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.

SBI NRE / NRO / FCNR (B) / RFC account opening application for NRIs / PIOs / OCIs

Based on the SBI NRI Account Opening Application, here are the key points regarding account types, documentation, and the application process:

Account Types and Conversion

• Available Accounts: You can open NRE (Non-Resident External), NRO (Non-Resident Ordinary), FCNR(B) (Foreign Currency Non-Resident), or RFC (Resident Foreign Currency) accounts using this single application.

   

• Existing Resident Accounts: If you have a domestic Indian account, it must be either converted into an NRO account or closed.

• Simplified Opening: If you already have a KYC-compliant NRE/NRO account opened within the last two years, fresh identification documents and attestation are not required, provided there are no changes to your details.

Required Identification Documents

• Proof of Status: NRIs must provide a valid Visa or Work Permit. PIOs/OCIs must provide a PIO/OCI card or proof of Indian origin.

• Proof of Identity: Relevant pages of a valid Passport.

• Proof of Tax Residency: A document mentioning your Tax Identification Number (TIN) or a government-issued certificate of residence.

• Address Proofs: You must provide proof for your overseas current address (e.g., driving license, utility bill, or bank statement) and a permanent address (overseas or Indian).

   

• Non-Face-to-Face Requirements: Applicants not visiting a branch must provide additional proof, such as a cheque drawn on an overseas bank account or a pay slip.

Application & Attestation Process

• Filling Instructions: The form must be filled in BLOCK letters using black ink. Signatures must be uniform across all sections and match your identification documents.

• Third-Party Attestation: If you are not visiting an SBI branch in person, your signatures and documents must be attested by an SBI Foreign Office, a Notary Public, or an Indian Embassy/High Commission.

   

• Language Requirements: Any documents in a foreign language must be accompanied by a certified translated copy.

   

Banking Services and Features

• Debit Cards: International debit cards are not issued for NRO accounts; only domestic cards are available for those.

   

• Nomination: You can nominate a person to receive deposit amounts in the event of death using the included Form DA-1.

   

• Mode of Operation: Accounts can be operated as “Self only,” “Either or Survivor,” “Former or Survivor,” or “Jointly”.