Home State Bank of India (SBI) How to Open an Account in SBI Canada? Documents Required, Application process,...

How to Open an Account in SBI Canada? Documents Required, Application process, etc.

Canada is a vibrant and significant destination for foreign students wanting to get a quality education, especially for Indians. India is the biggest immigrating population in Canada with 85,590 individuals Indian immigrating to Canada for education, jobs, etc.

With such a huge number of people immigrating, you would need a good financial banking system to support your financial needs like banking, fund transfer, remittances, etc. To provide support for the Indians living outside India, SBI has opened various bank branches outside India.

You can use SBI Canada banking services to get your banking needs met. In this article, we will discuss how to open an Account in SBI Canada, the documents required, the application process, etc.

How to open an Account in SBI Canada

Benefit of Opening Bank Account in SBI Canada

The following are the benefits of opening the Bank Account in SBI Canada-

  • You can earn competitive interest on your savings
  • Get free international debit card
  • Withdraw funds for free across 3000+ exchange ATMs and 50000+ SBI ATMs in India
  • You can get preferential exchange rates and free fund transfer to India
  • You can digital banking access using net banking Canada, SBI YONO SBI Canada mobile app

Types of Savings Account Offered in SBI Canada

The following are the types of savings account offered in SBI Canada-

Chequing Account

  • This account maintains the balance in both CAD and USD
  • Unlimited online and branch transactions
  • Monthly fee of USD/CAD 4 will be charged for maintenance of the account. The charges can be waived off if daily balance of CAD/USD 1000 is maintained

Savings Account

  • This account maintains the balance in CAD only
  • Unlimited online transactions
  • Earn Interest on every dollar deposited
  • The monthly fee of CAD 10 will be charged. The charges can be waived off if the daily balance of CAD 200 is maintained

Super Savings Account

  • This account maintains the balance in both CAD and USD
  • Earn good Interest on every dollar deposited
  • Unlimited online transactions
  • The monthly fee of USD/CAD 12 will be charged. The charges can be waived off if the daily balance of CAD/USD 2000 is maintained

Premium Savings Account

  • This account maintains the balance in both CAD and USD
  • Earn Premium Interest in addition to the standard interest
  • Unlimited online and branch transactions
  • The monthly fee of RSD/CAD 15 will be charged. The charges can be waived off if the daily balance of CAD/USD 25,000 is maintained

Documents Required for opening bank account in SBI Canada

The following are the documents required for opening a bank account in SBI Canada-

  • 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.)

SIN Number, Photo ID, Contact, and Employment Details.

Documents for Indian Students

The following are the documents required by Indian students for opening a bank account-

  • Guaranteed Investment Certificate (GIC), made mandatory by the Canadian authorities. No Visa application is entertained without 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.)

How to Open a Bank Account in SBI Canada?

Opening a bank account in SBI Canada can be done using both online and offline means, however, the online method should be considered first as most of the banking services that you have to initiate must be done before visiting Canada. The following are the account opening process in SBI Canada-

Online

  • Visit the official website of SBI Canada and click on the “online account opening” under the Our services section
  • A new page will open where all the information about the account will be displayed. Scroll down and click on the “Apply Now” button to initiate the account opening process
  • Another page will appear where you’ll be asked to choose from ‘Existing customer’ or “New User”. Select the appropriate option

New Users

  • Now, you’ll be prompted with a disclaimer window where you have to tick the disclaimer followed by clicking on the “Let’s Begin” button
  • An Application form will appear which you have to fill with correct details followed by clicking on the Register now button
  • After clicking on the register now button, a page will appear where you have to enter the residential address, nationality, Date of Birth, Social Insurance Number, etc.
  • After providing these details, you have to choose the SBI bank branch where you want to open your account followed by selecting the type of account and other account related details
  • Now, you have to choose your Mode of ID Verification which is explained in details below. You will be provided with two option-Visit SBI Branch or visit Canada Post for verification
  • After filling all the details, click on the “Save & Continue” followed by previewing your application and clicking on the “Submit My Application” button
  • Now, an application reference number will be generated along with direction for your verification process
  • After verification is done, your account will be opened and you’ll receive a savings account opening starter’s kit on your residential address

