds in Resident Foreign Currency Account which is maintained in the form of a fixed deposit. These deposits carry interest rates as payable on FCNB deposits.

2. In what currencies are RFC account denominated?

RFC account can be opened in USD, EURO or GBP

3. Which type of funds can be credited to RFC account?

Funds as per following can be deposited to RFC account:

• Sale / maturity proceeds of assets held abroad and income from them
• Pension received from abroad
• Currency notes / Traveller Cheque brought into India at the time of returning to India
• Balances held in NRE / FCNR (B) accounts

4. What is the tenure for RFC deposit?

• Minimum: 1 year
• Maximum: 3 years

5. Is the amount in RFC accounts fully repatriable?

Funds become full repatriable only if account holder has regained NRI status. If account holder is of RNOR or resident Indian status, then funds can be repatriated as per laws applicable for resident Indians.

6. Can RFC accounts be opened jointly?

Yes, with another person eligible to open RFC account.

7. Can the funds in RFC account be used for making local payments?

Yes, funds in RFC account can be used for making local payments. However, you have to convert your funds from RFC deposit to domestic savings bank account for making local payments.

8. Can balances held in NRE or FCNR (B) account be transferred to RFC account upon return of NRI to India?

The balances held in NRE or FCNR (B) account can be credited to RFC account on the change of the status of the account holder from a Non-Resident to a Resident.

On change of status from Non-resident to Resident Indian, NRE account has to be closed or funds can be transferred from NRE to RFC account. However, FCNR (B) account can be continued till maturity or can be transferred to RFC account. If status of account holder changes once again from Resident to Non-Resident, the funds held in RFC account are allowed to be freely remitted abroad or credited to fresh NRE or FCNR (B) account.

9. Is interest income earned from FCNR (B) or RFC account taxable upon account holder’s return to India?

The taxability of interest income on FCNR (B) or RFC deposits will depend on the status under Indian Income Tax Act (ITA) of the returning NRI, in that year, when the interest income is earned. It may be noted that in cases where the returning NRI qualifies as a NR (Non Resident) or RNOR (Resident but Not Ordinarily Resident) under the ITA in the year in which the interest is earned, the benefit of the exemption from income-tax will be available on the interest paid on the FCNR (B) / RFC deposits of such an individual. It may however be noted that if the person qualifies as ‘ordinarily resident’ under the ITA in India in the year in which the interest is earned, the said interest shall be taxable in the hands of the customer as per Indian tax laws.

Account holder is required to notify the home branch about the change of status upon return to India and to submit a self-declaration in standard format for claiming TDS exemption on interest income from FCNR (B) or RFC account. Please download a standard declaration by clicking on ‘Self-Declaration by returning NRI for claiming exemption from TDS on interest income on FCNR (B) / RFC deposits’ from ‘Download Forms’ and submit it your home branch. Please note that such request coming through email cannot be acted upon, due to security reasons.

10. Is TDS applicable on interest income from RFC account?

If the status of account holder is ‘Non Resident’ (NR) or ‘Resident but Not Ordinarily Resident’ (RNOR), then no tax is deducted from Interest income earned from RFC account. Otherwise, tax is deducted as per applicable Indian income tax rules.

11. Can RFC deposit be closed prematurely?

RFC deposit can be closed or withdrawn prematurely, subject to following :

• No interest is payable, if the deposit is withdrawn before one year
• If the deposit is withdrawn after completion of one year, the interest paid shall be 1.00% below the rate applicable for the period deposit has remained with the Bank or 1.00% below the contracted rate, whichever is lower

12. Will any penalty be levied on premature closure of NRE / FCNR (B) fixed deposits and crediting to RFC account ?

No penalty will be levied for premature closure of NRE / FCNR (B) fixed deposit and crediting to RFC account. However, the deposit so closed will earn interest at the rate applicable for the period for which it has run.

13. Can funds be transferred from RFC accounts to NRE / FCNR (B) account while going abroad again?

Yes, funds can transferred from RFC account to NRE / FCNR (B) upon regaining the NRI status.

