Trusted Banking Companion, Regardless of Location: SBI
State Bank of India (SBI), the country's largest banking institution, has announced an extensive range of specialized retail banking products and services designed to cater to the needs of Non-Resident Indians (NRIs). These services aim to simplify financial transactions and provide a seamless banking experience for the Indian diaspora.
Banking Accounts for NRIs
SBI offers several banking account options for NRIs, including the NRE Savings/Salary Account, NRE 'SUKOON' Current Account, NRO Savings Account, FCNR (B) Account, FCNR (B) Premium Account, RFC Account, NRE PIS (4-in-1) Account, and NRO Tax Saving Scheme. Each account has been designed to meet the unique financial requirements of NRIs, offering flexibility, repatriability, and tax benefits.
Loans and Credit Facilities
In addition to banking accounts, SBI provides various loan and credit facilities for NRIs. Home Loans and Car Loans are available with flexible repayment terms, enabling NRIs to purchase properties and vehicles in India. Loans against Deposits and Overdrafts against Fixed Deposits offer liquidity when needed, providing NRIs with financial flexibility.
Digital Services and Remittances
SBI has embraced digital technology to enhance the banking experience for NRIs. The YONO and Retail Internet Banking (RINB) platforms offer 24/7 access to banking services online or through mobile apps, making transactions and account management easy and convenient. Digital onboarding has been introduced to streamline the account opening process, eliminating the need for physical paperwork.
Moreover, SBI has partnered with 45 exchange companies and 5 banks in countries like the UAE, Oman, and others, ensuring secure and seamless remittances for NRIs.
Other Services
SBI's Global NRI Centres (GNCs) located in Patiala and Ernakulam serve as one-stop shops for non-financial banking needs, offering support for NRIs. These centres aim to provide a comprehensive solution for all banking requirements, making it easier for NRIs to manage their financial affairs.
In celebration of the 79th Independence Day, SBI reaffirmed its commitment to the safety and security of NRIs' banking, assuring them of a secure banking experience.
Newly onboarded NRI customers receive e-welcome letters via registered email, and digital onboarding through tablet has been launched to further simplify the account opening process for NRIs.
These expansive offerings from SBI demonstrate the bank's commitment to catering to the needs of the Indian diaspora, ensuring a smooth and secure banking experience for NRIs both in India and abroad.
The extensive range of services provided by SBI includes entertainment facilities for NRIs, such as the BOLTT Entertainment Platform, which offers a vast library of movies, music, TV shows, and games, available online or through the mobile app, providing entertainment on-the-go.
Moreover, SBI's finance division caters to the investment needs of NRIs, offering mutual funds, stocks, and other financial instruments, enabling them to grow their wealth and secure their financial future.
