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NRE Savings Account Interest Rate

As a Non-Resident Indian (NRI), an SBM Bank India NRE Account allows you to park and manage your overseas income in a rupee-denominated account. An NRE Account allows you to take advantage of your foreign earnings with tax-free interest and assurance of complete repatriability. SBM Bank India offers lucrative NRE Savings Account interest rates and exclusive personalised services with the convenience of digital banking and access to an array of investment avenues.

View our Latest NRE Account Interest Rates

At SBM Bank India, we offer competitive interest rates for NRE Accounts, meticulously designed to bolster your wealth and foster financial growth. Our latest rates of interest for NRE Accounts are as follows:

Savings Account Balance (INR)	Interest Rates (p.a.) * w.e.f. March 14, 2023
Up to 2 lakh	3.50%
More than 2 lakh to 5 lakh	4.00%
More than 5 lakh to 10 lakh	5.00%
More than 10 lakh to 50 lakh	7.00%
More than 50 lakh to 50 crore	7.25%
More than 50 crore	5.00%

If you want to deposit an amount greater than INR 5 crore, please get in touch with the bank branch or your designated Relationship Manager (With effect from March 14, 2023).

For further support and assistance, contact our Customer Service Team on 1800 1033 817 or email us at customercare@sbmbank.co.in.

*The savings interest rate shall apply on incremental balance. We reserve the right to change the above rates without prior notice. The depositor is requested to confirm the rate with the respective branch before investing.

FEATURES OF SBM BANK INDIA NRE ACCOUNT

Our NRE Account comes with a range of winning features curated to elevate your banking experience.

Effortlessly park your foreign earnings in a rupee-denominated account.

A joint account can be opened in the names of two or more Non-Resident Indians.

Fully repatriable, including interest and principal account.

Facility to add nominees to your NRE Account.

Interest earned on NRE Account deposits is non-taxable.

Manage the account whenever you want with our digital banking platforms.

Exclusive Debit Card privileges.

Choose an account number of your choice.

BENEFITS OF OPENING AN NRE ACCOUNT

See what awaits you at SBM Bank India:

Diverse investment opportunities

Leverage investment options in India while earning in foreign currency. Invest in Mutual Funds, Fixed Deposits, government bonds and more, tailored to meet your risk appetite.

Security

You can rest assured that your funds are in safe hands. SBM Bank India utilises advanced security measures to safeguard your funds from unauthorised access or fraudulent activities.

Smart banking

Experience the ease of modern banking with our cutting-edge digital solutions. Access your NRE Account, track transactions, and manage your finances effortlessly from anywhere in the world.

How to open an NRE Account with us?

At SBM Bank India, we understand the value of personalised service and the convenience for our customers. Open an NRE Account with SBM Bank India with minimal documentation. If you are an existing SBM Bank India customer, you can reach out to your Relationship Manager.

If you are a new customer, visit the nearest SBM Bank India branch and one of our bank executives will assist you with the account opening process. You can also provide your contact details below and our experts will get in touch with you to start the NRE Account opening process.

FAQs

1. Who is eligible to open an NRE Account?

Any individual who is NRI, Person of Indian Origin (PIO), Overseas Citizen of India (OCI) cardholder, mariner or seafarer can open an NRE Account with SBM Bank India by providing the necessary documents, such as a valid passport, proof of NRI/PIO status, and overseas address proof.

2. How can I access my NRE Account?

SBM Bank India offers convenient digital banking solutions, including internet and mobile banking platforms. You can download the mobile application from the Apple App Store or Google Play Store.

3. Can I nominate someone for my NRE Account?

Yes, it is possible to add a nominee to your NRE Account. Contact your Relationship Manager to know more.

4. When does SBM Bank India pay interest on Savings Account deposits?

SBM Bank India pays interest on Savings Account on a monthly basis. We are one of the few banks to pay interest on a monthly basis.

5. Does SBM Bank India charge any fees for NRE accounts?

We do not impose charges for account opening and maintenance. For a comprehensive list of charges and fees, kindly refer to our ‘Schedule of Charges’ or contact our customer support team.