1. How to request a new Cheque Book for NRE / NRO SB account ?

Cheque book can be requested for any of your Savings, Current and Over Draft accounts. You can opt for cheque books with 25, 50 or 100 cheque leaves. You can place a request for cheque book through internet banking (under Requests tab in the menu bar) or by sending a request letter to your home branch.

Please download a standard request letter for issuance of cheque book by clicking on ‘Request for any of the following services in the NRE / NRO account’ from ‘Download Forms’ and post / courier it your home branch. Please note that such request coming through email cannot be acted upon, due to security reasons.

2. What is Multi - City Cheque (MCC) ?

MCC is payable at par at all SBI branches in India

3. What are the charges of Cheque book ?

First cheque book is free. However, additional cheques issued after that will be charged at Rs. 3/- per leaf and will be debited from the account.

4. Are there any transaction charges on Multi - City Cheques ?

No, there are no transaction or payment charges on using MCCs

5. What is the maximum amount that can be paid through Multi - City Cheque ?

Up to Rs. 50.00 lacs can be paid through a cheque.

1. How to request for an ATM-cum- Debit Card and PIN ?

Please download a standard request letter for placing the standing instruction by clicking on ‘Request for any of the following services in the NRE / NRO account’ from ‘Download Forms’ and post / courier it your home branch. Please note that such request coming through email cannot be acted upon, due to security reasons.

ATM Card will be sent to your chosen address for correspondence. ATM PIN can be generated / collected as per anyone of the following:

Through Internet Banking : You can generate your ATM PIN using internet banking facility, as per following procedure:

• Please login to Internet Banking facility linked to your account
• Please click on e-Services tab
• Please click on ATM Card Services option on the left hand side panel
• Please click on ATM Pin Generation and proceed as per the instructions given thereat to create your ATM PIN. First 2 digits of ATM PIN will be decided/created by the customer and last 2 digits will be sent on the registered mobile number of the customer.

Kindly note that this is a priced facility and Rs 50/- will be charged for every instance of PIN generation through INB.

Through Home Branch :You can collect your ATM PIN from your home branch by visiting branch personally or can be collected by the authorized representative of account holder with suitable letter of authority (LOA) within 45 days. Please download standard letter of authority by clicking on ‘Letter of authority for collecting documents, PIN Mailers etc. from the branch’ from ‘Download Forms’

2. How to deactivate or block ATM-cum-Debit Card ?

Card can be deactivated through anyone of the following mode:

a) Through Internet Banking Account: Please follow the following steps:

• Log on to www.onlinesbi.com
• Click on Login button under Personal Banking section
• Click on Continue to Login button
• Enter your Username and login password and click on Login button
• Click on e-Services tab in the menu bar
• Click on ATM Card Services on the left hand side column
• Click on Block ATM Card and proceed accordingly

b) Online: Please follow the following steps:

• Log on to www.onlinesbi.com
• Click on Login button under Personal Banking section
• Click on Continue to Login button
• Click on Block ATM Card link on the page and proceed accordingly

c) By calling Customer Care Centre: Please call on any of the following number:

• If calling from India, then 1800 425 3800 or 1800 11 2211 or +91 80 26599990
• If calling from outside India, then call on our International Toll Free number. Please click here to see our International Toll Free numbers

d) Through home branch in India: Please download a standard request letter for blocking of an ATM card by clicking on ‘Request for any of the following services in the NRE / NRO account’ from ‘Download Forms’ and post / courier or submit it in person at your home branch. Please note that such request coming through email cannot be acted upon, due to security reasons.

3. What are the service charges applicable for issuance of new Debit Card if existing card is lost ?

Rs. 204/- will be charged for issuance of new Debit Card on account of loss of existing card.

4. What are the service charges applicable for replacement of Debit Card if validity of Debit Card has expired ?

There will not be any charges for replacement of Debit Card on account of expiry of existing card.

