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
State Bank of India (SBI), the largest among Indian 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.
SBI said in a statement that the 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.
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
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.
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.
Also, users can track the status of their application in real time, keeping them informed about every step.
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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