How To Open A NRI Account In India
An NRE (Non Resident External) Account is extremely beneficial for people who don’t reside in India all the while. By opening an NRE account, they can enjoy the following benefits:
- All overseas earnings can be remitted to the NRE account and converted to Indian rupees.
- This account can be operated individually or jointly along with other PIO’s / OCI’s / NRI’s.
- Any interest that is earned on NRE accounts is exempted from Income Tax in India. Rupee loan is also available against NRE deposits.
Opening an NRE account is extremely easy. The steps to open an NRE account with State Bank of India are given below:
- First you need to go to https://oaa.onlinesbi.com/oaonri/onlineaccapp.htm and go through the checklist.
- Then you need to click on ‘Apply Now’ and fill the online application form.
- Once you fill the form you can click on ‘Download Completed Application’.
- Then you need to get all your documents attested as per the checklist of documents given on the link.
- You can then post your application to your nearest State Bank of India branch for further processing.