Transforming the Banking Experience Globally

SBI is dedicated to delivering high-quality services to its NRI customers through innovative banking solutions

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Published: Fri 26 Jan 2024, 12:09 PM

SBI is committed to enhancing accessibility to banking services for the Indian diaspora on a global scale. With a robust global network spanning 29 countries, SBI is at the forefront of the NRI space. Our extensive foreign offices, coupled with user-friendly digital platforms such as YONO and Retail Internet banking (RINB), ensure that a wide range of banking services is available around the clock.

Striving for excellence, SBI is dedicated to delivering high-quality services to its NRI customers through innovative banking solutions. Serving as a global link, SBI remains a pivotal 'window to India' for overseas customers, offering specialised retail and remittance products. The bank is committed to keeping the world connected and thriving through its proactive approach to international banking.

In the realm of NRI Banking, SBI continues to assert its leadership with an impressive NRI deposit base of $31 billion as of December 2023. Boasting around 38 lakh NRI customers, the bank stands as a reliable and well-established partner in NRI banking. SBI operates 434 specialized NRI branches across India.

To facilitate the flow of NRI remittances into India, SBI has formed strategic partnerships with 45 exchange companies and five banks located in UAE, Oman, Kuwait, Bahrain, Qatar, and Saudi Arabia.

Additionally, the bank has established the 'Global NRI Centre' (GNC) in Ernakulam, serving as a comprehensive 'One Stop Service Centre' for NRI customers, offering efficient handling of non-financial services along with lead and query management.

SBI provides tailored financial solutions, presenting a range of appealing offerings to the Indian diaspora, including 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 have the convenience to opt for Home Loans, Car Loans, Loans against Deposits, and Overdrafts against Deposits.

The leading bank has also introduced digital products and services to enhance the NRI experience, such as automated delivery of advice via registered email, OTPs over email, missed call Banking Services through the SBI Quick App, financial transactions (NEFT/RTGS) via the YONO Interface, and IMPS facility through Internet Banking and Mobile Banking.

Improving the NRI remittance process on Internet Banking, SBI has increased the repatriation limit to $25,000 per day (from NRE accounts) to 214 countries in seven currencies namely US dollar, GBP, euro, Singapore dollar, Australian dollar, Canadian dollar, and New Zealand dollar. All branches are equipped to handle foreign outward remittances in 97 currencies.

As we commemorate the 75th Republic Day, we stand in solidarity with Indians globally, ensuring their safety through our resilient digital banking solutions. Long live our Republic!

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