SBI is the biggest bank in India also has many branches outside India to provide banking services to all the Indians living outside India.
India has the biggest diaspora living outside India, Canada is one of the prime locations where you have Indians living as Overseas Citizens of India and therefore, SBI provides their banking services to India via their SBI Canada branch.
Also, the Indians preparing to visit Canada for studies, work must show their financial status to apply for Visa, and therefore, having a GIC account becomes important.
All these services can be availed from SBI Canada bank. In this guide, we will discuss How to Open an Account in SBI Canada? Documents Required, Application Process, etc.
Documents Required for Opening Bank Account in SBI Canada
The following are the documents required for opening a bank account in SBI Canada-
Documents Required for Canadian Resident
- Indian Passport
- Canadian Driver’s License
- Permanent Resident Card issued in Canada
- Provincial ID Card issued in Canada
- Proof of your Canadian residential address (a bank statement, a credit card statement, a utility bill, etc.)
Documents Required for Indian Students
- Guaranteed Investment Certificate (GIC), made mandatory by the Canadian authorities. No Visa application is entertained without a GIC certificate
- Any Identity card mentioned above preferably Indian Passport
- Proof of your Canadian residential address (a bank statement, a credit card statement, a utility bill, etc.)
Documents Required for Indian Resident
- Identity Proof (Passport)
- Non-Resident Status Proof (Visa/Work Permit, etc.)
- Overseas/Communication Address Proof (Utility Bills, Rent Receipt, etc.)
- Photograph
- PAN Card
Documents Required for Opening Corporate Account
- Account application, duly completed and signed.
- Terms & Conditions agreement.
- Operation and verification of account agreement.
- Business/ Tax identification number.
- Certificate of Incorporation.
- Partnership Certificate/ Trust Deed and By-law as applicable.
- List of Officers & Directors for corporations.
- Authorization to Borrow for Directors.
- Resolution of Directors- banking & security.
- Customer/ business Profile.
- Two pieces of identification documents of each authorized signatory
Types of Account
The following are the types of accounts in SBI Canada-
Savings Accounts
As the name suggests, savings account are those accounts that provide interest for the funds you deposit. There are different SBI savings accounts for different users depending on their requirements. The following are the types of savings account offered by SBI Canada-
Chequing Account
Chequing Accounts are those accounts that you can use as transactional Account to make purchases and pay bills.
SBI Canada offers a chequing account facility with an option to maintain balance in USD or CAD. You can make unlimited transactions both online and offline.
The monthly fee for maintaining the chequing bank account is CAD/USD 4 which can be waived off if you maintain the daily balance of USD/CAD 1000.
Savings Account
Savings Accounts are those accounts where the depositor earns interest on the money deposited. SBI Canada offers unlimited online transactions and the account will be maintained only in CAD.
The monthly fee for maintaining the savings bank account is CAD 10 which will be waived off if you maintain the daily balance of CAD 200.
Super Savings Account
You can earn a good interest rate in Super Savings Account and this account can be maintained in either USD and CAD. The monthly fee for opening this bank account is 12 USD/CAD which can be waived off if the daily balance of CAD/USD 2000 is maintained.
Premium Savings Account
You can maintain this account in either USD or CAD and earn premium interest rates on your deposits. The monthly fee of USD/CAD 15 will be charged for account maintenance which can be laid off if an average monthly balance of CAD/USD 25,000 is maintained.
Corporate Account
Corporate Account is the accounts that are specifically designed for providing business-related services. The Corporate Account will offer business-related services with features like unlimited remittances, unlimited fund transfer, premium services, etc.
How to Open a Bank Account in SBI Canada?
You can open a bank account in SBI Canada using both online and offline methods. The following are the step-by-step instructions on how to open a bank account in SBI Canada-
Online
- Visit the official website of SBI Canada and click on the online account opening option
- After clicking on the account opening, you’ll be redirected to a new page where you have to click on the “Apply Now” button
- After clicking on the apply now button, you’ll have to choose between the “Existing User” or “New Users” option
New User
- For new users, a disclaimer will appear which you have to agree to, and then click on the Let’s Begin button
- Now, an application form will appear which you have to fill with correct details followed by clicking on the register now button
- After filling the application form, a page will appear where you have to enter personal details like residential address, nationality, Date of Birth, Social Insurance Number, etc.
- Now, Select the SBI Canada Bank branch where your account will be maintained
- After selecting the bank branch, you have to choose your Mode of ID verification, you’ll be provided with two options- Visit bank branch, Canada Post
- Now, click on Save & Continue button followed by clicking on submit my application button
- Now, an application reference number will be generated and after competing for your verification, your account will be opened
Existing User
- If you are an existing user, you have to provide your Customer Id and phone number
- An OTP will be sent to your mobile number which you have to enter in the relevant space given
- After entering your OTP, an application form with pre-filled data will appear, you just have to enter a few details into the form
- After filling the form, you have to enter additional details followed by providing taxing information
- Now, an application reference number will be generated after you’ve submitted the application
- Now, you also have to verify your application by either visiting the bank branch or by visiting Canada Post
Offline
You can also visit the SBI Canada bank branch and ask the bank representative for the account opening form. He/She will provide you with an account opening form which you have to fill. After filling the application form and verifying your KYC, your account will be opened and a starter kit will be sent to your postal address which contains your debit card, cheque book, etc.
ID Verification for Account Opening
Certification of your ID is important for you to open the account. You have the following options to verify your Identification-
By Visiting Bank Branch
You can visit your nearest SBI Canada bank branch and submit all the documents mentioned above along with a printout of the application form. After verifying your documents, your account will be created.
By Visiting Canada Post
You can also visit the Canada Post and submit your documents there for verification. After verification is complete, your account will be created.
FAQ
You can contact SBI Canada by giving a call at +1-866-3284209 or you can use your email to send an email [email protected]
GIC stands for Guaranteed Investment Contract, which is a fixed-term interest-earning account. In this account, you have to deposit the funds for a fixed tenure, and for the investment you made, you’ll get attractive interest rates. You’ll be able to withdraw the funds once the fixed tenure is over.
This investment certificate has been made mandatory for all foreign students visiting Canada to ensure financial backing while studying abroad.
Yes, you can use internet banking to remit funds from Canada to India easily. You can also visit the SBI Canada bank branch to initiate the remittances using Demand draft or Wire Transfer.
