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New Delhi: India's largest bank, the State Bank of India (SBI), has introduced a fully digital process for non-resident Indians (NRIs) to open Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts. The new service aims to make account opening faster and easier by eliminating the need for physical paperwork.The digital onboarding process was unveiled on January 2 and is available across SBI branches in India and select international locations. SBI Chairman Shri Challa Sreenivasulu Setty inaugurated the initiative.Speaking about the new feature, Setty said, “This end-to-end digital solution, supported by TAB-based onboarding, represents a major step forward in enhancing customer convenience. It will significantly reduce processing time and deliver a seamless digital experience.”The platform uses advanced technology to verify documents digitally, ensuring efficiency and convenience for customers, whether visiting branches in India or abroad.

SBI's Leadership In BankingSBI remains the largest commercial bank in India, with assets, deposits, and services catering to millions of customers. Its home loan portfolio has exceeded Rs 7.64 lakh crore, while the deposit base stands at over Rs 51.17 lakh crore. The bank’s Current Account and Savings Account (CASA) ratio is at 40.03 per cent, as of September 2024.SBI operates more than 22,640 branches and 63,000 ATMs across India, supported by 78,000 Business Correspondent (BC) outlets. Over 132 million customers use the bank’s internet banking platform.

SBI Quarter ResultsSBI also posted robust financial results in the quarter ending September 30, 2024. The bank recorded a standalone net profit of Rs 18,331.44 crore, a 27.92 per cent increase compared to Rs 14,330.02 crore in the same period last year.Net Interest Income (NII) rose by 5.37 per cent year-on-year to Rs 41,620 crore in Q2FY25, while operating profit surged 51 per cent to Rs 29,294 crore, compared to Rs 19,417 crore in the same quarter the previous year.

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