5. How to activate Debit card ?

Debit card can be activated as per anyone of the following:

a) Through Internet Banking : You can activate debit card using internet banking facility, as per following procedure :-

• Please login to Internet Banking facility linked to the account (www.onlinesbi.com)
• Please click on e-Services tab
• Please click on ATM Card Services option on the left hand side panel
• Please click on New ATM Card Activation link
• Select the account number with which debit card is linked
• Enter the card number in Enter ATM Card Number and Re-Enter ATM Card Number fields and click on Activate button
• Verify the details of account and card number on next screen and click on Confirm button
• High Security Password will be sent on registered mobile number, which needs to be entered in the screen and then click on Confirm button, to activate the card

b) Through ATM : Please do initial transaction with your debit card at any bank.

c) Through POS : ATM card can also be activated through POS anywhere across the globe.

1. What is the SWIFT code for SBI branch in India?

1. If remittance is up to USD 10,000/- or equivalent: Please quote SWIFT Code as SBININBBFXD
2. For remittance above USD 10,000/- or equivalent: Please click here to see SWIFT codes for SBI branches in India. However, all branches do not have a SWIFT code. So, if beneficiary’s account is with a SBI branch which does not have SWIFT code, then either use a SWIFT code of a nearby SBI branch or you may check with your home branch.

2.What if the SBI branch with beneficiary’s account does not have SWIFT code?

If beneficiary’s account is with a SBI branch which does not have SWIFT code, then either use a SWIFT code of a nearby SBI branch or you may check with your home branch.

3. Is there a limit on the number of beneficiaries in India or amount that NRIs can remit money to?

No, there is no such restriction on number of beneficiaries in India or amount of remittances, to whom NRIs can send remittances. However, there may be a restriction in your current country of residence.

4. Amount is yet not credited for the remittance sent from overseas?

Firstly, please check with your remitting bank if the remittance has been processed and sent by them. In case if it has been sent from their end, then either you lodge a complaint (please click here to go to lodge a complaint) or you can take up with the home branch where beneficiary of the remittance is maintaining his / her account. Please also provide complete remittance details, so that it can be checked at SBI end.

1. How much funds can be transferred out of NRE / NRO / FCNR (B) account to beneficiary account overseas?

• NRE / FCNR (B) account: Funds up to any limit can be transferred
• NRO account: Funds up to USD 1 million per financial year can be transferred

2. What are modes for placing the request for outward remittance from NRE or FCNR (B) account?

Request for outward remittance from NRE or FCNR (B) account can be placed in any of the following manner:

• Through Internet Banking (INB): For placing outward remittance or funds transfer request (forex) favouring yourself or third party from your NRE Savings Bank account or NRE fixed deposit account or FCNR (B) account holders to any account overseas. For this, you have to first add a ‘beneficiary’ and then place a request for remittance in his/her favour. The ‘beneficiary’ is to be added only once and the details thereof will be stored in our system, thereby enabling you to send multiple remittances to him/her at any time subsequently.

• Procedure to add beneficiary for remittance:

1. Please login to your INB account
2. Click on ‘Profile’ tab
3. Enter your profile Password
4. Click on ‘Manage Beneficiary’
5. Click on ‘Outward Remittance Beneficiary for NRE / FCNR (B) Account’
6. Enter details of beneficiary and submit it after entering OTP sent on your registered mobile number

• Procedure for placing the remittance request:

1. Please login to your INB account
2. Click on ‘e-Services’ tab
3. Click on ‘NRI Services’ appearing in the column on left hand side
4. Click on ‘Outward Remittance from NRE / FCNR (B) Account’
5. Please select / enter request details and proceed accordingly

• Through branch: Please download a standard request letter by clicking on ‘For outward remittance from NRE / FCNR (B) account’ from ‘Download Forms’ and post / courier it your home branch. Please note that such request coming through email cannot be acted upon, due to security reasons.

3 .What are modes for placing the request for outward remittance from NRO account?

