No, NRIs can’t continue with a resident savings account. Once your resident status changes to NRI, you have to convert your resident savings account to NRO account, as per RBI guidelines.

NRE deposits with the bank can be closed prematurely subject to penalty. No interest shall be paid if the deposit is not maintained for a minimum period of one year. In case of FCNR deposit, pre closure facility is available and there is no pre closure penalty. Pre Closure facility is not available in case of FCNR Platinum deposit.

Yes, as per RBI guidelines a NRI can be joint a holder in a resident account subject to fulfillment of certain conditions.

Yes NRI customers can open DEMAT accounts with us either through branches or through our representatives in Dubai.

NRE and NRO Savings accounts and Term Deposits in INR and FCY.

FCNR Platinum deposit can be opened for a period not less than one year and a period not more than 5 years .

NRI accounts can be opened jointly with a Resident Indian as a second holder. The mode of operations in such accounts should be Former or survivor.

PIS: Portfolio Investment Scheme

PIS account allows NRI customers to invest in shares of Indian companies from Indian Stock Exchanges.

Yes, through Power of Attorney or other ‘authority’ such as mandate granted in favor of a resident by non-resident account holder.

 Customer should have following accounts to trade while being abroad,

• An NRE SB Privilege account with any of our branches.
• An NRE PIS account a/c with any of our branches.
• An NRE DEMAT account with any of our designated branches.
• A trading account with any of our Trading partners.

 PIS Issuance Charge - Rs.1000*+GST,

An NRI account can be opened online through our website. Customers residing in Dubai may contact our South Indian Bank Representative Office – Dubai or our officers deputed at various exchange houses in Dubai.

 Yes, SIB Prime Platinum and SIB Prime are the exclusive Priority Banking services offered to our top customers (including NRIs), bringing a delightful and rewarding banking experience.  For further details visit

https://www.southindianbank.com/Priority-Banking 

 FRRO – Foreign Regional Registration Office

 The airport lounge facility is offered on SIB Rupay Platinum EMV Debit Cards, Rupay Platinum Explorer - NCMC Card (Contactless/NFC) and existing MasterCard World EMV Debit cards. Airport Lounge Access is restricted to once per calendar quarter for domestic and Free International Airport Lounge Access is restricted to once per calendar year.   

 An NRE account is Tax-free in India. On the other hand, the interest earned on NRO accounts and credit balances are subject to respective income tax bracket. 

National Pension System (NPS) is a defined contribution pension. NPS is voluntary for subscription by an individual to make contributions to his/her Individual Pension Account during the working life for creating a pension corpus from which regular income will be generated after retirement / working age. Any Indian Citizen (resident or non-resident) and Overseas Citizen of India (OCI) who is aged between 18-70 years and is compliant to Know Your Customer (KYC) norms can avail NPS.

Yes, SIB provide interest free accounts in the form of current accounts to NRIs.

 We have different loan products like personal loan, home loan, property loan, car loan, education loan, loan against fixed deposits (FSLD)

 Yes. However, these loans cannot be utilized for the purpose of re-lending, carrying on agriculture, plantation activities, investment in real estate business or any other activities specified by RBI from time to time. Loan against FCNR platinum is not allowed.

 The daily fund transfer limit for SIB Mirror+ application is as follows.

 Yes , ATM cards in Gold and above category accounts can be delivered to the customers overseas address directly through Aramex Couriers. For silver and below accounts the ATM cards will be delivered to their respective branches and the same can be forwarded to the customer’s Overseas address OR authorize the branch to hand over the same to a relative on the customer’s behalf by giving a signed authorization letter and the person’s Id proof to the branch.

 Yes a customer can activate/deactivate card limit settings using digital channels

 CDF: Currency Declaration Form. This form need not be completed in cases where the aggregate value of the foreign exchange brought in by the passenger in the form of currency notes, bank notes, or travellers cheques does not exceed U.S.$ 10,000/- or its equivalent and/or the value of foreign currency notes does not exceed U.S.$ 5,000 or its equivalent. It should be declared to the customs authorities at the airport in (CDF) Currency Declaration Form if the prescribed limit exceeds.

 A customer can remit funds to an account in our Bank either online or through our exchange houses tie-up and correspondent banks. Fund transfer can be done through other exchange houses also.

 FCNR deposit be opened in 7 major currencies namely US Dollars, UK Pound, Euro, Australian Dollar, Canadian Dollar, Japanese Yen and Swiss Franc.

 Person resident in Nepal and Bhutan can open Indian rupee accounts with authorized dealers in India.

 Yes, NRI can repatriate rent received from his house/flat in India

 Funds in NRE/FCNR account are freely and fully repatriable without any limit.

 Customer can transfer funds abroad using net banking facility (SIBerNet) using the ‘Foreign Outward Remittance’ option available under Fund Transfer menu.

 Funds in NRE and FCNR accounts are fully repatriable and funds in an NRO account can be repatriated upto USD 1 million per Financial Year on submitting form 15CA/CB.