In its constant endeavour to make banking services accessible to the Indian diaspora, India’s largest lender, State Bank of India (SBI), continues to lead with foreign offices in 30 countries and 224 Global Banks as Correspondent Banks through its unique and innovative specialised retail and remittances products.
SBI strives to offer excellence in services to those abroad as it does in India. It maintains its digital leadership with innovations making banking convenient to keep worldwide connectivity alive and burgeoning.
SBI's exceptionally secure and remarkable digital offering, YONO SBI, binds the world together with over 40,000 overseas customers onboarded. YONO SBI offers the ‘One View’, feature of YONO Global, by which customers abroad can view their domestic SBI accounts through the App. This feature merges all inquiry features of domestic YONO SBI with the global version.
SBI is a leader in the NRI banking space in India and has an NRI deposit base of $31.66 billion (as of December 2021). It has around 37 lakh NRI Customers demonstrating a well-built global presence with its 436 dedicated and specialised NRI Branches / NRI Intensive Branches in India servicing these customers.
To channelise NRI remittances to India, SBI has tied-up with 45 Exchange Companies and five Banks located in UAE, Oman, Kuwait, Bahrain, Qatar, and Saudi Arabia. In addition, Bank has set up ‘Global NRI Centre’ (GNC) at Ernakulam which is ‘One Stop Service Centre’ to NRI Customers for all non-financial services of the Bank to ensure timebound customer support, lead and query management.
SBI has multiple account offerings catering to NRI customers such as Non-Resident External (NRE), NRE Salary Account, NRO Account/Salary Account, NRE 'SUKOON' Current Account, FCNRB Account/Premium Account, RFC Account, Demat Account, NRO Tax Saving Scheme, NRI Family Card and SBI Capgains Plus Account. Non-Resident Indians can conveniently opt for Home Loan, Car Loan, Loan against Deposits, and Over-draft against Deposits.
Digital products and services launched by SBI for the benefit of its NRI customers include automated delivery of advice on the registered email address, missed call Banking Services through SBI Quick App, Financial Transactions (NEFT/RTGS) via YONO Interface and IMPS facility through Internet Banking and Mobile Banking. NRI remittance experience on Internet Banking has been improved by enhancing repatriation limit from 10 lacs to Rs 18 lacs per day (from NRE account) to 214 countries in USD, GBP, EUR, SGD, AUD and CAD currencies. All our branches have been equipped to handle Foreign Outward Remittances in 97 currencies. SBI Intelligent Assistant (SIA), also known as Smart Chat Assistant, evolved from cutting-edge technology, efficiently answers queries and is also available to NRI customers across the globe through its website, ‘bank.sbi’.
As Indians around the world celebrate 73rd Republic Day, we express our care by ensuring their safety through our digital banking solutions. Long live our Republic.
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