SBI NRI FD Scheme

Overview

State Bank of India (SBI) offers a variety of customized fixed deposit options for Non-Resident Indians (NRIs), enabling them to earn decent returns while also providing other perks like tax exemptions on specific FDs. Non-Resident External (NRE), Non-Resident Ordinary (NRO),

Foreign Currency Non-Repatriable (FCNR), and Resident Foreign Currency (RFC) accounts are among the different types of NRI programs provided by SBI. NRIs can open NRE, NRO, RFC, and FCNR term deposits in addition to NRE and NRO fixed deposit accounts

On February 28, 2018, SBI NRI FD interest rates were changed. Interest rates have changed for all deposit kinds and tenures, including SBI NRI fixed deposits.

What is a State Bank of India NRI FD Scheme?

SBI NRI FD Scheme offers varied schemes of tenures ranging from seven days to ten years. SBI offers FD interest rates to the general public of 3.00%-6.25% p.a. and senior citizens of 3.50%-6.90% p.a. The SBI Tax Saving FD has an interest rate of 6.90% p.a. for senior citizen depositors and 6.10% p.a. for the general public.

Additionally, the bank provides NRIs with various fixed deposit products, including NRE, NRO, FCNR (B), and RFC fixed deposits. US Dollars (USD), Euros, British Pounds (GBP), Canadian Dollars (CAD), Australian Dollars (AUD), and Japanese Yen are all accepted currencies for FCNR (B) fixed deposits at SBI. RFC fixed the bank accepts deposits in EUR, USD, and GBP.

State Bank of India NRI Fixed Deposit Scheme: Fixed Deposit Rates Below ₹2 Crores.

Tenure Days (Months)	Regular Fixed Deposit Rates (%) p.a.	Senior Citizen Fixed Deposit Rates (%) p.a.
12 to 24	6.10%	NA
24 to 36	6.25%	NA
36 to 60	6.10%	NA
60 to 120	6.10%	NA

 *Note: The rates are in effect from November 2022. However, the rates may vary. 

The below table State Bank of India NRI Fixed Deposit Scheme: Fixed Deposit Rates from ₹2 Crores to ₹10 Crores:

Tenure (Months)	Regular FD rates (per annum)	Senior Citizen Fixed Deposit Rates (%) p.a.
12-24	6.00%	3.40%
24-36	5.25%	4.40%
36-60	5.25%	4.90%
60-120	5.00%	4.90%

 *Note: The rates are in effect from November 2022. However, the rates may vary.

Eligibility Criteria for a State Bank of India NRI FD Scheme

The eligibility criteria for SBI NRI FD are mentioned below.

 Persons of Indian Origin who are Non-Resident Indians (NRIs) (PIOs)

• Indian non-residents
• Indian residents who reside outside of India

Documents Required to Open a State Bank of India NRI FD Scheme

The NRIs are required to produce the following documents to establish a State Bank of India NRI FD:

• Name
• Address
• Date of Issue
• Date of Birth
• The expiration date of the passport
• Applicants photocopy of the VISA

Features & Benefits of SBI NRI FD Scheme

There are various features and benefits of SBI NRI FD Scheme, some of which are listed below:

• Regular email and SMS alerts for all your transactions and account activity
• One can enquire about the balance and their account statement by accessing your their through the SBI mobile app or SBI’s official website (internet banking).
• International or Domestic Debit Cards
• An NRI family card
• One can open the account jointly or individually
• Closely related residents may open an account on a “former or survivor” basis.
• Indian income tax does not apply to interest earned on NRE accounts.
• Availing of Rupee loans secured by NRE deposits
• Card is valid for ten years from the date of issue.
• Minimum recharge amount is Rs.100/-
• Maximum recharge amount is Rs. 1 lakh.

How Can You Apply for a State Bank of India NRI FD?

One can apply for an SBI NRI FD by visiting their branch, filling out the necessary forms and submitting the documents, or applying online through the bank’s official website.