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How to apply for NRI account in SBI or IOB

harishchandra on Monday, August 20 2012, 05:22 PM
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How to apply for NRI account in SBI or IOB

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  • Replied by Parth on Monday, August 20 2012, 05:37 PM
    Harish Ji,
    Opening NRE account though IOB is much easier than SBI, IOB has branch office in Seoul, you can visit with you copy of passport/alien card and salary report, they will give you one form, fill it up,
    If you are creating account for any Indian branch, then they will send your docs to your targeted branch and return back your passbook and cheque books and other docs for Internet banking.
    overall they will take 3-4 weeks.

    If you want SBI NRE account, on my last visit to India, I opened one. It will be easy if you try to open during your India stay,
    though from here its possible, if the branch manager is friendly with you, then he can take all your scanned copy by email/ docs by post, he can do rest to open your NRE account.

    I will suggest you, when you are going to make one NRE account better to open one NRO account, where you can save money earned from India, or from family. because these taxable money can not be transferred into you NRE account. So go with NRO also, recently RBI allows NRO account holder can transfer money to NRE, use the advantages,

    Regards
    Parth

    1 vote by Kumar Brata Das

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