When I moved to Canada a few years back, I opened an NRI account with SBI. Based on my experience, I can tell you some of the SBI NRI account benefits.
It gives you the flexibility of converting your money into Indian rupees.
You also have the option to choose from the variety of NRI account types: NRE, NRO, and FCNR.
I liked the feature which allows you to open joint accounts as well.
With NRE accounts, you can also save yourself from a lot of taxes.
These are a few features and advantages of SBI NRI accounts.
Read more
What is SBI NRI Savings Account Interest Rate?
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Before opening an NRI account in SBI, I wanted to know about the SBI NRI account benefits. As I enquired about it with the bank, I came to know that there are 2 categories of NRE and NRO accounts, plus additional types of accounts for insurance, foreign currency deposits and also returning NRIs.
Before they explained to me the benefits of NRI account in SBI, they explained the different types of NRI accounts that can be opened in SBI.
Here is a quick table on the bank accounts available at SBI:
| Type of Account | Purpose |
NRE Account |
For income earned abroad and converting it to Indian Rupees |
NRE Salary Account |
For salary earned abroad and converting it to Indian Rupees |
NRO Account |
For earnings in India for NRIs |
Non-Resident Ordinary (NRO) Salary Account |
For salary earned in India while an NRI |
NRO Tax Saving Scheme |
Intended to help save on taxes with 80C |
FCNRB Account |
For foreign currency deposits |
FCNRB Premium Account |
For foreign currency deposits and insurance |
RFC Account |
For income earned abroad when resettling in India |
NRI Family Card |
For money transfers for family in India |
Demat Account |
For NRIs wanting to invest in stocks and bonds in India |
SBI Capgains Plus Account |
For NRIs with property sales in India |
What are NRI Account SBI Benefits?
I have trust and a good banking relationship with SBI through an NRO account with SBI. So, I can tell you the benefits of NRI account SBI.
You can easily convert any kind of income earned abroad into Indian Rupees.
It helps to save on taxes with 80C.
You can deposit foreign currency and insurance with an NRI account.
You can easily transfer money to your family in India.
They are also helpful if you want to invest in stocks and bonds in India.
NRI accounts also help in property sales in India.
These are a few key SBI NRI account benefits which you should know about if you are planning to open an NRI account with SBI.
Get the Lowest Interest Rates for NRI Home Loan Via NoBroker NRI Services. Read More:How to Open NRI Account in SBI Online?
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What are SBI NRI Account Benefits?
Vaani
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2024-02-28T20:18:36+00:00 2024-02-28T20:18:37+00:00Comment
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