Main Highlights VNRIs/PIOs/OCIs; Indian Rupee Deposits
- Interest on NRE Deposits fully Tax free
- Repatriable anytime
- Best Forex exchange rates offered exclusively to NRI/PIO/OCI customers for their remittances to SBM India
- NRE Savings Deposit Interest rate of 6.25 % p.a.*
- NRE Term Deposit Interest rate up to 7.30% p.a.*
- >1yr to <2 yrs : 7.25% pa
- 2 yrs : 7.25% pa
- >2 yrs to 5 yrs : 6.90% pa
- FCNR deposits in USD, GBP & EUR also 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 0% transfer charges to SBM India account holders only
- Hedging exchange rate risk available with forward contract
*Note: Current ongoing interest rate
Email : email@example.com
Phone : +230 202 1170
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 a maximum of 5 years; interest is paid only if the deposit is maintained for 1 year. However, a deposit can be cancelled before one year and such cancellation will not earn any interest.
FCNR Deposits: Deposits in USD/GBP/EUR: Deposits are for periods of 1 - 3 years. Minimum period of 1 year. Interest is paid only if the deposit is for at least 1 year. 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 and subject to change from time to time.
- Indian Passport Holders (NRIs)
- PIO/OCI Card Holders
- Copy of passport pages (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 (viz. driving licence, utility bill, bank statement; not more than 3 months old)
- Passport size photographs (2 copies)