In a move aimed at enhancing convenience for Non-Resident Indians (NRIs), the State Bank of India (SBI) has rolled out a digital platform allowing NRIs to effortlessly open NRE (Non-Residential External) and NRO (Non-Resident Ordinary) accounts, encompassing both savings and current accounts, through its mobile application, YONO.
This new service primarily caters to NTB or ‘new to bank’ customers, offering them a streamlined and efficient process for initiating their accounts with SBI.
The introduction of this digital facility marks a pivotal moment, fulfilling a longstanding demand from NRI clientele who sought a hassle-free method for initiating and managing their accounts within India, the bank said in a statement.
An NRE account stands as a bank account established in India under the name of an NRI, primarily utilized to house foreign earnings. In contrast, an NRO account is opened in the name of an NRI within India to manage income generated from various sources such as rent, dividends, pensions, interests, and more.
Leveraging advanced technology, the bank has devised a seamless and digitized account opening process that emphasizes efficiency and precision, effectively making it a comprehensive solution for all NRI banking requisites.
The added convenience extends to real-time application tracking, ensuring that customers remain well-informed at every juncture of the account initiation process. This significant leap into digital banking underscores SBI’s commitment to staying at the forefront of banking technology and customer satisfaction.
