SBI’s YONO App for NRE and NRO Accounts: State Bank of India (SBI), the largest bank in India, has enabled Non-Resident Indians (NRIs) to easily establish savings and current accounts (NRE and NRO) through its SBI YONO mobile app. The bank stated that this service is intended for NTB or “new to bank” consumers in order to facilitate the account opening procedure.
This initiative, according to a statement released by SBI on Monday, satisfies a long-standing demand from NRI customers for an easy way to establish and manage their accounts in India.
Account opening with SBI: What exactly is an NRE account? What exactly is an NRO account?
A Non-Resident External (NRE) account is a bank account established in India in the name of a non-resident Indian (NRI) for the purpose of storing his or her foreign earnings.
In the interim, a Non-Resident Ordinary (NRO) account is established in India in the name of an NRI in order to manage his or her earnings in India.
Non-Resident Indians’ earnings include rent, dividends, pensions, and interest, among others.
According to the bank’s statement, it has utilized technology to create a streamlined, digitalized account opening process that ensures efficiency and accuracy, making it a one-stop solution for NRI banking requirements.
The State Bank of India’s NRI customers can monitor the application status of their account opening process in real-time every step of the way, it added.
SBI’s YONO App for NRE and NRO Accounts: How to establish an NRI/NRO account with SBI through YONO?
- Download the YONO SBI app
- Select the option to establish an NRE/NRO account
- Upon successful submission, customers have two alternatives for submitting their KYC:
Option a) Submit documents at an SBI branch in India of your choosing
Option b) – Have the KYC documents attested by a Notary, Indian Embassy, High Commission, SBI Foreign Office, Representative Office, Court Magistrate, or Judge, and then dispatch them to a centrally designated branch for processing.
Nitin Chugh, DMD & Head (Digital Banking & Transformation), stated regarding the inauguration, “SBI has always been at the forefront of innovation and customer-centric solutions, and this latest offering is no different. With the introduction of this digital service, NRIs can now establish their NRE/NRO accounts from the comfort of their own homes, eliminating the need to travel to India. This innovative approach streamlines the process for NRI clients and equips SBI branches with the tools necessary to provide prompt and efficient customer service.”