SBI launches TAB-based digital NRI account onboarding journey
(MENAFN- Adfactors PR) Bengaluru, January 03, 2025: State Bank of India (SBI), the country’s largest bank, has announced the launch of a TAB-based end-to-end digital on-boarding process for Non-Resident Indians (NRIs) to streamline the opening of NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts. This initiative was inaugurated by SBI Chairman, Shri Challa Sreenivasulu Setty and has been made available across SBI branches in India and select foreign offices, employing digital tools to enhance the efficiency and convenience of account opening.
The initiative eliminates the need for physical paperwork, enabling a faster account opening process both at branches and during customer visits by digitally verifying documents, thereby making the process more efficient and convenient.
Speaking on the launch, Shri Challa Sreenivasulu Setty, Chairman, SBI, highlighted the transformative potential of the solution, stating, “The introduction of TAB-based end-to-end digital NRI account on-boarding journey represents a significant stride in leveraging cutting-edge technology to redefine customer convenience. This end-to-end digital solution will drastically reduce the turnaround time and delivering a truly seamless digital experience.”
This solution underscores SBI's enduring commitment to banking excellence as well as innovation. By seamlessly integrating technology into its services, the bank not only empowers and meets customers' expectations, but also sets new standards for global banking efficiency and accessibility.
About State Bank of India
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also one of the largest mortgage lenders in the country which has so far fulfilled the home-buying dreams of around 30 lakh Indian families. The home loan portfolio of the bank has crossed Rs. 7.64 lakh crore. As of September 2024, the bank has a deposit base of over Rs. 51.17 lakh crore with a CASA ratio of 40.03% and advances of more than Rs. 39.20 lakh crore. Ranked as the 4th most trustworthy bank in the world by Newsweek, SBI commands a market share of 27% and 19.2% in home loans and auto loans respectively. SBI has the largest network of 22,640+ branches and 63,000+ ATMs / ADWMs in India with close to 78,000+ BC outlets. The number of customers using Internet banking stands at 132 million. With SBI’s digital strategy right on track – the bank witnessed 61% of new savings accounts being opened through the integrated digital and lifestyle platform YONO in Q2FY25. YONO, which has more than 8.1 crore registered users, witnessed 37 lakh new YONO registrations in Q2FY25. In terms of digital lending, the bank disbursed pre-approved personal loans worth Rs. 1,253 crores through YONO during Q2FY25. SBI also has the highest number of followers on Facebook and X amongst all banks worldwide.
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