TAB-based initiative eliminates paperwork and streamlines processes for NRIs
State Bank of India (SBI) has launched a TAB-based digital onboarding process for Non-Resident Indians (NRIs) to open NRE and NRO accounts seamlessly. This new approach eliminates the need for physical paperwork and uses digital tools for real-time document verification, enabling faster account activation, reported timesofindia.indiatimes.com.
The onboarding process is now available at SBI branches in India and select international offices. According to SBI Chairman Challa Sreenivasulu Setty, who inaugurated the initiative, this marks a significant leap in leveraging technology to deliver a seamless and efficient digital banking experience.
Aiming for efficiency, SBI integrates technology to redefine customer convenience:
The initiative comes on the heels of a Reserve Bank of India (RBI) decision in December 2024 to raise interest rate caps on Foreign Currency Non-Resident Bank (FCNR-B) deposits
The new caps allow a 400 basis point margin over the Overnight Alternative Reference Rate (ARR) for deposits with maturities of one to less than three years and 500 basis points for three- to five-year maturities. These measures aim to attract NRI capital inflows, strengthen forex reserves, and improve India’s global investment appeal.
SBI, India’s largest bank, continues to lead with a deposit base exceeding ₹51.2 lakh crore as of September 2024, along with advances surpassing ₹39.2 lakh crore. This latest initiative reinforces SBI’s commitment to integrating technology and setting benchmarks in global banking accessibility.
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