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NRE Account

Main Highlights - Indian Rupee Deposits offered to NRIs, PIOs, & OCIs card holders only

The NRE account entitles you to:

  • Interest rate on Savings account: 6.50% p.a. on INR
  • Interest rate on FCY (FCNR*) account in USD: 2.39% p.a. for 1 year deposit
  • Interest rates up to 7.15% p.a. on INR term deposit
  • Interest earned on NRE INR and FCY deposits fully tax free
  • INR and FCY deposits repatriable at anytime
  • Best foreign exchange rates offered exclusively to NRI/PIO/OCI customers for their remittances to SBM India
  • FCY (FCNR) deposits in USD, GBP & Euro available
  • Transfer fee of MUR 50 from any SBM branch in Mauritius to any SBM Branch in India
  • Remittance facility from SBM India to any bank in India at free of charges to SBM India account holders only
  • Hedging exchange rate risk available with forward contract
* FCNR (Foreign Currency Non-Resident account deposits) rates are reviewed every month as per market changes

Eligibility

  • Indian Passport Holders (NRI's)
  • PIO/OCI Card Holders

Documents Required

  • Copy of pages of passport (pages containing data like name date of birth, photograph, signature, address, etc.)
  • Valid Visa/Work permit/Residence permit (only for Indian Passport holders)
  • PIO card/OCI card (for overseas passport holders)
  • Overseas address proof (driving license, utility bill, bank statement; not more than 3 months old)
  • Passport size photographs (2 copies)

Terms & Conditions

  • NRE Savings Account: No conditions attached for repatriation of principal and interest any time after opening the deposit. Interest is paid on the number of days deposit is maintained.
  • NRE Rupee Term Deposits: Deposit is opened for a minimum period of 1 year and maximum of 5 years; interest is paid only if deposit is maintained for 1 year. However, deposit can be cancelled before one year and such cancellation will not earn any interest.
  • FCNR Deposits: Deposits in USD/GBP & Euro: Deposits are for periods of 1 year - 3 years. Minimum period of 1 year. Interest paid if deposit is for at least 1 year only. Changes in interest rates are applicable only for new deposits.

  • The interest rates for NRE/FCNR (B) deposits, credits and debits into and from NRE SB Accounts are governed by Reserve Bank of India rules from time to time.

    NRE INR Savings and Fixed Deposits interest rates:

    Type Tenor Interest Rate (P.A.)**
    NRE Savings account N.A 6.50%
    NRE Term Deposit (Below INR 1 crore) 1 Year 7.15%
    NRE Term Deposit (Below INR 1 crore) 1 Year to < 2 Years 7.10%
    NRE Term Deposit (Below INR 1 crore) 2 Years to 5 Years 6.75%

    ** Note: Current ongoing interest rate

Contacts in Mauritius

Financial Market Division: (230) 202 3516
SBM Bank (Mauritius) Ltd
SBM Tower, 1 Queen Elizabeth II Avenue,
Port Louis, Republic of Mauritius
Website: www.sbmgroup.mu

Contacts in India

Our Branches:
Mumbai: 1st Floor, Raheja Center, Free Press Journal Marg,
Nariman Point, Mumbai - 400 021
Contact Us: 022 430028888
E-mail Us: customercare.mum@sbm-india.com
   
Chennai: 22A Cathedral Road, Prince Arcade,
4th Floor, Chennai - 600 086
Contact Us: + 91 044 28110943
E-mail Us: customercare.chn@sbm-india.com
   
Hyderabad: 1st Floor, TSR Towers, Raj Bhavan Road,
Somajiguda, Hyderabad - 500 082
Contact Us: + 91 040 23300782
E-mail Us: customercare.hyd@sbm-india.com
   
Ramachandra Puram: 25-35/13, Pushpanagesh Landmark,
Ramachandra Reddy Nagar, RC Puram - 500 032
Contact Us: + 91 08455 297222
E-mail Us: customercare.rcp@sbm-india.com
   
HOTLINE : 207 0111 / 202 1500 [FROM 08:00 TO 18:00 MONDAY TO FRIDAY]

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