NRI (NON RESIDENT INDIAN) SERVICES

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 the 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   For locating the SBI branch of your convenience.Click here 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 Back to Top        FCNR (Foreign currency non resident) deposits (Not insured by FDIC) US Dollar denominated fixed deposit Can also be maintained in pound sterling or Euro Use NRE FCNB 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 Back to Top      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 Back to Top      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 US$ 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 You may 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. Back to Top

24/7 Customer Contact Center For NRI Services of SBI Toll free (USA) 1-866-328-4209 New Account, please click here NRI DEPOSIT ACCOUNT DISCLOSURE NOTICE NRI deposits are offered under the Reserve Bank of India program for Non-Resident Indians and are governed by the rules in effect from time to time relating to such programs, are subject to the sovereign risk arising from, and governed by the laws of or any changes to the laws of India. NRI deposits with the State Bank of India are not insured by the Federal Deposit Insurance Corporation (FDIC) of the U.S.A., nor by any other insurance company or corporation outside India and are payable only at the branch of the State Bank of India where the deposit is held.  At State bank of India (California), we facilitate in opening of NRI deposit account of our customers with a designated branch of State Bank of India, in India and are not responsible or liable for any disputes or claims arising due to deficiency of service or product at such designated branch of State Bank of India.   Under the current U.S. tax laws, U.S. citizens and residents are subject to tax on their worldwide income.  You should consult your tax advisor for the U.S. treatment of income from these deposits