Mumbai: A New Era for NRI Banking with SBI

In a groundbreaking move, the State Bank of India (SBI) has launched a TAB-based digital onboarding process for Non-Resident Indians (NRIs), making the opening of NRE and NRO accounts a breeze. This innovative approach not only facilitates real-time account activation but also does away with the cumbersome paperwork by leveraging digital tools for document verification.

Available at SBI branches across India and select international offices, this initiative is designed to slash turnaround times and boost customer convenience. Challa Sreenivasulu Setty, SBI chairman, highlighted this initiative as a significant leap towards utilizing technology to offer a seamless digital banking experience.

Enhancing Global Banking Standards

This step underscores SBI's dedication to embedding technology into its services, ensuring unparalleled customer convenience, and setting new benchmarks in global banking accessibility.

RBI's Strategic Move to Attract NRI Investments

In December 2024, the Reserve Bank of India (RBI) increased the interest rate caps on Foreign Currency Non-Resident Bank (FCNR-B) deposits to draw in NRI capital inflows. Adjustments were made to the caps for deposits with varying maturities, aiming to bolster foreign exchange reserves and enhance India's attractiveness as an investment hub, especially in light of the rupee's depreciation.

SBI continues to dominate as India's largest bank, boasting a deposit base exceeding Rs. 51.2 lakh crore and advances surpassing Rs. 39.2 lakh crore as of September 2024.