The state-of-the-art banking platform - TCS BaNCS - will replace the existing software systems and support the bank's entire core banking operations, including ATMs and online channels.
"Today's announcement reflects the decision of the bank's board and management to invest heavily in the future," NCB chairman Mansour Al-Maiman said.
"We have chosen TCS as our partner to implement software that will allow NCB to provide new products and services much faster, and to more customers, while continuing to deliver reliable services through all our banking channels," he said.
Mr Al-Maiman also said the platform's first new module will be deployed over the coming months.
"Customers will soon see new products, less paper, faster service and less waiting time."
"By embarking on a digital re-imagination for NCB, a most valued TCS BaNCS customer, we will help transform significant aspects of the customer experience at the bank - beginning from the front-office to core applications, processes and data," TCS chief executive and managing director N Chandrasekaran said.