NRI Services FAQs - Disclaimer of State Bank of India, United States of America
"US banking regulations do not allow State Bank of India, United States of America to open, close or operate Non Resident Indian (NRI) Accounts which are offered by our parent company's branches in India. These accounts are not covered by FDIC Insurance and are not supervised by any US banking regulators since they are domiciled in India and are regulated by the Reserve Bank of India.
US tax law requires income from all sources, including that earned from foreign accounts, to be reported in the annual tax return. US Treasury Department rules require certain accounts at foreign financial institutions which are controlled by US taxpayers to be reported annually. Advice should be sought from your professional advisor for further clarification
By choosing "Continue" you will be accessing a site outside of State Bank of India, USA website and will be redirected to “Frequently Asked Questions (FAQs)” Section of State Bank of India, India's website.
This link is provided as a service to our parent company's customers or prospective customers for general guidance and is neither a solicitation for business, investment advice nor tax advice. Customers and prospects who are permanent US residents should consider seeking professional advice before opening or operating an NRI Account."Continue
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