Opening a Savings Account at State Bank of India (SBI) - A Guide

Four types of savings accounts are offered to U.S.-based customers.

The State Bank of India has U.S. banking operations based in Los Angeles, and has Federal Deposit Insurance Corporation member branches in New York and Chicago. You can open a savings account with the bank either via one of its domestic branches or through the mail.

Opening a savings account is a two-step process that requires completing an Identification Requirement form and an Account Opening form, both of which can be obtained directly from a State Bank of India branch or the bank's web site. Review the account restrictions and types, then document your selection and the required information in the two forms. You can submit the form in person or via mail to the bank's LaSalle Street, Chicago location. You may also want to review each account's interest rate information and compare it with other banks if obtaining competitive interest rates is one of your savings goals.

Caveats and Restrictions

Foreign banks operating in the United States must comply with domestic banking regulations. The USA Patriot Act requires you to provide identification documentation that may be slightly more onerous than those required by local banks. The State Bank of India's New Account Guide, available online, provides you with all the necessary guidelines for complying with these requirements. Guidelines are also provided for remitting funds used to open the account.

Required Identification Documents

If you apply in person, bring an original, valid primary identification card such as a passport, driver's license or alien registration card, along with a second ID that contains documentation of your address. This can include a utility bill, bank statement, birth certificate, Social Security card, student ID or U.S. visa. If you apply by mail, send copies of any two of these documents, as long as at least one of them is a primary ID. Be sure to get copies of your primary ID notarized as well as your signature on the Account Opening Form.