SBI introduces digital opening of NRE/NRO account setup through YONO

This service is designed for NTB or 'new to bank' customers, providing them with ease and efficiency in the account opening process, SBI said in a statement on Monday.

State Bank of India (SBI) has introduced a digital facility for Non-Resident Indians (NRIs) to effortlessly open NRE and NRO accounts (both savings and current accounts) through its mobile app YONO.

This service is designed for NTB or ‘new to bank’ customers, providing them with ease and efficiency in the account opening process, SBI said in a statement on Monday.

This initiative fulfils a long-standing demand from NRI customers for a hassle-free way to open and manage their accounts in India, it said.

A Non-Residential External (NRE) account is a bank account opened in India in the name of an NRI, to park his foreign earnings; whereas, a Non-Resident Ordinary (NRO) account is opened in India in the name of an NRI, to manage the income earned by him/her in India. These incomes include rent, dividend, pension, interest, etc.

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, it said.

Customers can track the status of their applications in real-time, keeping them informed every step of the way, it added.

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Credit: THE INDIAN EXPRESS