State Bank of India, the Mumbai-headquartered banking and financial services firm, has opened a new branch dedicated to non-resident Indians. 

The new branch is located in Tiruchi and, equipped with high-end infrastructure, will offer fixed deposits in ten currency denominations, foreign remittances, mutual funds, insurance and technological products. 

State Bank of India already has three NRI branches in Chennai and one in Coimbatore. According to latest figures from the Reserve Bank of India, NRI remittances into the country are increasing, registering a net inflow of more than $12 billion, or nearly double the $7 billion in remittances generated in the previous financial year.