How to Open an SBI NRI Account in the UAE?

The State Bank of India (SBI) offers the facility for NRIs to open an account in the UAE. These accounts are tailored for NRIs to fund and manage their foreign income in India. It offers several benefits, including allowing you to invest foreign currency in India, earn tax-free interest on investments, etc. An NRI opts for an SBI NRI account to maintain smooth financial ties with India.

An NRI (Non-Resident Indian) can open two types of bank accounts - NRE (Non-Resident External) and NRO (Non-Resident Ordinary).

The SBI NRE account can be opened to save and manage your foreign income in India. Funds held in an NRE account are not subject to taxation in India and can be transferred outside India without any restrictions.

If you receive income from various resources in India (rental income, pension, dividends, etc.), you can deposit them in an SBI NRO account. However, funds held in an NRO account are taxable and also impose restrictions on repatriation.

In this blog, we will walk you through everything you need to know about an SBI NRI account. We will also discuss how to open an SBI NRI account in the UAE, the required documents, benefits, and much more.

What are the Types of SBI NRI Accounts?

Applicants get the following account options when opening an SBI NRI account in the UAE

What are the Documents Required to Open an SBI NRI Account in the UAE?

You need to provide some documents to prove your NRI status and Indian identity. Here are the documents you must gather and prepare before starting the application process:

Proof of Status

• Valid visa or work permit.
• If you are an NRI with a seafarer work profile, provide any of the following:
  • Valid job contract
  • Expired contract letter (if applicable)
  • Continuous discharge certificate (CDC)
  • Last payslip, not more than 6 months old, that reflects employment with a shipping company.

Current Address Proof

Provide any of the following documents:

• Driving license issued abroad
• Utility bill (telephone/electricity/gas)
• Original copy of overseas bank account
• Passbook pages that reflect the overseas address.
• National identity card issued in the residence country
• Address proof of a blood relative (father, mother, brother, sister, spouse, or child).
• For NRIs with a seafarer work profile, either provide the employer's foreign address proof or Indian address proof. 

Permanent Address Proof

• Voter ID
• Aadhar card
• Driving license
• NREGA job card
• Relevant pages of the passport

Additional Document

• Two passport-sized photographs

How Can NRIs Open an SBI NRI Account in the UAE?

There are a few ways to open an NRI account in SBI, including both online and in-person methods. Here is how you can open an SBI NRI account when you are in the UAE:

Online NRI Account Opening

SBI has an online portal for applications for opening an NRI account. It allows you to set up new NRI accounts, instead of converting an existing resident Indian account to an NRI account. Follow the steps below to open an SBI NRI account in the UAE online:

• Step 1: Visit the NRI account opening page and click on the "Apply Now" button.
• Step 2: Fill out the NRI account opening form by providing customer information.
• Step 3: Attest your application and other necessary documents.
• Step 4: Send the account opening application as well as the documents to the global NRI center in India.

Applying at the SBI Branch in Dubai

The SBI's representative office in Dubai offers a quick NRI account opening facility. Follow the steps below to apply for an SBI NRI account at the SBI branch in Dubai:

• Step 1: Download the NRI account opening application form.
• Step 2: Complete the NRE/NRO savings bank account manually and submit the filled form to the SBI branch in Dubai.
• Step 3: You will receive the SBI NRE/NRO bank account number on the same day of submission.
• Step 4: The account will be activated within two to three working days.

Why NRIs in the UAE Must Consider SBI NRI Accounts?

An NRI gets to enjoy several benefits after opening an SBI NRI while staying in the UAE. Here are some of the benefits of an SBI NRI account, considering which an NRI should think of opening an SBI NRI account:

• SBI offers NRIs various account options to choose from, depending on their financial needs and objectives, including NRE (Non-Resident External), NRO (Non-Resident Ordinary), and FCNR (Foreign Currency Non-Resident) accounts.
• The bank offers a wide range of banking services both in India and abroad, including internet banking, mobile banking, and ATMs, making it easier for NRIs to access their accounts and conduct transactions from anywhere around the globe.
• NRIs can open a joint account with other NRIs or residents so that they can manage finances and assets with their family members.
• The bank allows easy online money transfers, including remittances to India and repatriating money outside India using various channels like NEFT, RTGS, and SWIFT.
• NRIs can use SBI NRI accounts to invest in Indian financial instruments like stocks, mutual funds, and bonds.

To Conclude

The SBI NRI account provides an easy tool for NRIs to enjoy convenient and comprehensive banking solutions to non-resident Indians (NRI). The account caters to the unique financial needs of an NRI by offering a wide range of services, competitive interest rates, and global accessibility.

Additionally, if you are still confused and facing issues with opening an SBI NRI account, contact Savetaxs. We have a team of professionals who can assist you with opening an NRI bank account easily without facing any issues. They will help streamline the entire process, handle compliance requirements, and offer guidance from the experts who specialize in NRI financial regulations.