Request for outward remittance from NRO account has to be placed to homebranch only. Please download a standard request letter by clicking on ‘For outward remittance from NRE / FCNR (B) account’ or ‘For outward remittance from NRO account’ from ‘Download Forms’ and post / courier it your home branch. Please note that such request coming through email cannot be acted upon, due to security reasons.

1. What are the various loan options available to an NRI? NRIs can avail loans as per following:

• Housing loan
• Car Loan
• Rupee Loans against NRO, NRE and FCNR (B) fixed deposits
• Foreign currency loan in India against the security of funds held in FCNR (B) accounts
• Loan against the security of shares or other securities held in the name of the borrower or against the security of immovable property
• Rupee Loan against security of assets 'other than shares and immovable property'

2. Can Rupee loans be taken against NRO / NRE / FCNR (B) deposits in India?

Yes, an account holder can avail loan in Indian Rupees against the security of existing NRO / NRE / FCNR (B) deposit. However, loan cannot be given to a third-party against such deposits.

3.For what purposes loan can be taken?

1. For personal purposes
2. For direct investment in India on non-repatriation basis by way of contribution of the capital of India firms / companies
3. For acquisition of a flat / house in India for own residential use

4. For what purposes loan cannot be taken?

The loan cannot be used for the purpose of relending, carrying on agricultural / plantation activities or for investment in real estate business. Also, loan amount cannot be remitted abroad.

5. How do I avail a Loan against NRO / NRE / FCNR (B) deposit?

Overdraft account will be opened in the internet banking itself and withdrawal/transfer of fund from this account can be made either through internet banking facility or Cheques. In order to create it, please follow the below mentioned procedure:

• Through Internet Banking (INB): Overdraft can be created against NRE / NRO Fixed Deposits (TDR / STDR / eTDR / eSTDR).  NRE / NRO Fixed Deposits (TDR / STDR / eTDR / eSTDR) which are in single name (holder) only and with a minimum residual period of 6 months are eligible for it. Deposit with joint holders are not eligible under the scheme. TDR/STDR not opened through internet banking facility have to be mapped to internet banking for availing this facility.

1. Please login to your INB account
2. Please click on ‘e-Fixed Deposit’ tab
3. Please click on ‘Overdraft against Fixed Deposit’ from the column on left hand side
4. Please select a deposit and proceed accordingly

• Through branch: Please contact your home branch to avail loan against your deposit for submitting application for loan against deposit. On successful processing of your loan request, a lien will be marked against your underlying deposit.

6. Can a loan be given to third parties in India on the security on NRO / NRE / FCNR (B) deposits?

Loan cannot be given to third parties against such deposit. However, account holder can avail loan for the self and then can transfer funds to the third party.

7. Can the loan be taken abroad by third parties against the security of NRO/NRE/FCNR (B) deposits?

Yes, loan can be taken from selected offices of SBI against the security of NRE / FCNR (B) deposit only but not against the security of NRO deposit. However, please check with your nearest SBI foreign office.

8. How much loan / overdraft is available against Fixed Deposit?

Loan / Overdraft facility is available up to maximum of 90% against Fixed Deposit.

9. From which branch NRI Home Loan can be availed?

NRI Home Loan can be availed from anyone of the following branch:

1. From the branch where you are already maintaining NRI account
2. From one of the branch at the place of the proposed property / construction
3. From one of the branch at the place of residence of India based Power of Attorney Holder or co-borrower/guarantors

