FAQs - 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.

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:

• Condition The person is non-resident, as per the above provisions, for at least 9 out of 10 previous years prior to the previous year under consideration. Condition If yes, the person is RNOR
• Condition The person's stay in India during the 7 previous years prior to the previous year under consideration should be 729 days or less. Condition If yes, the person is RNOR

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.

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

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.

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

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)

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

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

• 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.

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)

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;
  • 1) Father (Provided that the term “Father” includes step-father)
  • 2) Mother (Provided that the term “Mother” includes step-mother)
  • 3) Son (Provided that the term “Son” includes step-son)
  • 4) Son’s wife
  • 5) Daughter
  • 6) Daughter’s husband
  • 7) Brother (Provided that the term “Brother” includes step-brother)
  • 8) Sister (Provided that the term “Sister” includes step-sister)

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.

• Request for Nomination in the account (Form DA -1)
• Cancellation of existing Nomination in the account (Form DA -2)
• Change in existing Nomination in the account (Form DA -3)

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.

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.

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

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.

• 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.

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).

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

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.

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

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.

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.

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.

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.

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'.

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.

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.

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.

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

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.

RFC account can be opened in USD, EURO or GBP

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

• Minimum: 1 year
• Maximum: 3 years

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.

Yes, with another person eligible to open RFC account.

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.

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.

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.

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.

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

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.

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

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.

MCC is payable at par at all SBI branches in India

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.

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

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

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’

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.

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

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

It is a prepaid card for use in India, which is issued to resident Indian (family member or dependent or beneficiary or any acquaintance of NRIs in India). Using this card, the card holder can now easily receive the remittance, by way of loading the amount in this card by NRI through his INB account with us.

Resident Indian (family member or dependent or beneficiary or any acquaintance of NRIs in India) can apply for this card. NRI account holder can then map it to his/her NRE / NRO Savings bank account with us through Internet Banking (INB) facility. Thereafter, , topping up of the card can be done through INB account by the NRI as and when needed.

• Resident Indian Applicant (family member or dependent or beneficiary or any acquaintance of NRIs in India) may download the application from our website or obtain it from the SBI branch authorized to issue this card.
• He / she will fill the application and submit it to the branch along with valid Identity and Address proofs.
• If the applicant has opted for Personalized Card (i.e. bearing the name of the applicant), then branch will process it accordingly. Applicant has to be collect Personalized card from the branch after 12 working days from the date of request for the card. If it is a Non-Personalized card, then branch will deliver the card to applicant at the branch itself instantly.

Card applicant must be a resident Indian. Applicant has to fill an application form and needs to give one Identity and Address proof for KYC purposes. Following proofs are acceptable:

• Identity Proof ( any one of the following)

  • 1. Passport
  • 2. Driving license
  • 3. Permanent Account Number (PAN) Card
  • 4. Voter’s identity card issued by Election Commission of India
  • 5. Job card issued by NREGA duly signed by an officer of the State Government
  • 6. Aadhaar Letter / Card

• Address Proof ( any one of the following)

  • 1. Passport
  • 2. Driving license
  • 3. Voter’s identity card issued by Election Commission of India
  • 4. Job card issued by NREGA duly signed by an officer of the State Government
  • 5. Aadhaar Letter / Card
  • 6. Self-declaration of address with positive confirmation in the form of Acknowledgment (proof of delivery) of receipt of letter, cheque book, ATM card at the address or Telephone calls or visits etc.

This card is available in both forms i.e. Personalized as well as Non-Personalized. If card applicant wants the card to be issued immediately, then he/she can opt for Non-Personalized card otherwise Personalized card can be opted, which has to be collected by the applicant from the branch after 12 working days from the date of request for the card.

The card provides convenience to NRIs for giving money to family member or dependent or beneficiary or any acquaintance of NRIs in India on a real time basis from anywhere in the world by using his NRE / NRO SB account with us. The top up of the card in India takes place on real time basis and the money is available to the beneficiary instantly.

For the card holder in India, no need of opening an account for receiving remittance from abroad. Top up of the card is immediate and the amount is available for use through three channels viz ATM, POS and Online spend, instantly.

It is an effective alternate means for the NRIs for sending remittances to their family members. Instead of sending remittances from abroad (for family maintenance or any other purpose) to the bank accounts of resident Indian (family member or dependent or beneficiary or any acquaintance of NRIs in India), NRIs can top up the amount to these cards from their existing NRE / NRO account using Internet banking facility.

