SBI introduces digital opening of NRE and NRO account setup through YONO app: Check details

State Bank of India said in the statement that it 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.

The State Bank of India's NRI customers can track the application status of their account opening process in real-time every step of the way, it added. (ANI image)

SBI introduces digital opening of NRE and NRO account setup through YONO: Country’s largest lender State Bank of India (SBI) has introduced a digital facility for Non-Resident Indians (NRIs) to effortlessly open savings and current — NRE and NRO accounts — through its SBI YONO mobile app. The bank stated that this service is designed for NTB or “new to bank” customers, to provide them ease and efficiency in the account opening process.

SBI said in a statement on Monday that this initiative fulfils a long-standing demand from NRI customers for a hassle-free way to open and manage their accounts in India.

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SBI account opening: What is NRE account? What is NRO account?

A Non-Residential External (NRE) account is a bank account opened in India in the name of an NRI, to park his or her foreign earnings.

Meawhile, a Non-Resident Ordinary (NRO) account is opened in India in the name of an NRI, to manage the income earned by him or her in India.

These incomes include rent, dividend, pension, interest, etc earned by the Non-Resident Indians.

The bank said in the statement that it 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.

The State Bank of India's NRI customers can track the application status of their account opening process in real-time every step of the way, it added.

SBI account opening: How to open NRI/NRO account through YONO?

Step 1: Download YONO SBI app
Step 2: Select the option to open an NRE/NRO account
Step 3: On successful submission customers have two options to submit their KYC through —

Option a) Submit documents at an SBI branch of choice in India
Option b) - Attest the KYC documents by a Notary, Indian Embassy, High Commission, SBI Foreign Office, Representative Office, Court Magistrate, or Judge and mail them to a centrally designated branch for processing.

Speaking on the launch, Nitin Chugh, DMD & Head (Digital Banking & Transformation) said, “SBI has always been at the forefront of innovation and customer-centric solutions, and this latest offering is no exception. With the launch of this digital service, NRIs can open their NRE/NRO accounts from the comfort of their homes, eliminating the need for an in-person visit to India. 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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