State Bank of India - NRI

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Charges

There is no charge for opening NRI account with SBI branches in India.

However, you may incur the following:

Post/courier charge - On actual basis
Remittance charges - £5 per remittance to India in INR, no charge for "SBI Instant Access Savings Bank Account" holders of UK
Cash handling charge for remittances - £3 per £1000 or part thereof

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SBI Branches

State Bank of India
15, King Street, London EC2V 8EA.
Customer Services Telephone - 0800 532 532 (if you are calling from within the UK) or 020 7454 4338 (if you are calling from outside the UK)
Email: customerservices@sbilondon.com

State Bank of India (SBI UK) is authorised and regulated by the Financial Services Authority except in respect of its consumer credit products for which SBI is licensed and regulated by the Office of Fair Trading. FSA registration number is 139156. State Bank of India is a member of the Financial Services Compensation Scheme established under the Financial Services and Market Act 2000. The Financial Services Compensation Scheme protects deposits held with our UK branches. Payments under this scheme are limited to £85,000 of your total deposits with us in UK. In practice, this means that each of our customers will be compensated up to a maximum of £85,000 of their total deposits. Where two depositors hold a joint account, each depositor may receive a maximum of £85,000 compensation in respect of their claim, giving a total of £170,000.

State Bank of India is a bank incorporated and headquartered in India and is regulated by the Reserve Bank of India.'

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* AER - Stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded once each year. Gross is a contractual rate payable before deduction of income tax at rate specified by law.

** Free for Instant Access Savings Account Holders meeting minimum monthly balance requirements

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