Your financial needs may change when you move to another country. However, maintaining a connection with India through your bank account can open you up to a world of possibilities. Invest your foreign earnings or your income from India across our NRI offerings and access the industry-leading support you need to manage your affairs from overseas. By opting for NRI Banking services from SBM Bank, you can experience banking as it was meant to be for the discerning expat.
We work with the top currency rate providers around the world to bring you preferred forex rates. With such currency exchange rates, you can make the most out of your international transaction.
In a world full of digital possiblilites, we believe that the human touch can be gamechanger. Our Relationship Managers are always just a call away to ensure we meet all your banking needs.
Grow your savings, whether earned overseas or within India, and build a robust corpus to achieve your financial goals. With our Portfolio Management Services, let our seasoned investment experts steer your investments toward steady growth.
NRI FIXED DEPOSITS
Access industry-leading interest rates with NRE/NRO Deposits from SBM Bank India
As an NRI, you can invest your earnings from overseas and India in Non-Resident External (NRE) FD and Non-Resident Ordinary (NRO) FD, respectively. You can earn attractive interest rates that vary across FD tenures and NRI FD type. You can stay invested in FDs for up to 10 years, while also selecting the option for either callable or non-callable FDs. The maximum amount you can invest in SBM NRI FDs is INR 5 crore or equivalent. NRO Account holders can also opt for Tax Saver FDs that can help reduce tax liabilities.
Know MoreNRI SAVINGS ACCOUNT
Grow your Savings at attractive interest rates
With SBM Savings Accounts for NRIs, you enjoy best-in-class interest rates on your Savings. Deposit your foreign income in Non-Resident External (NRE) or domestic income in a Non-Resident Ordinary (NRO) Savings Account, respectively. At SBM Bank, we can offer customised account numbers. A dedicated Relationship Manager will be available to assist you with all your banking queries, and you can access your account remotely with user-friendly Internet and Mobile Banking platforms.
Know MoreSEND MONEY TO INDIA
You can conveniently send money to your loved ones in India.
Transfer money to India to support the various needs of your family. You can transfer such funds to your NRE or NRO Accounts held in India. You can also appoint a power of attorney who can withdraw the money on your behalf and cover local expenses via your NRO account. Additionally, you can request the bank to issue a Debit Card to such individuals, so that they can make convenient cashless payments.
Know MoreNRI DEBIT CARDS
Experience the unique benefits offered by our premium Debit Cards.
At SBM Bank, we offer Debit Cards powered by global leaders - Visa and Mastercard. Our SBM World Debit Card and SBM Signature Debit Card offer hand-picked benefits such as zero cross-currency mark-up charges, complimentary airport lounge access, and offers on travel, dining, shopping, etc. across top brands. Additionally, the SBM World Debit Card also offers complimentary access to golf courses across the country.
Know MoreNRI LOAN AGAINST PROPERTY
Tailored for NRIs seeking flexible funding solutions
Looking to leverage your property for generating funds while living abroad? Explore NRI Loan Against Property by SBM Bank India. With competitive interest rates, hassle-free documentation, and swift approvals, you can unlock the potential of your residential or commercial property in India. Our Loan offers high-value funding with longer repayment tenures. Trust us to make the process seamless while ensuring your peace of mind. Take a step closer to your financial goals—because your property can be your biggest asset, even when you're away.
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A Non-Resident External Account allows you to deposit your foreign currency earnings in an interest generating account. With NRE Accounts, the foreign currency you deposit gets converted into Indian Rupees. You can avail of attractive interest rates of up to 7.25%* per annum. Funds in your NRE Account are fully repatriable. Also, income from interest from such accounts is completely tax-free. With the SBM Bank NRE Account, you can access a multitude of wealth management solutions and round the clock support. Additionally, the NRE Account comes with the SBM World Debit Card. |
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If you are receiving income from India, you can deposit it in a rupee-dominated Non-Resident Ordinary Account. Examples of permissible credits include rent from property in India, dividend and interest, among others. Besides income collected in India, you can also place your foreign currency earnings in your NRO Account. You can also remit funds of up to USD 1 million from your NRO Accounts in a financial year. The SBM Bank NRO Account also comes with the SBM World Debit Card, wherein you can access a wide range of premium offers. |
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You can reap the benefits of the Indian stock market while you are overseas, thanks to NRE Portfolio Investment Scheme (PIS). PIS lets you buy and sell shares and debentures of Indian companies on the stock exchange. You can repatriate your earnings to your local bank account in the country of residence. You can avail of timely updates from our dedicated support team and enjoy 24×7 NRE PIS Account access. |
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With our Foreign Currency Non-Resident (FCNR) deposits, you can grow your wealth in a foreign currency of your choosing. Not only can you avoid the currency exchange risk, but you can also earn higher interest rates on the deposits that vary across currencies. You can opt for tenures of up to five years. The income earned from such deposits is tax-free and both, interest and principal amount are fully repatriable. |
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With your NRI Bank Account in India, you can conveniently purchase a house in India. With the SBM Bank Home Loan, you can purchase under-construction properties, land, ready-to-move-in flats, etc. We also offer our Home Loan offerings to finance home extension and renovation projects. What is more, you can get approval for Home Loan before you even finalise the property. You can enjoy competitive Home Loan interest rates, along with flexible repayment options. You can also transfer your existing Home Loan to SBM Bank. |
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Online BankingYou can manage your NRI Accounts in India regardless of where you are. With the SBM Bank Internet Banking and Mobile Banking facilities, you can access your NRI Accounts instantly. You can check your account balance and statements, transfer funds to other bank accounts, pay bills or open Fixed or Recurring Deposits. With one-time passwords and virtual keyboard facilities, you can avail of a secure banking experience. |
A Non-Resident External Account allows you to deposit your foreign currency earnings in an interest generating account. With NRE Accounts, the foreign currency you deposit gets converted into Indian Rupees. You can avail of attractive interest rates of up to 7.25%* per annum. Funds in your NRE Account are fully repatriable. Also, income from interest from such accounts is completely tax-free. With the SBM Bank NRE Account, you can access a multitude of wealth management solutions and round the clock support. Additionally, the NRE Account comes with the SBM World Debit Card.
