This service is designed for NTB or ‘new to bank’ customers and offers them convenience and efficiency in opening an account, SBI said in a statement on Monday.
This initiative meets a long-standing demand from NRI customers for a hassle-free way to open and manage their accounts in India, the report said.
A non-residential external account (NRE) is a bank account opened in India in the name of an NRI, to park his foreign income; whereas in India, a Non-Resident Ordinary (NRO) account is opened in the name of an NRI to manage the income he/she earns in India. This income includes rent, dividend, pension, interest, etc.
The bank has deployed technology to create a seamless, digitized account opening process that ensures efficiency and accuracy, making it a one-stop solution for NRI banking needs, it said.
Customers can monitor the status of their applications in real time and keep them informed every step of the way, it added.