FOREIGN CURRENCY NON-RESIDENT DEPOSIT ACCOUNTS are accounts which can be opened only by an NRI / PIO either single or jointly with another NRI.
Amount - minimum USD 1000 and maximum – no upper limit. Tenure - minimum 1year and maximum 5 years. Premature withdrawal- permitted subject to 1% penal interest on the rate applicable for the period the deposit was held. No interest is payable if the deposit is closed within a year.
SBI Express Remit-FCNR(B)USD is a completely online, money transfer service for NRI individuals to send money directly from their US Bank account for opening of FCNR(B) accounts in US Dollars with designated SBI branches in India. The NRI should have an existing NRE or FCNR account with the designated branch to use this service.
SBI Express Remit-FCNR(B)USD uses the US Automated Clearing House (ACH) network to initiate a debit to your US Bank account.
Non Resident Indians who are registered customers of the online remittance product SBI Express Remit-US can use SBI Express Remit-FCNR(B)USD.They should also have an existing NRE or FCNR accounts with FCNR(B) authorised branches of SBI.
*STEP 1 - For first time users please register on our remittance site SBI Express Remit-US and complete the Registration process. For further details please Click here .
* STEP 2 - If you are already a customer of our SBI Express Remit-US please click the link for FCNR deposit and login with existing user id and password and provide the details of your existing NRE/FCNR account and other details of the new account to be opened. This will be approved in 2 days.
* STEP 3 - Go to the Issue FCNR(B) and provide the details of USD amount and period for the deposit under FCNR(B) account.
* STEP 4 – SBI would process your Issue FCNR(B) request received on this website by debiting your US Bank Account and opening a New FCNR(B) account at the Branch where you already hold your existing FCNR(B) account.
* SBI will mail the FCNR(B) receipt to the mailing address provided by you.
* You can track the status online at all times.
* Premature payments or maturity instructions will be handled by the concerned branch where your account is maintained.
2.2 How does the one-time SBI Express Remit -FCNR(USD) registration process work?
You need to provide the following details the first time:
* The new FCNR(B) account will be opened in your name singly or jointly with any other NRI. You need to provide the details of all account holders you wish to open the new FCNR (B) in USD account. *The existing NRE/FCNR account details of all beneficiary account holders in India. *The Passport number of all beneficiary account holders in India. *The mailing address to which the FCNR(B) receipt has to be mailed will have to be provided
2.3 Do I need to be a customer of SBI to use SBI Express Remit-FCNR(USD)?
Yes you need to have an existing NRE/FCNR account with the designated branch of SBI in India.
Alternatively you will have to contact the designated branch of SBI where you wish to open the Non Resident account directly and complete all formalities for opening a new NRE/FCNR account.
2.4 Can I use SBI Express Remit-FCNR(USD) for opening new FCNR(B) with deposits with more than one Branch of SBI jointly with other NRIs?
Yes. Please go to the Add Beneficiary menu for adding new accounts and beneficiary details(maximum 3). However you should be one of the beneficiary account holders. This will be approved within two days.
4.1 How does the SBI Express Remit - FCNR(B)USD process work?
After receiving a request for Issue of FCNR(B) the USD amount is transferred from your US bank account on the 2nd or 3rd working day through an ACH Debit transaction. After successful ACH debit the SBI branch in India opens a new FCNR account with the same value date of debit to your account with the details provided by you. After issue of the FCNR(B) the receipt is mailed to the mailing address provided by you. The entire process will take 7-8 working days.
4.2 When is the money transferred from my bank account?
The money would be transferred from your bank account on the 2nd or 3rd working day from the date of making the money transfer request. Please ensure that your bank account has sufficient funds to cover the money right from the time of transfer request.
Any holidays (Saturday, Sunday and any public holiday in India or US) have to be excluded while calculating the working days .
The account is opened by the concerned Branch within 7 working days, with the value date of the date the amount was debited to your account in the US. Any holidays (Saturday, Sunday and any holidays in India or US) have to be excluded while calculating the working days.
4.5 Can I cancel a SBI Express Remit – FCNR(B) deposit request.
A SBI Express Remit–FCNR(B) deposit request cannot be cancelled as we process the requests made on the same day. However you may contact the concerned officials over telephone/email for requests till debit has not been processed.
4.7 What is the interest rate applicable to the deposit?
The interest rate for the FCNR deposit as displayed on our site on the day your account in the US is debited. Interest rates are updated on the 1st of each calendar month at present (subject to change).