The State Bank of India (SBI) has launched a new digital service allowing Non-Resident Indians (NRIs) to open Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts with ease using SBI’s YONO banking app. The country’s largest lender has introduced a digital option for both savings and current accounts. This service is intended for NTB or “new to bank” users, making the account opening procedure easier and more efficient.
This facility will address a long-standing demand from NRI clients seeking an easy approach to opening and managing accounts in India. The bank has used technology to establish a streamlined, digitised account opening procedure that ensures efficiency and accuracy, allowing it to serve as a one-stop shop for NRI banking needs.
In addition, customers may track the status of their applications in real-time, keeping them updated at all times.
“SBI has always been at the forefront of innovation and customer-centric solutions, and this latest offering is no exception. With the launch of this digital service, NRIs can open their NRE/NRO accounts from the comfort of their homes, eliminating the need for an in-person visit to India,” Nitin Chugh, DMD and Head (Digital Banking and Transformation) said while speaking on the launch.
This method will simplify the procedure for NRI customers while providing SBI branches with the resources they need to provide rapid and efficient customer service, Chugh added.
NRI And NRO Accounts Through SBI’s YONO App: Three Quick Steps To Open Account
Step 1: First download the YONO SBI banking app.
Step 2: On the homepage, look for and select the option to open an NRE/NRO account.
Step 3: As the new page opens, customers will have two options to submit their KYC details.
More details below on the two options:
Option 1 – Submit the required documents at an SBI branch of choice in India.
Option 2 – Attest the KYC documents with a Notary, High Commission, SBI Foreign Office, Indian Embassy, Representative Office, Court Magistrate, or Judge and mail them to a centrally designated branch for further processing.
What Is NRE And NRO Accounts?
A Non-Resident External (NRE) account is a bank account opened in the name of an NRI in India to save his/her foreign earnings. A Non-Resident Ordinary (NRO) account, on the other hand, is a bank account opened in India in the name of an NRI to handle his/her income earned in India. These earnings include rent, dividends, pensions, interest, and so forth.