SBI customers can now open NRE, NRO accounts through YONO
The State Bank of India (SBI) has launched a digital facility for Non-Resident Indians (NRIs) to open Non-Residential External (NRE) and Non-Resident Ordinary (NRO) accounts using its mobile app, YONO. This initiative aims to provide a seamless, efficient account-opening process for 'new to bank' or NTB customers. It also caters to the long-standing demand from NRI customers for a hassle-free method to open and manage their accounts in India, per SBI.
Understanding NRE and NRO accounts for NRIs
An NRE account refers to a bank account that's opened in India under the name of an NRI to store foreign earnings. On the other hand, an NRO account is opened to manage the income earned by an NRI in India, such as rent, dividend, pension, and interest. These accounts are essential for NRIs to manage their finances in India and park their foreign earnings.
SBI is also offering real-time tracking of applications
SBI's digital banking solution offers real-time tracking of applications, allowing customers to stay informed throughout the process. The bank has leveraged technology to create a seamless, digitized account opening process that ensures efficiency and accuracy, making it a one-stop solution for NRI banking needs, per the official statement. With the latest digitized initiative on the YONO app, SBI is providing an efficient solution for NRIs to manage their finances in India, further enhancing its reputation as a leading banking institution.