1. How to register for Internet Banking facility?

• If not applied for Internet Banking (INB) earlier:  Self-register for it online without visiting the branch, as per the procedure mentioned below:{please note that your current mobile number should be already registered with us}
  • Please go to SBI Online Banking page: https://www.onlinesbi.com/
  • Click on “Login” button in Personal Banking section
  • Click on “Continue to Login” button on next page
  • Click on "New User? Click here" and fill the details as being asked thereat. Thereafter, OTP will be sent on your registered mobile number and enter OTP on the screen.
  • Now, choose any one of the option to proceed further:
    • If you have received your ATM card, then choose ‘I have my ATM card (Online registration without branch visit)’ option and follow below given steps:
      • Enter the card details (card number, valid thru/Expiry Date, Cardholder’s Name, PIN and the characters visible in the box)
      • Click on ‘Submit’ button
      • On successful validation, system will display the temporary username created for your account. Please note down this username.
      • Then you will be asked to enter New login password and confirm New login password
      • Click on ‘Submit’ button
      • On successful submission, a confirmation message will be displayed on the screen
      • After 1 hour, you may login with temporary username and login password created by you. If it matches with the temporary username and login password created earlier, you will be asked to create your username, login password and profile password
    
    
    • If you have not received your ATM card, then choose ‘I do not have my ATM card (INB activation by branch)’ option and follow below given steps:
      • System will display a System Generated Temporary Username (SGTU) along with an input box prompting you to create a Temporary Password (TP) of your choice as per specifications given on the screen
      • On successful submission, system will sends a SMS to your registered mobile number consisting of SGTU and a Ref. No.
      • Thereafter, you will be prompted to print application form for completing the INB registration process. Please affix your signatures on the printed copy of this application and post/courier to your home branch for INB activation. Please note that such request coming through email cannot be acted upon, due to security reasons.


• If applied for Internet Banking earlier but have not received credentials till date: Please download a standard request letter for activating internet banking facility by clicking on ‘For activating internet banking (INB) facility’ from ‘Download Forms’ and post / courier it your home branch. Please note that such request coming through email cannot be acted upon, due to security reasons. User ID for Internet Banking (INB) facility will be sent in a SMS to your registered mobile number within 2 -3 working days from the date of receipt of your request. Password for INB facility will be dispatched separately to your postal address selected for correspondence, after 7 – 8 working days from the date of sending the User ID. If you can submit the request letter to your home branch in person, then branch can provide you a Pre Printed Kit (PPK) containing username and password for first login.

2. How to request for reissuance of login password if it is not received but username has been received?

In order to place a request for resending of login password, please follow the below mentioned steps:

• Please go to www.onlinesbi.com
• Please click on LOGIN button in PERSONAL BANKING section
• Please click on CONTINUE TO LOGIN button on the new page opened
• Please click on TROUBLE LOGGING IN link
• Please select I have received my User ID but not password option from the drop down of new page opened and click on Next Step
• Please enter the details as required

Login password will be resent to through post / courier to address given for correspondence.

3. How to request for reissuance of username, if it has not been received but mailer for login password has been received?

Username for internet banking is sent as an SMS to account holder’s registered mobile number. In case, if it has not been received but login password has been received, then please follow the below mentioned procedure for reissuance of Username and it will be re-sent on your registered mobile number as a SMS:

• Please go to www.onlinesbi.com
• Please click on LOGIN button in PERSONAL BANKING section
• Please click on CONTINUE TO LOGIN button on the new page opened
• Please click on TROUBLE LOGGING IN link
• Please select RESEND USER ID THROUGH SMS (NEW REGISTRANTS ONLY) option from the drop down of new page opened and click on Next Step
• Please enter the details as required to reissue the Username

4. What should be done if username and password received from bank does not work?

The user name and password are cryptic in nature because they are system generated and are case sensitive. While typing the username and password for the first time, ensure that all characters are entered as they appear in the document. If it still not get resolved then please either register a complaint or email it to your home branch.

5. How to retrieve username or login password if it has been forgotten?

In order to regenerate your Username or Login password, please follow the following steps:

• Please go to www.onlinesbi.com
• Please click on LOGIN button under PERSONAL BANKING section
• Please click on CONTINUE TO LOGIN button
• Please click on FORGOT USERNAME link and enter details as asked on the screen to re-generate your USERNAME or click on FORGOT LOGIN PASSWORD link and enter details as asked on the screen to create new LOGIN PASSWORD

6. How to change login password?

Please go to profile section after logging into your internet banking account and click on change login password option to change your login password.