• Yes, it is possible to withdraw cash at any State Bank Group (SBG) ATM (free of charge) and by paying a charge at other bank’s ATMs. Cash withdrawal limit from State Bank ATMs is Rs.100/- to Rs.40,000/- per day.
• You can use a NRI Family Card at any Point of Sale (POS) terminal at Merchant Establishments (shops, malls etc.) that accept VISA Cards up to Rs. 50,000 per day.
• You can use a NRI Family Card at any online merchant site that accepts VISA Cards, for e-commerce transactions up to Rs. 50,000 per day.

No. The card is a domestic card and can be used for payment in Indian Rupee (INR) in India only.

No. NRI Family Card can only be obtained on request through select branches of the State Bank of India by physically visiting the branch.

Resident Indian (family member or dependent or beneficiary or any acquaintance of NRIs in India) has to visit one of the select SBI branch in India and get the card issued in his/her name. He has to then advise the card details to his NRI relative abroad. The NRI will register / link this card to his NRE / NRO Savings Bank account with us using Internet Banking Facility. Thereafter he can top up the card through his Internet Banking account. After top up, card holder can use it in India.

NRE / NRO Savings Bank account holder can link the NRI Family Card through their Internet Banking (INB) facility. However, one card can be registered / linked on any given day. The procedure is mentioned below:

• Go to your Internet banking account
• Click on ‘e-Cards’ in the menu bar
• Click on ‘Prepaid Card’ on the left hand side panel
• Click on ‘Register Prepaid Card’ and enter the card number as provided to NRI by the card holder

A NRI Family Card can be registered / linked to multiple NRE / NRO account at any given point of time. Multiple NRE / NRO account can belong to one NRI account holder or multiple NRI account holders also.

NRE / NRO Savings Bank account holder can top up the card online through their Internet Banking (INB) facility. The procedure is mentioned below:

• Go to your Internet banking account
• Click on ‘e-Cards’ in the menu bar
• Click on ‘Prepaid Card’ on the left hand side panel
• Click on ‘Top up Prepaid Card’ and enter the amount

NRE / NRO Savings Bank account holder can check the available balance in the registered NRI Family Card through their Internet Banking (INB) facility. The procedure is mentioned below:

• Go to your Internet banking account
• Click on ‘e-Cards’ in the menu bar
• Click on ‘Prepaid Card’ on the left hand side panel
• Click on ‘Prepaid Card Details’ and select the card number or nickname for which you want to check the balance

NRI can register / link as many NRI Family Cards as he/she wish for with his / her NRE / NRO account.

An individual can have only 1 (one) such card.

Presently, there are no issuance charges for NRI Family Card. However, charge amounting to Rs. 102/- (inclusive of service tax) will be applicable on cards issued from 01st April 2015.

Rs.10 (inclusive of service tax) will be charged at per instance of topping NRI Family Card.

Yes. There is a charge of Rs.102/- (inclusive of service tax) plus courier charges.

You can top up a NRI Family Card for a minimum of Rs. 100/- and a maximum of Rs.50,000/- at one instance. The balance on the card cannot exceed Rs. 50,000/- at any point of time.

• Financial Transaction: Rs. 20/- per transaction.
• Non-Financial Transaction: Rs. 9/- per transaction.

Please Note: These charges are subject to change without prior notice.

No charges are levied by the Bank. However, some Merchant Establishments may impose a surcharge e.g. petrol pumps, railways, etc. which would be recovered from Cardholders.

You can top up a NRI Family Card any number of times.

A NRI Family Card can be topped up instantly at any time of the day/night.

• Balance enquiry and view/download statement of card can be seen through the following link online: https://prepaid.onlinesbi.com. Please enter the User ID and Password provided to the card holder at the time of issuance for logging in.
• Card holder can do the balance enquiry, view statement and obtain mini statement for the transactions from any of the State Bank Group ATMs free of cost.
• NRI account holder can also do the balance enquiry online after logging into their Internet Banking Account. The procedure is mentioned below:
  • Go to your Internet banking account
  • Click on ‘e-Cards’ in the menu bar
  • Click on ‘Prepaid Card’ on the left hand side panel
  • Click on ‘Prepaid Card Details’ and enter the card number as provided to NRI by the card holder

Cardholder will get SMS and Email alerts on the mobile number and email address provided in the application for the issuance of this card, upon every top up done in the card and on the usage of card at ATM / POS / online transactions.

