SBI has launched a new digital facility for its customers that enables Non-Resident Indians (NRIs) to easily open NRE and NRO accounts (both savings and current accounts) through the YONO mobile app. Let us tell you that NRIs were demanding this facility for a long time, which has now been fulfilled. Read what is the complete news.
State Bank of India (SBI), the largest among government banks, has launched a new facility for customers. SBI has launched a digital facility for Non-Resident Indians (NRIs) to easily open NRE and NRO accounts (both savings and current accounts) through its mobile app YONO.
New customers of the bank will get facility
SBI said in a statement, this service has been designed for NTB i.e. ‘New to the Bank’ customers, which simplifies the account opening process.
The demand of NRI customers to open and manage their accounts in India has been coming for a long time, after which SBI has taken this decision.
What is NRE and NRO?
Non-Residential External (NRE) account is a bank account opened in the name of an NRI to deposit his foreign earnings in India; Whereas, a Non-Resident Ordinary (NRO) account in India is opened in the name of an NRI to manage the income earned by him in India. These income include rent, dividend, pension, interest etc.
One-stop solution for NRIs
SBI said in a statement that the bank has leveraged technology to create a seamless, digitized account opening process that helps customers open accounts easily and accurately. This makes it a one-stop solution for NRIs for their banking needs.
Apart from this, users can track the status of their application in real time, keeping them informed about every step.
What is SBI YONO?
SBI YONO (You Only Need One) is an integrated digital banking platform that enables users to access a variety of financial and other services such as flight, train, bus and taxi booking, online shopping or medical bill payments.
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