SBI Launches Digital Onboarding for NRIs to Open NRE and NRO Accounts

The State Bank of India (SBI), the country’s largest bank, has introduced an online onboarding platform for non-resident Indians (NRIs) to open Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts.

This new platform provides a fully digital onboarding process available at SBI branches in India and selected foreign offices, the bank announced on January 2. The initiative was launched by SBI Chairman, Shri Challa Sreenivasulu Setty. By digitally verifying documents, the bank aims to eliminate the need for physical paperwork, streamlining the account opening process both at branches and during customer visits.

The introduction of a tablet-based end-to-end digital NRI account onboarding journey represents a significant advancement in utilizing advanced technology to enhance customer convenience. The digital solution will greatly reduce processing time and provide a seamless experience for customers, according to the bank’s Chairman.

SBI, the largest commercial bank by assets and deposits in India, has a home loan portfolio exceeding ₹7.64 lakh crore. Its deposit base surpasses ₹51.17 lakh crore, with a CASA ratio of 40.03% as of September 2024.

The bank operates over 22,640 branches, 63,000 ATMs, and nearly 78,000 BC outlets in India. Additionally, 132 million customers use its internet banking services.

SBI’s quarterly results for Q2FY25 showed a net profit of ₹18,331.44 crore, marking a 27.92% increase from ₹14,330.02 crore in the same quarter last year. Net interest income (NII) grew by 5.37% year-on-year to ₹41,620 crore, while operating profit rose by 51% to ₹29,294 crore from ₹19,417 crore in Q2FY24.