Accounts and Deposits

Empowering NRIs with Simple, Secure, and Flexible Banking Solutions

We understand the challenges NRIs face when managing finances from afar. Our NRI Accounts are designed to offer ease, flexibility, and tax-efficient benefits to help you stay connected to your finances in India. We strive to bring you the comfort of home in every transaction, with solutions crafted to fit seamlessly into your lifestyle and support your future ambitions.

Key Feature of South Indian Bank NRI Banking

Multiple Account Choices

Choose from our range of Savings, Current, and Term Deposits to suit your needs

Simple Account Opening

Open your account easily through both Online and Offline modes

Joint Account With Loved Ones

Open accounts individually or with a co-holder for added flexibility

Tax-Free Savings

Enjoy more savings as the interest earned on your NRE Banking Account is exempt from income tax

SIB NRI Accounts

Types of NR Accounts & Deposits

NRE Accounts

Non Resident External Account: Park your overseas earnings in India. Enjoy easy repatriation. Avail the added benefit of this Rupee account being tax-free, both on the principal and interest earned.

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NRO Accounts

Non Resident Ordinary Account: Manage income earned in India, like rent, dividends, or pension. Ensure easy access to your Indian earnings while allowing you to repatriate a portion of the funds annually.

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Foreign Currency Deposits

Fixed Currency Non-Resident Account: Save and grow your money in foreign currency like USD, GBP, Euros, AUD, CHF, CAD and JPY. Ensure your funds are safe from exchange rate fluctuations. Plus, enjoy tax-free interest in India.

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Portfolio Investment Scheme (PIS)

Portfolio Investment Scheme: Invest in Indian Stock Market and enjoy seamless trading of shares and debentures, backed by low transaction charges and no hidden fees. Benefit from hassle-free tax filing for capital gains.

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Questions & Answers

Frequently Asked Questions

Get answers to your queries

Any Indian citizen living overseas or a Person of Indian Origin (PIO) with proper documentation showing their status as an NRI or PIO may open an NRI savings account.

No, you can only hold an NRE account jointly with another NRI. NRO accounts, however, permit combined accounts with resident Indians.

Yes, you can freely repatriate the whole amount, principal and interest included, to your overseas account.

Pro Tips: Managing NR Accounts and Deposits Wisely

1

Choose the right account for your needs:

Use an NRE account for tax-free savings and easy repatriation, an NRO account for managing income earned in India, and an FCNR account to protect your foreign currency deposits from exchange rate risks.

2

Monitor Exchange Rates:

Keep an eye on exchange rate trends to maximize the value of your remittances and deposits, especially when transferring funds into an FCNR or NRE account.

3

Understand Repatriation Rules

While NRE and FCNR accounts allow full repatriation, NRO accounts have limits. Plan your remittances in advance to avoid surprises when transferring funds abroad.

4

Invest Smartly with a PIS Account:

Use your PIS account to diversify your portfolio by investing in Indian equities and debentures. Take expert advice to understand the best sectors and stocks for investment.

5

Plan for Succession

Nominate beneficiaries for your accounts and deposits to ensure smooth access for your family or heirs in case of unforeseen events.

6

Time Your Fixed Deposits Wisely

Open FCNR deposits during times of high interest rates to lock in better returns. Similarly, compare deposit rates across banks to maximize your earnings.