Open An Nri Sbi Account In Bahrain: A Step-By-Step Guide

Non-resident Indians (NRIs) can open an NRI account with the State Bank of India (SBI) in Bahrain. The SBI offers two types of savings accounts for NRIs: the NRE account and the NRO account. The NRE account is for funds generated outside India, while the NRO account is for funds generated in India. The SBI NRE Account Opening Form and the SBI NRO Account Opening Form are available on the SBI website and can be downloaded and filled by applicants. The process of opening an NRI account with SBI can be done online or by visiting an SBI branch in Bahrain or India.

Eligibility criteria for opening an NRI account in SBI Bahrain

To open an NRI account in SBI Bahrain, one must be eligible according to the Foreign Exchange Management Act (FEMA). This means that the applicant must be classified as a Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) as defined by FEMA regulations. This includes:

• NRIs and PIOs
• Seafarers of Indian nationality or origin
• Employees of the Indian government holding Diplomat passports
• Students enrolled in educational programs abroad

In addition, individuals above the age of 21 (of all nationalities) are eligible to open a Savings Bank account, while minors cannot open a current account.

To open an NRI account, one must submit proof of non-resident status and address proof, such as a passport, utility bills, or a rent receipt. They must also provide permanent address details (both overseas and in India) and passport-size photographs. A copy of the PAN card or Form 60 (if the PAN card is not available) is also required.

The NRI account opening process can be done online or through an SBI branch in Bahrain or India.

Documents required to open an NRI account in SBI Bahrain

To open an NRI account in SBI Bahrain, you will need to provide proof of your non-resident status, as well as proof of your overseas and permanent addresses. Here is a list of documents that can be used as proof:

Proof of non-resident status:

• Valid visa/work permit
• Continuous Discharge Certificate (CDC)
• Expired contact letter (if the disembarkation stamp on CDC is not over 6 months)
• Last payslip (not more than 6 months old)
• PIO/OCI card
• Relevant pages of the passport of parents or grandparents that establish their Indian origin
• Marriage certificate establishing Indian origin

Current address proof:

• Relevant pages of the passport
• National identity card issued by the government of the country of residence
• Driving license issued abroad
• Utility bill (telephone/electricity/gas)
• Original copy of the overseas bank account
• Proof of address of any blood relatives (spouse, parents, siblings, children)

Permanent address proof:

Relevant pages of the passport

Additional documents for applicants not visiting the SBI branch:

• Cancelled/paid cheque of the overseas bank account
• Cheque drawn on the overseas bank account
• Proof of income/payslip/tax return
• 2 passport-size photographs

Please note that for those with a seafarer work profile, additional documents such as the CDC, expired contact letter, or last payslip can be provided as proof of non-resident status.

Online application process for opening an NRI account in SBI Bahrain

The State Bank of India (SBI) offers two types of savings accounts for Non-Resident Indians (NRIs) – NRE and NRO accounts. The NRE account is for funds generated outside India (e.g. salary), and the NRO account is for funds generated in India (e.g. rent, pension).

To open an NRI account in SBI Bahrain, you must be an NRI, a Person of Indian Origin (PIO), or an Overseas Citizen of India (OCI).

Online application process

The online application process for opening an NRI account in SBI Bahrain is as follows:

• Fill out the online application form: You can find the application form on the SBI website. You will need to fill in your customer information and account information.
• Download the application form: Once you have filled in the online form, download it.
• Attach a passport-sized photograph: Affix a passport-sized photograph to the application form.
• Sign the application form: Sign the application form, mentioning the place and date.
• Get the documents attested: If you are not visiting an SBI branch, get all applicants' signatures on the application form and identity documents attested by the Indian Embassy, High Commission, or an SBI Foreign Office.
• Courier the application form: Courier the application form and supporting documents to the processing centre (LCPC) of State Bank of India in India. Write "ONLINE NRI ACCOUNT OPENING APPLICATION [NARN No. issued to you]" on the envelope.
• Wait for account activation: If your application and supporting documents are in order, your account will be opened within 3-4 business days from the date of receipt of the application.

