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This initiative is designed to simplify the account opening process through real-time digital verification and a paperless system, SBI said.
The process is available at SBI branches across India and select international locations. It allows NRIs to complete account onboarding digitally, reducing reliance on physical paperwork and streamlining document verification.
What are NRE and NRO accounts?
An NRE account allows NRIs to park their foreign income in India. It is fully repatriable, meaning both the principal and interest can be transferred abroad without restrictions.
Funds deposited into an NRE account are maintained in Indian Rupees and are exempt from Indian income tax.
On the other hand, an NRO account is used to manage income earned in India, such as rent, dividends, or pensions.
While the principal amount is partially repatriable, the interest earned is subject to tax in India. Funds in this account are also held in Indian Rupees.
Key features of the new process
Real-time account activation: The process enables faster activation with minimal delays.
Paperless transactions: Documents are verified digitally, reducing manual handling.
Global accessibility: NRIs can use the service at domestic branches and selected overseas locations.
According to SBI, this initiative aims to enhance efficiency and convenience for customers. It also aligns with the bank’s focus on leveraging technology to improve service delivery.
SBI Chairman Shri Challa Sreenivasulu Setty stated during the launch that the system is expected to reduce turnaround time and provide a smoother experience for NRIs.
How to access the service?
The TAB-based onboarding process is now operational at select SBI locations.
NRIs can visit SBI branches or contact the bank for more information about the service, the lender said.
