A new process that offers real-time account activation for non-resident Indians (NRIs) has been launched by State Bank of India (SBI). The initiative that is called TAB-based end-to-end digital onboarding process aims to streamline the opening of NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts.
Back in 2023, the bank launched a digital platform that enabled NRIs to open NRE and NRO accounts without a hassle through its mobile application YONO. Now, the TAB-based end-to-end digital onboarding facility allows NRIs to open bank accounts, including both savings and current, without visiting the bank. No physical documentation is required as the process is made easier by digital authentication methods.
With regard to deposits made into an NRO account, fresh remittance from abroad through a banking channel, personal cheques drawn on foreign account, and transfer from another resident Indian’s account are all accepted. Besides this, proceeds of foreign currency notes or travelers’ cheques tendered during visits to India are also accepted. – editor@nrifocus.com
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