7. What is a profile password?

The Profile Password provides an additional layer of security to your account(s). Whenever you access any functionality in the Profile tab you need to authenticate yourself with your Profile Password. For example, while setting your mobile number, adding a beneficiary, defining limits, for changing the Login password. Please note that you will receive an SMS alert as a security measure from the Bank whenever you access your profile section by using your profile password.

You must mandatorily set your profile password when you login to the Internet banking website for the first time. The Profile password should be different from the login password.

8. How to set a profile password?

Profile password has to be created by customer, whenever a new internet banking account is activated.

9. How to reset profile password?

• In order to reset your profile password, please follow the following steps:
  • Please go to profile section after logging into your internet banking account and click ‘Forgot Profile Password’. A Forgot Profile Password page appears and displays a form for the Hint Question and Answer
  • In this page, select the hint question, which you had set when you created your profile password for the first time
  • Enter the answer to the hint question
  • Click Submit. The Set Profile Password page appears and allows you to define a new profile password
  • Enter a new profile password. Ensure that your password is a combination of letters in upper and lower case, digits and special characters/ images.
  • Re-enter the same to confirm the password. Select a hint question and enter the answer for the same
  • Click Submit. Your new profile password is registered in the system as indicated by the Confirmation page that appears
  
  
  • If you have forgotten the hint question or answer, or have never set a profile password, you have to follow below mentioned steps:
    • Please go to profile section after logging into your internet banking account and click ‘Forgot Profile Password’. The Forgot Profile Password Page appears
    • Click the Forgot Hint Question and Answer hyperlink displayed at the lower end of this page
    • A Forgot Hint Answer page appears and displays a form to select your branch.
    • Select your branch and click Submit. A popup window opens and displays a Registration form for Duplicate Profile Password
    • Download and save the form in your computer
    • Close the popup window. You are displayed a reference number for the reset password request in a Confirmation page
    • Make note of the reference number
    • Print the Registration form and fill the same.
    • Please post / courier this completed form or submit in the person at your home branch
    • Ensure to quote the reference number when you submit the Registration form at the branch

  
  10. Can NRIs get Internet Banking Kits from any offices of SBI outside India?

  For availing Internet banking facility, NRIs can approach our offices in Bahrain, California (USA), China, Egypt, France, Germany, Hong Kong, Maldives, Muscat, Nepal, Oman, Qatar, Singapore, South Africa, UAE and United Kingdom.

  
  11. Can multiple accounts be linked to one internet banking account?

  Yes, multiple accounts can be linked to one internet banking username and all linked accounts can be seen or transacted with one username and password. For that purpose, please request your home branch to activate internet banking facility for such other accounts on the same username.

  
  12. How to change email address for internet banking facility?

  For changing email address, please go to Profile tab after logging into your internet banking account and change email address from there. Please note that, this email address will only be changed for transactions done through internet banking.

   

  In order to change email address for all other purposes, please download a standard request letter for changing email address in existing NRE / NRO account by clicking on ‘For change of any of the following personal details in the NRE / NRO account’ from ‘Download Forms’ and post / courier it your home branch. Please note that such request coming through email cannot be acted upon, due to security reasons.

  
  13. How to pay bills online?

  Please go to bill payment option and select a biller. Only those billers can be added which are there in the drop down list. You can schedule your payment or can give auto-pay option. Please note you will be able to view and pay your bill from next cycle.

  
  14. Can SBI credit card bill be paid though internet banking facility?

  Yes. Please go to bill payment and register SBI Credit card as biller and bill can be paid immediately.

  
  15. Can internet banking facility be used for doing transactions online?

  Yes, you can pay for your online purchases or other transactions through your internet banking facility.

  
  16. Can a Cheque Book be requested through internet banking facility?

  Yes, please go to e-Services section after logging into your internet banking facility and click on Cheque book option and enter details as required. Your cheque book will be sent at your registered postal address.

  
  17. Account cannot be seen upon logging on to internet banking account?

  Please contact your home branch for activating your internet banking account, as your branch has not yet activated your account. Alternatively, you may register a complaint.

