The State Bank of India (SBI) has unveiled a digital service through which Non-Resident Indians (NRIs) can initiate the opening of Non-Residential External (NRE) and Non-Residential Ordinary (NRO) accounts using the YONO mobile application. This announcement was made on September 18, with a primary focus on attracting “new to bank” customers.
The YONO app offers NRIs the convenience of remote account management. They can effortlessly access account balances, conduct fund transfers, and settle bills. Additionally, the app provides a gateway to invest in mutual funds and other financial instruments.
The NRE account serves as a platform for NRIs to channel their foreign earnings into India, whereas the NRO account facilitates the management of income generated within the country, encompassing rent, dividends, pensions, and interest. This fresh initiative addresses a longstanding request from NRI clientele seeking a streamlined process for opening and overseeing their Indian accounts.
The introduction of this digital service marks a significant milestone for SBI, streamlining the process for NRIs to initiate and oversee their accounts with the bank. It underscores SBI's commitment to innovation and its dedication to delivering a seamless customer experience.
Here are some advantages of opening an NRE or NRO account with SBI via the YONO app:
Convenience: NRIs can initiate account openings from anywhere worldwide, eliminating the need for branch visits.
Speed: The account activation process is swift and straightforward, typically taking just a few minutes.
Security: The YONO app prioritizes data security, employing state-of-the-art security features.
Comprehensive: NRIs can efficiently manage all their financial requirements and accounts from a single, unified platform provided by the YONO app.
Speaking on the launch, Nitin Chugh, DMD & Head - Digital Banking & Transformation, 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.”
SBI's most recent service harnesses technology to streamline the account-opening procedure, eliminating the necessity for a physical visit to India. Customers can monitor the progress of their applications in real time, receiving updates at each stage of the process.