If you are receiving income from India, you can deposit it in a rupee-dominated Non-Resident Ordinary Account. Examples of permissible credits include rent from property in India, dividend and interest, among others. Besides income collected in India, you can also place your foreign currency earnings in your NRO Account. You can also remit funds of up to USD 1 million from your NRO Accounts in a financial year. The SBM Bank NRO Account also comes with the SBM World Debit Card, wherein you can access a wide range of premium offers.
You can reap the benefits of the Indian stock market while you are overseas, thanks to NRE Portfolio Investment Scheme (PIS). PIS lets you buy and sell shares and debentures of Indian companies on the stock exchange. You can repatriate your earnings to your local bank account in the country of residence. You can avail of timely updates from our dedicated support team and enjoy 24×7 NRE PIS Account access.
With our Foreign Currency Non-Resident (FCNR) deposits, you can grow your wealth in a foreign currency of your choosing. Not only can you avoid the currency exchange risk, but you can also earn higher interest rates on the deposits that vary across currencies. You can opt for tenures of up to five years. The income earned from such deposits is tax-free and both, interest and principal amount are fully repatriable.
With your NRI Bank Account in India, you can conveniently purchase a house in India. With the SBM Bank Home Loan, you can purchase under-construction properties, land, ready-to-move-in flats, etc. We also offer our Home Loan offerings to finance home extension and renovation projects. What is more, you can get approval for Home Loan before you even finalise the property. You can enjoy competitive Home Loan interest rates, along with flexible repayment options. You can also transfer your existing Home Loan to SBM Bank.
You can manage your NRI Accounts in India regardless of where you are. With the SBM Bank Internet Banking and Mobile Banking facilities, you can access your NRI Accounts instantly. You can check your account balance and statements, transfer funds to other bank accounts, pay bills or open Fixed or Recurring Deposits. With one-time passwords and virtual keyboard facilities, you can avail of a secure banking experience.
An Indian citizen who resides outside India is a Non-Resident Indian (NRI). A Person of Indian Origin (PIO) is a foreign national (except for citizens of Bangladesh and Pakistan) who resides outside India and has some form of association to India through previous citizenship or through ancestors who are or were Indian citizens.
To open an NRI Account with SBM Bank, you can provide your name and contact details here. A bank representative will get in touch with you and assist you with the NRI Bank Account opening process.
No, you cannot. Owing to the Foreign Exchange Management Act (FEMA), it is important that you inform the bank of the change in your residential status. This way, the bank can convert your resident Savings Account to Non-Resident Accounts. As per RBI regulations, when you become an NRI, your existing Savings Account will be designated as an NRO Account.
NRIs are required to pay tax on income accrued in India. This includes salary received in India, salary for a service provided in India, capital gains and interest income from Savings Account or FDs, to name a few. Income earned outside India, however, is not taxable in India. Moreover, you are eligible for various tax benefits outlined in various sections of the Income Tax Act, 1961. You can avail of deductions under Section 80C, 80CCC, 80D, 80E, 80G, 24B and so on. Note that such deductions are not available under the new tax regime.
The SBM World Debit Card and SBM Signature Debit Card are available free of charge.
In such cases, you can request the bank to convert your NRE or NRO Accounts to Resident Account. In case of NRE Accounts, you can request the bank to transfer the account funds into a Resident Foreign Currency (RFC) Account. For FCNR Deposits, you may continue to hold the deposits until they mature.