  
  18. How to do transfer funds in India using internet banking?

  For transferring the funds, you have to first add a beneficiary and then make fund transfer to the beneficiary through RTGS / NEFT.

   

  For adding a beneficiary, please go to Profile section after logging into your internet banking account and click on ‘Manage beneficiary’ to add a new beneficiary. Please enter the beneficiary details as required. Please also specify the limit for fund transfer. Beneficiary will be authorized after a cooling period of 4 hours.

   

  Once beneficiary is authorized, please go to ‘Payments/Transfer section to make transaction.

  
  19. Can username and password that were sent to me be changed?

  Yes, it is mandatory for you to change the system generated username and password when you first logon to your internet banking account. Later at any point of time, you can change your password but not the username.

  
  20. Can nominee be added or changed through internet banking facility?

  Yes, nomination can be added, changed or cancelled as per below mentioned procedure:

  • Please log in to your SBI Personal Banking account (https://www.onlinesbi.com/)
  • Please click on ‘e-Services’
  • Please click on ‘Online Nomination’ on left hand side column and the page will display various deposit account maintained by you with us.
  • Please choose the account and click on anyone of the following tab for the needful:
    • ‘Register Nomination’ for adding a nominee, if no nominee is presently linked to your account
    • ‘Inquire Nomination’ for checking which nominee is presently linked to your account
    • ‘Cancel Nomination’ for removing the nominee from the account

  In order to change existing nominee, please cancel nominee first and then register a fresh nominee as per procedure mentioned above.

  
  21. Can SMS alerts service for an account be activated or deactivated through internet banking?

  Yes, please go to e-Services section after logging into your internet banking facility and click on SMS Alerts option and activate /deactivate it as per your requirement.

  
  22. For which all transactions / events these SMS alerts can be configured?

  You can select one or more of the following events for which you wish to receive SMS alerts for an account:

  • Hold on account balance is set (Includes lien marking also)
  • Hold on account balance is removed
  • POS (Point of sale) transaction alert i.e. fir Debit card swiped at Point of Sales
  • Cheque stop alert i.e. Cheque issued on account is stopped
  • Cheque dishonor alert i.e. Inward/Outward Clearing Cheque issued on account/ deposited in the account is dishonored
  • Cheque book issue alert i.e. whenever Cheque book is issued on account
  • Credit threshold i.e. SMS for all credit transactions above a threshold limit (Minimum amount of Rs.5000)
  • Debit threshold i.e. SMS for all debit transactions above a threshold limit (Minimum amount of Rs.5000)
  • Balance Threshold i.e. SMS whenever balance in the account falls below the predefined balance

1. What is Inter Bank Transfer?

Inter Bank Transfer is a special service that allows you to transfer funds electronically to accounts in other banks in India through:

• NEFT - The acronym "NEFT" stands for National Electronic Funds Transfer. Funds are transferred to the credit account with the other participating Bank using RBI's NEFT service. RBI acts as the service provider and transfers the credit to the other bank's account.
• RTGS - The acronym "RTGS" stands for Real Time Gross Settlement. The RTGS system facilitates transfer of funds from accounts in one bank to another on a "real time" and on "gross settlement" basis. The RTGS system is the fastest possible interbank money transfer facility available through secure banking channels in India.

2. What is the minimum/maximum amount for RTGS/NEFT transactions?

3. When does the beneficiary get the credit for a RTGS payment?

Under normal circumstances the beneficiary Bank branch receives the funds in real time as soon as funds are transferred by the remitting Bank. The beneficiary Bank has to credit the beneficiary's account within two hours of receiving the funds transfer message.

4. When does the beneficiary get the credit for a NEFT payment?

NEFT operates in hourly batches. Currently there are twelve settlements from 8 am to 7 pm on week days and six settlements from 8 am to 1 pm on Saturdays. Therefore, the beneficiary can expect to get the credit for the transactions put through between 8 am to 5 pm on weekdays (between 8 am to 12 noon on Saturdays) on the same day. For transactions settled in the 6 and 7 pm batches on week days and at 1 pm on Saturday, the credit will be afforded either on the same day or on the next working day.