Supporting documents

The following supporting documents are required for the online application process:

• Identity proof (passport)
• Non-resident status proof (visa/work permit, etc.)
• Overseas/communication address proof (passport, utility bills, rent receipt, etc.)
• Permanent address proof (passport)
• PAN card
• Two passport-sized photographs

Offline application process for opening an NRI account in SBI Bahrain

For NRIs residing in Bahrain, opening an NRI bank account is a convenient and efficient way to manage their finances. There are two options for opening an SBI NRE account or NRO account offline.

Option 1: Visit the SBI branch in Bahrain

NRIs can visit the SBI branch located in Bahrain for immediate NRI account opening. The address of the SBI branch in Bahrain is:

State Bank of India, Wholesale

9th Floor, GB Corp Tower, Bahrain Financial Harbor, Bahrain

Option 2: Visit the SBI Foreign Office or an associated Exchange House

NRIs can visit the SBI Foreign Office or an associated Exchange House for immediate NRI account opening. The address of the SBI Foreign Office in Bahrain is:

State Bank of India, Retail

P.O. Box 5466, Manama

Documents required for SBI NRI account opening include:

• Proof of non-resident status
• Proof of overseas address (such as a passport, utility bills, rent receipt, etc.)
• Permanent address details (overseas and in India)
• Passport-size photographs
• PAN (copy) or Form 60 in the absence of PAN

NRIs need to self-attest the documents and then get them attested by one of the following entities:

• Embassy/High Commission
• Overseas branch of an Indian bank
• Foreign bank with an Indian presence

Benefits of opening an NRI account in SBI Bahrain

Non-Resident Indians (NRIs) can benefit from opening an NRI account in SBI Bahrain in several ways. Here are some of the key advantages:

Convenience and Efficiency:

NRIs residing in Bahrain can easily open an NRI account with SBI, either through an online application process or by visiting the SBI branch in Bahrain. This provides a convenient and efficient way to manage their finances and facilitates their banking transactions in India.

Repatriation of Funds:

NRI accounts, such as NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts, allow NRIs to remit their overseas earnings to India and convert them into Indian rupees (INR). This enables NRIs to access and utilise their foreign income in India seamlessly.

Attractive Exchange Rates:

SBI Bahrain offers remittance facilities at very attractive exchange rates. NRIs can take advantage of these rates when transferring funds to or from their NRI accounts, maximising the value of their money.

Wide Range of Services:

SBI Bahrain provides a comprehensive range of NRI services, including NRE and NRO savings accounts, fixed deposits, Demat accounts, and remittance services from the Middle East. These services cater to the diverse financial needs of NRIs, offering them a one-stop solution for their banking requirements.

Accessibility and Customer Support:

With a presence in Bahrain since 1977, SBI has established a strong foothold in the country. NRIs can access their NRI accounts through the SBI branch in Bahrain or via online banking facilities. Additionally, SBI's mobile banking application, "YONO SBI Bahrain," offers interactive and user-friendly banking services, such as account balance enquiries, statement generation, INR remittances to India, and more.

Security and Compliance:

SBI Bahrain prioritises security and compliance in its transactions. Money transfers are facilitated through safe and secure channels, adhering to Anti-Money Laundering (AML), OFAC, and other regulatory norms. This ensures that NRIs' funds are protected and transacted in a compliant manner.

Global Presence and Network:

SBI's extensive international presence, including overseas and domestic branches in India and correspondent links with leading global banks, enables them to cater to the complex trade finance-related fund needs of their NRI customers, both in Bahraini Dinar and foreign currencies.

By opening an NRI account with SBI Bahrain, NRIs can benefit from a range of financial services tailored to their unique needs, providing them with convenience, security, and efficient management of their finances.

Frequently asked questions