Existing User

  • If you are existing user, you have to provide Customer Id of your existing account and mobile number followed by clicking on the Verify Number
  • An OTP will be sent to your mobile number which you have to verify
  • An application form will appear, most of the details are prefilled or tick-based application seeking your permission to use the available information to initiate account opening
  • Now, you have to additional details like resident details, taxing information, etc.
  • After providing all the details, an application reference number will be generated and you have to preview the application followed by clicking on the submit the application button
  • Since, you are an existing customer, you do not need to verify your application again
  • After verification of your account is done, your account will be opened and your debit card and an account starter’s kit will be sent to your mailing address. PIN will be sent separately for security reasons

Using SBI Canada YONO App

You can also open an account online using YONO SBI Canada app by following these steps-

  • Download and install YONO SBI Canada app on your mobile phone
  • Open the app and you’ll be displayed with two options-New Customer or Existing Customer
  • For opening account, you can click on New Customer Button
  • Now, select the Open savings account option followed by clicking on the “Start New Application” button
  • You’ll be prompted with a disclaimer at the beginning of the account opening process for which you have to click on the next button
  • After clicking on next button, you’ll have to provide your Email Id and mobile phone number followed by clicking on the send OTP button
  • After sending the OTP, you’ll receive an SMS containing 4-digit OTP
  • Now, select the type of account your want to open and click on the next button
  • After clicking on the next button, you’ll be prompted with an account opening form where you have to provide your name, Date of birth followed by clicking on the next button
  • Now, provide the resident information, and other additional details also make sure to choose the type of ID verification your want to proceed with
  • A preview application will appear which you have to review followed by clicking on the “Submit My Application” button
  • After submitting the application, you have to verify your ID by visiting the bank branch or by using Canada Post option. The details information is provided below
  • After your verification is done, you’ll be notified about your account opening and you’ll receive the account opening starter’s kit along with your Debit card to your resident

Offline

The offline method of account opening is a traditional way of account opening. You can visit your nearest SBI Canada bank branch and ask the bank representative for an account opening application. Fill the application form with correct details followed by providing the KYC documents to the bank representative. After verifying your application, you’ll be provided with the bank account and the savings account starter’s kit along with your SBI Debit card will be sent to your residential address.

Mode ID Verification for Account opening

For ID verification you have two options to choose from, which are as follows-

By Visiting the branch

You can verify your ID for account opening by visiting the SBI Canada Bank branch. Make sure you are visiting the bank branch with all the KYC documents mentioned on the application form. You have to complete the verification of the ID within 30 days of account opening otherwise your application will be rejected. If you want to have a cheque book for this account then you’ll have to sign the signature form during your branch visit.

By using Canada Post

You can also verify your ID by visiting the Canada Post. At the time of Application form filling, an email will be sent on your email Id with a Canada Post Bar Code letter attachment. You’ll have to take a printout of the letter or you can show it on your mobile device. Make sure you are also carrying other KYC documents mentioned on your application form. After verification is done, your account will be opened and you’ll receive the account starter’s kit at your residential address.

FAQ

Can I open a bank account in Canada from India?

Yes, you can open a bank account in Canada from India using online banking, however, the process takes time and would require additional immigration documents apart from the one mentioned above. Instead of a Canada SBI bank account, you can opt for SBI NRI Account for international banking services.

How can I contact the SBI Canada bank?

If you need further assistance or have any questions, please feel free to contact us at 1-866-724-2669 during business hours or email us at mail:[email protected]

How will I get my Debit Card?

You’ll receive your debit card via a post on your mailing address. It will be dispatched once the account is successfully opened after your ID is verified. The Debit card and Pin will be sent separately for security reasons.