5. If an RTGS transaction is not credited to a beneficiary account, does the Remitter get back the money?

Yes. If the beneficiary's bank is unable to credit the beneficiary's account for any reason, the former will return the money to the remitting bank within 2 hours. Once the amount is received by the remitting bank, it is credited to the remitter's account by the branch concerned.

6. If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?

Yes. If the beneficiary's bank is unable to credit the beneficiary's account for any reason, the former will return the money to the remitting bank within 2 hours of completion of the batch in which the transaction was processed. Once the amount is received by the remitting bank, it is credited to the remitter's account by the branch concerned.

7. At what time during the day/week is the RTGS & NEFT service available?

RTGS transactions are sent to RBI as per the following schedule:

NEFT transactions are sent to RBI as per the following schedule:

NEFT transactions are settled in batches based on the following timings:

• 12 settlements on weekdays - at 08:00, 09:00, 10:00, 11:00, 12:00, 13:00, 14:00, 15:00, 16:00, 17:00, 18:00 and 19:00 hrs.
• 6 settlements on Saturdays - at 08:00, 09:00, 10:00, 11:00, 12:00 and 13:00 hrs.

Please note that all the above timings are based on Indian Standard Time (IST) only.

8. What is the mandatory information required to make an RTGS & NEFT payment?

For effecting an RTGS/NEFT remittance the remitter has to furnish the following information:

• Amount to be remitted.
• Remitting customer's account number which is to be debited.
• Name of the beneficiary bank.
• Name of the beneficiary.
• Account number of the beneficiary.
• Sender to receiver information, if any.
• IFSC code of the destination bank branch.

9. How to find the IFSC code of the beneficiary branch?

In internet banking account, the remitter has the option of selecting the location of the destination Bank Branch in case the IFSC code is not known. If the correct values are selected for Bank, State and Branch, the IFSC code is automatically updated.

10. Do all bank branches in India provide RTGS & NEFT service?

No. RTGS and NEFT services are enabled only in specific bank branches across the country. A list of such RTGS/NEFT enabled branches can be obtained from the RBI website, http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB1110.xls for RTGS and http://www.rbi.org.in/scripts/neft.aspx for NEFT.

11.How can funds be transferred through RTGS / NEFT?

• Avail Internet Banking facility for your account with transaction rights. Contact your SBI branch for the purpose.
• Log on to www.onlinesbi.com using Internet Banking ID and Password. Access the Profile tab and click on the Manage Beneficiary link.
• Select Inter Bank Payee from the options provided.
• Select 'Add' option and provide the Beneficiary Name, Beneficiary Account Number, Address and Inter Bank Transfer Limit in the relevant fields.
• Enter the IFSC code of the beneficiary bank branch by either:
  • Selecting the IFSC code option and entering 11 digit IFSC code in the textbox.
  • Selecting the Location option and then the Beneficiary Bank, State and Branch form the drop down menus provided.
• Click the 'accept Terms of Service (Terms & Conditions)' button followed by 'confirm'
• A high security password is sent to the mobile number as an additional security measure. Enter this password to authorize the beneficiary.
• The beneficiary added is activated in a maximum of 16 hrs time. Once activated you can transfer funds to the beneficiary.
• To remit funds to the Inter Bank Payee through RTGS/NEFT select the 'Inter Bank Transfer' link in the 'Payments/Transfers' tab.
• Select the Transaction Type - RTGS or NEFT.
• The list of beneficiary accounts added is displayed.
• Enter the Amount and select the beneficiary to be credited from the list.
• Click on 'accept Terms of Service (Terms & Conditions)' and confirm.

12. Whom I can contact, in case of non-credit or delay in credit to the beneficiary account for NEFT transaction?

Please contact your bank/branch or the receiver bank/branch or the Customer Facilitation Service center of the banks.