The SBI has been a “window to India” for NRIs residing in different parts of the world
In its constant efforts to make banking services accessible to the Indian diaspora, India’s largest lender, the State Bank of India (SBI), continues to be the leader with overseas offices in 30 countries and 224 global banks as correspondent banks through its unique and innovative specialized retail network and remittance products.
SBI strives to provide excellence of service to those abroad as it does in India. It maintains its digital leadership through innovations that make banking convenient to keep global connectivity alive and thriving.
SBI’s exceptionally secure and remarkable digital offering, YONO SBI, connects the world with over 40,000 onboarded overseas customers. YONO SBI offers the “One View” feature, from YONO Global, through which overseas customers can view their domestic SBI accounts through the app. This feature merges all the survey features of YONO SBI Domestic 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 clients demonstrating a well-established global presence with its 436 dedicated and specialized NRI branches / NRI intensive branches in India serving these clients.
To channel NRI remittances to India, SBI has partnered with 45 exchange companies and five banks located in the United Arab Emirates, Oman, Kuwait, Bahrain, Qatar and Saudi Arabia. In addition, the Bank has set up the “Global NRI Centre” (GNC) in Ernakulam, which is the “One Stop Service Centre” for NRI clients for all non-financial services of the Bank to ensure a customer support, management of prospects and queries over time.
SBI offers several account offerings for NRI clients, 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 Savings Plan, NRI Family Card and SBI Capgains Plus Account. Non-resident Indians can easily opt for home loan, car loan, deposit loan and deposit overdraft.
The digital products and services launched by SBI for the benefit of its NRI clients include automated delivery of tips on registered email address, missed call banking services through the SBI Quick app, financial transactions (NEFT/RTGS ) via YONO interface and IMPS installation via Internet Banking and Mobile Banking. The Internet Banking NRI remittance experience has been enhanced by increasing the 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 manage funds transfers abroad in 97 currencies. SBI Intelligent Assistant (SIA), also known as Smart Chat Assistant, has evolved from state-of-the-art technology, responds to queries efficiently and is also available to NRI customers across the world through its website,” bank.sbi”.
As Indians around the world celebrate the 73rd Republic Day, we express our concern by ensuring their safety through our digital banking solutions. Long live our Republic.