NRI account holder will not get any alert on the usage of card. However, he/she may check the available balance online after logging into his Internet Banking Account. The procedure is mentioned below:

• Go to your Internet banking account
• Click on ‘e-Cards’ in the menu bar
• Click on ‘Prepaid Card’ on the left hand side panel
• Click on ‘Prepaid Card Details’ and enter the card number as provided to NRI by the card holder

NRE / NRO Savings Bank account holder can de-register /unlink the already registered NRI Family Card through their Internet Banking (INB) facility. The procedure is mentioned below:

• Go to your Internet banking account
• Click on ‘e-Cards’ in the menu bar
• Click on ‘Prepaid Card’ on the left hand side panel
• Click on ‘De-Register Prepaid Card’ and enter the card number as provided to NRI by the card holder

The card is valid for 10 (Ten) Years from the date of issue.

• In case balance in the State Bank NRI Family Card is below Rs. 102 and the Card is not used for six months or is beyond expiry date, the entire balance will be forfeited and State Bank NRI Family Card will be closed.
• In case balance in the State Bank NRI Family Card is above Rs 102 and the validity of the card has expired, then the balance less Rs.102 will be refunded to the bonafide cardholder on application.

• If the card is lost or stolen, please immediately call us on our 24 hour toll free number 1800-11-22-11 / 1800-425-3800 to block the card.
• Alternatively, card can be blocked by visiting the home branch.

Refund for residual amount, after card is blocked has to be obtained from the home branch from where card was issued.

You can avail NRI Family Card from your home branch.

• If remittance is up to USD 10,000/- or equivalent: Please quote SWIFT Code as SBININBBFXD
• 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.

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.

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.

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.

• 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

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:
  • Please login to your INB account
  • Click on ‘Profile’ tab
  • Enter your profile Password
  • Click on ‘Manage Beneficiary’
  • Click on ‘Outward Remittance Beneficiary for NRE / FCNR (B) Account’
  • Enter details of beneficiary and submit it after entering OTP sent on your registered mobile number
• Procedure for placing the remittance request:
  • Please login to your INB account
  • Click on ‘e-Services’ tab
  • Click on ‘NRI Services’ appearing in the column on left hand side
  • Click on ‘Outward Remittance from NRE / FCNR (B) Account’
  • 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.

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.

• 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'

Yes, an account hulder 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.

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

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.

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 fullow 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 (hulder) only and with a minimum residual period of 6 months are eligible for it. Deposit with joint hulders 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.

• Please login to your INB account
• Please click on ‘e-Fixed Deposit’ tab
• Please click on ‘Overdraft against Fixed Deposit’ from the culumn on left hand side
• 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.

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

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.

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

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

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

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 fullow below given steps:
    • Enter the card details (card number, valid thru/Expiry Date, Cardhulder’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 fullow 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.

In order to place a request for resending of login password, please fullow 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.

Username for internet banking is sent as an SMS to account hulder’s registered mobile number. In case, if it has not been received but login password has been received, then please fullow 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

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 resulved then please either register a complaint or email it to your home branch.

In order to regenerate your Username or Login password, please fullow the fullowing 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

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

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

• In order to reset your profile password, please fullow the fullowing 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 fullow 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

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

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.

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 fullowing 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.

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.

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

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

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.

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 couling period of 4 hours.

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

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.

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 culumn and the page will display various deposit account maintained by you with us.
• Please choose the account and click on anyone of the fullowing 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.

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.

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

• Huld on account balance is set (Includes lien marking also)
• Huld 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 threshuld i.e. SMS for all credit transactions above a threshuld limit (Minimum amount of Rs.5000)
• Debit threshuld i.e. SMS for all debit transactions above a threshuld limit (Minimum amount of Rs.5000)
• Balance Threshuld i.e. SMS whenever balance in the account falls below the predefined balance

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.

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.

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.

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.

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.

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

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

NEFT transactions are settled in batches based on the fullowing 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.

For effecting an RTGS/NEFT remittance the remitter has to furnish the fullowing 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.

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.

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.

• 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 fullowed 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.

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

1. NRIs / OCIs can make payment for acquisition of immovable property (other than agricultural land / plantation property / farm house) out of funds received in India through normal banking channels by way of inward remittance from any place outside India or by debit to his NRE / FCNR (B) / NRO accounts.

2. Such payments cannot be made either by traveller’s cheque or by foreign currency notes or by other mod except those specifically mentioned above.