How To Transfer Your Account To The State Bank Of India In USA
One of the first steps you should take when starting your life in the U.S. is to open a bank account. Having a local bank account will make your life easier and less expensive. For those immigrating from India, a great option is the State Bank of India in the USA. The SBI has branches in the U.S. and several other countries and offers various products that will help you establish your financial life and credit in your new home.
What is the State Bank of India?
The SBI is a public sector bank headquartered in Mumbai. With more than 22,000 branches in India, there are also SBI foreign branches in 32 countries, making the bank the 43rd largest in the world. The SBI is also an Indian bank in the USA. The bank is more than 200 years old, used by generations of Indian families at home and abroad.
SBI overseas branches
Dealing with a familiar entity can really help you feel more comfortable, especially when dealing with something as important as money! The SBI operates in numerous countries; you can find a list of branches here. There are four branches in the U.S., two in New York City, one in Chicago, and one in Los Angeles.
How to transfer your account to the SBI in the USA
There are two ways to transfer your SBI account. You can visit one of the four branches in person or download and submit the required forms. (These forms are for the Manhattan branch, each branch has its own forms.)
Once the American bank account is active, give the Indian branch the IBAN (International Bank Account Number) for the new account and instruct them to transfer some or all of your money to the American account.
This process is pretty standard for transferring accounts from one bank to another regardless of your situation. An American-born customer changing banks would essentially follow the same procedure as a customer opening a bank account in the U.S. whose home-country bank does not have U.S. branches.
SBI Products
The SBI offers a range of personal and corporate financial products, including checking accounts, Money Market Accounts, and CDs. The State Bank of India CD rates range from 0.10% for a 3-month CD to 0.90% for a 5-year CD. All CD accounts have a minimum deposit of $5,000. The bank does not offer interest on its checking accounts.
The interest rates on Money Market Accounts range from 0.10% to 0.25%, depending on the deposit amount.
Upwardli is here for you
Opening a bank account will help you manage your finances, but it won’t do much to help build your credit, something necessary in the U.S. For people with no credit history, that can seem impossible. Upwardli can help!
Credit cards are a great way to build credit. Upwardli can direct you to first-time credit cards for students, the easiest credit cards to get approved for with no credit, the best starter credit cards, and credit cards for those with no credit history.
We can help you find these financial resources and others that will help you create a healthy financial life in the U.S. Take a short quiz, get matches to the providers that best fit your needs, and submit your applications all through our site!
