State Bank of India New York And Other U.S. Branches
Opening a U.S. bank account should be a priority when arriving in the country. For those moving to the U.S. from India, this process may be easier if they’re currently customers of the State Bank of India. The bank has branches in New York City and other cities in the U.S.
We’ll explain why a U.S. bank account is so important, a little about the State Bank of India, where to find U.S. branches and other Indian banks in New York City.
Why you need a U.S. bank account
Opening a U.S. bank account is the first step in building your financial life in a new country. A bank account, particularly a checking account, allows you to conveniently pay bills, receive direct deposit payments, and transfer money conveniently and at no cost.
Most banks in the U.S. are FDIC-insured. This means your money is safe. Each depositor, per insured bank, for each account ownership category, is insured for up to $250,000 by the Federal government. If the bank were to fail, the FDIC would reimburse account holders for their losses.
American banks failing is very rare in modern times and not something you need to worry about. The last American bank failure took place in October 2020, and there were zero bank failures in 2018, 2021, and 2022.
Banks keep your money safe in the physical sense too. If your money is all in cash, it could be lost, stolen, or destroyed in a fire or flooding in your home.
What is the State Bank of India?
The State Bank of India (SBI) is a public bank with its headquarters in Mumbai and 22,000 locations across the country. The bank is more than 200 years old and is the 43rd largest bank in the world.
SBI branches in the U.S.
The SBI has branches in 32 countries worldwide, including four branches in the U.S. There is an SBY NY branch in Manhattan on Park Avenue and Jackson Heights, Queens, on 74th Street.
The other U.S. locations are in Chicago and Los Angeles.
SBI New York offers online banking making it easy for customers to check their accounts and transact business at any time from anywhere.
Customers with SBI accounts in India can transfer the account to the U.S. Customers can visit one of the local U.S. branches in person or download and submit the required forms online. The linked forms are for the Manhattan SBI location; each branch has its own forms.
Once the U.S. bank account is activated, customers can give the Indian branch the IBAN (International Bank Account Number) for the new U.S. account and instruct the branch to transfer some or all of the money in the account to the new account. For those who may return to India one day or still have business there, it’s best to keep the account open to avoid having to open a new account upon returning home or using a location outside the country to conduct local business.
Other Indian banks in NYC
There are two other Indian banks with branches in New York City, both located in Manhattan:
The ICICI Bank New York is a wholesale bank, not a retail bank, meaning it’s a bank that provides services to other banks and financial institutions, governments, etc. It does not offer services for the average person who needs a checking or savings account.
Take the next steps with Upwardli
Opening a U.S. bank account is the first step in building your financial life in your new home, but it’s only the first step! Upwardli can help you with the next steps, including building your credit history, another very important part of American personal finance. Upwardli has also created dozens of resources to help you learn and understand the financial system so you can thrive in your new life.
