Frequently Asked Questions - NRI FAQ's

An Indian citizen or a foreign citizen of Indian origin who stays abroad for employment/carrying on business or vocation or under circumstances indicating an intention for an uncertain duration of stay abroad is a NON-RESIDENT INDIAN (NRI). (Those who stay abroad on business visit, medical treatment, study or such other purposes which do not indicate an intention to stay there for an indefinite period will not be considered as NRIs. Students who go abroad for studies with an intention to stay there for an uncertain period and who stayed abroad for more than 180 days in the preceding financial year will be treated as Non Resident Indians).

For the purposes of availing of the facilities of opening and maintenance of bank accounts , a foreign citizen (but not a citizen of Pakistan or Bangladesh) is deemed to be of Indian Origin, if he, at any time was an Indian citizen or either of his parents or any of his grandparents was a citizen of India. A spouse (not being a citizen of Pakistan or Bangladesh) of an NRI is also treated as an NRI for the above purposes. For investments in shares/securities in India, a foreign citizen (but not a citizen of Pakistan, Bangladesh or Sri Lanka) is deemed to be of Indian Origin, subject to satisfaction of the other conditions above. For investments in immovable properties, a foreign citizen (but not a citizen of Pakistan, Bangladesh, Afghanistan, Bhutan, Nepal or Sri Lanka) is deemed to be of Indian Origin, if he, at any time, was an Indian citizen or his father or paternal grandfather was an Indian citizen.

To open any NRI account, please fill up the account opening form and send it to the branch of your choice along with passport and/visa copy, 2 photographs and initial money remittance. The passport/visa/resident permit copy and photographs may be attested by you. In the account opening form, your signature may be verified by anyone of the following:

1. Indian embassy/consulate
2. Your bank abroad
3. A person known to the Bank.
4. Notary public

Our foreign offices can assist you to open the accounts in India.
What are the various deposit schemes for NRIs?

The various schemes for NRI's are as follows:-

Deposit Schemes:

* Foreign Currency (Non-Resident) Bank Accounts (FCNB)
* Non-Resident (External) Rupee Accounts (NRE)
* Ordinary Non-Resident Rupee Accounts (NRO)

Other Schemes:

* Housing Finance Scheme for Non-Resident Indians
* Other Investment Schemes

The facilities offered are as follows:

* Maintenance Of Assets Abroad
* Resident Foreign Currency Account (RFC)
* Import of Gold & Silver By NRIs
* Concessional Tax Treatment For Foreign Exchange Assets

* Bank Deposits are free from wealth tax in India.
* Interest earned on NRE and FCNB accounts is exempt from Indian income tax.
* Gifts made out of NRE and FCNB accounts are free from gift tax in India. (Gift tax has been abolished for all types of gifts from the 1st October 1998)

Yes, you can easily remit funds from South Africa to India for credit to an account with SBI with our exclusive foreign offices network and correspondent banking arrangement with about 600 banks worldwide.

You can send remittances to India using any of the following options:

* Telegraphic /wire transfers- based on your request we process the remittance and if the beneficiary banks with any State Bank group his account is credited the same day.

* You can also obtain demand draft in Rupees from us.

You can obtain a DD in rupees from our Branch in Johannesburg branch and mail it to the branch of SBI where your account is maintained.

Rupee Demand Drafts drawn on designated branches of SBI under Rupee Drawing arrangement are immediately paid on receipt or credited to the account after clearance within 2-3 days. In case the DD is payable at a place other than where the NRI is maintaining the account, the instrument, on receipt is sent for collection and normal charges are levied.

Telegraphic / Wire transfer is the quickest mode of remittances. In case of the beneficiary maintaining account with SBI the remittance is same day, and in case of Non SBI it is credited the next working day.

The information required to be provided by you to the remitting bank for a wire transfer is as under:

* Name of the Beneficiary Bank / Branch
* Beneficiary's name, address and A/c No.
* Remitter's name and address