SBI launches digital service for NRIs to open accounts through YONO app

September 18, 2023 08:16 PM AEST | By Investing

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SBI launches digital service for NRIs to open accounts through YONO app — Image source: Kalkine Media

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State Bank of India (SBI) has launched a digital service allowing Non-Resident Indians (NRIs) to open Non-Residential External (NRE) and Non-Residential Ordinary (NRO) accounts via its mobile application, YONO. The announcement was made on Monday, targeting primarily "new to bank" customers.

The NRE account is designed for NRIs to deposit their foreign earnings in India, while the NRO account allows them to manage income earned within the country, such as rent, dividends, pensions, and interests. This new initiative caters to a long-standing demand from NRI customers for a more efficient way to open and manage their accounts in India.

SBI's latest offering leverages technology to simplify the account-opening process, eliminating the need for an in-person visit to India. Customers can track the status of their applications in real-time, providing them with updates every step of the way.

Speaking on the launch, Nitin Chugh, DMD&Head of Digital Banking&Transformation at SBI said, “SBI has always been at the forefront of innovation and customer-centric solutions. With the launch of this digital service, NRIs can open their NRE/NRO accounts from the comfort of their homes. This innovative approach simplifies the process for NRI customers and empowers SBI branches with the tools they need to provide quick and efficient customer service.”

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This article first appeared in Investing.com

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