At State Bank of India (California), we offer NRI deposit referral services with branches of State Bank of India (SBI) spread across various states in India. These deposits are held in India and are accepted in accordance with Reserve Bank of India's and State Bank of India's rules for non-resident Indians. These deposits are not insured by FDIC, CDIC or any deposit corporation outside India. These are not obligations of offices of State Bank of India or its subsidiaries in the USA and there is no recourse against the branches of State Bank of India or its subsidiaries located outside India.
The various NRI deposit products offered are:
NRE (Non-Resident External) Deposits (Not insured by FDIC)
- Rupee denominated deposit account which can be opened by N.R.I.'s or people of Indian origin
- NRE deposits are repatriable
- NRE deposits can be either placed in savings/checking account or in fixed deposits
FCNR (Foreign Currency Non-Resident) deposits (Not insured by FDIC)
- U.S. Dollar denominated fixed deposit
- Can also be maintained in Pound Sterling or Euro
Use NRE FCNR Account Opening Form for new accounts.
Use FCNB NRE Account Renewal Form for all renewal and payment requests.
Use Letter of Authority Form to let other persons operate NRE Account.
NRO (Non-Resident Ordinary) Deposits (Not insured by FDIC)
- Rupee denominated deposits of non-residents
- Not repatriable
- Income earned in India can be deposited into the account
- Tax on interest earned is payable at source
- Savings/Checking account or fixed deposit account
- Can be opened jointly with a resident Indian
Resident Foreign Currency Accounts (Not insured by FDIC)
- RFC accounts can be opened by PIOs/NRIs returning to India after staying abroad
- Presently RFC accounts are being opened in U.S. Dollars only
- The accounts can be converted into FCNR/NRE accounts in case the person becomes an NRI again
For interest rates and other information on the above deposits, please visit www.sbi.co.in
Please visit SBI NRI Services, a NRI portal of State Bank of India at http://www.onlinesbi.com/nri to view the details of various banking facilities offered by State Bank of India to NRIs.
Note: The NRI Services at State Bank of India (California)'s Artesia Branch are available by prior appointment only.