SBI For creation of a new NRE / NRO / FCNR (B) deposit

The Form NRI-5.1 is a request document used by State Bank of India (SBI) customers to create specific types of non-resident deposits by debiting an existing savings account.

The key points of the form include:

1. Types of Deposits and Accounts

• Deposit Categories: Users can select from NRE (Non-Resident External), NRO (Non-Resident Ordinary), or FCNR (B) (Foreign Currency Non-Resident – Bank) deposits.

   

• Deposit Formats: Options include a Term Deposit (TDR), a Special Term Deposit (STDR), or a Recurring Deposit (RD).

   

• RD Restriction: The Recurring Deposit option is exclusively available for NRE or NRO accounts.

2. Mandatory Transaction Details

• Funding Source: The applicant must specify the NRE or NRO Savings Bank account number to be debited.

   

• Deposit Specifics: The form requires the exact amount, the preferred currency, and the tenure in days, months, or years.

   

• Operation Mode: For joint accounts, applicants must choose between options such as Either or Survivor, Former or Survivor, Anyone or Survivor, or Jointly.

3. Maturity and Interest Instructions

• Interest Payments (TDR): Customers can choose to have interest credited to a specific Savings/Current account or issued via a cheque in various international currencies (INR, USD, GBP, EURO, AUD, CAD, or JPY).

• Renewal Options: The form provides three primary maturity instructions:

  • Renew both Principal and Interest for a specified tenure.

     

  • Renew only the Principal and credit the interest to an account.

  • Do not renew, and instead transfer the total amount to an account or issue a cheque.

     

4. Nomination and Declaration

• Nominee Status: Applicants must indicate if a nominee is already added.

   

• Adding a Nominee: If no nominee exists and the user wishes to add one, they must complete and enclose the Form DA-1.

• Agreement: By signing, the applicant agrees to abide by the bank’s terms and conditions related to the deposit.