What are the benefits of opening an NRI account?

NRI accounts can be opened by Non-Resident Indian who reside outside the geographic territory of India. This account facilitates account holders to manage transactions in the currency of their country of residence.



There are types of NRI saving account one can opt to open:

  • NRE Account

  • NRO Account

NRE Account:

NRE (Non-Resident External) account is accessible to deposit overseas savings as rupee dominated. It is an account opened in India in the name of NRI. One can open a joint account between two Non-Resident Indians or a Person of Indian Origin with the SBM NRE savings account.

Benefits of NRE account:

  • Interest 6% p.a. with monthly payout of interest

  • Tax-free returns

  • Fully repatriable

  • Competitive forex rates

  • Dedicated Relationship manager

  • Preferential pricing on a host of products and service

  • Premium privileges with Personal concierge

NRO Account:

NRO (Non-Resident Ordinary Rupee) is an account opened in India by the name of NRI to manage the income earned in India. That earning can be a dividend, pension, rent, etc.

One can open an account jointly between two Non-Resident Indians or a Person of Indian Origin with the SBM NRO savings account.

Benefits of NRO Account:

  • Earn 6% p.a. with monthly payout of interest

  • Multiple investment options to grow your local earnings

  • Competitive forex rates

  • Dedicated Relationship manager

  • Preferential pricing on a host of products and service

  • Premium privileges with Personal concierge

Thus both types of NRI saving Account have their own benefits.

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