NEW DELHI:
State Bank of India
(
SBI
) has introduced a digital facility for Non-Resident Indians (NRIs) to effortlessly open NRE and NRO accounts (both savings and current accounts) through its mobile app
YONO
.
This service is designed for NTB or ‘new to bank’ customers, providing them with ease and efficiency in the account opening process, SBI said in a statement on Monday.
This initiative fulfils a long-standing demand from
NRI customers
for a hassle-free way to open and manage their accounts in India, it said.
An Non-Residential External (NRE) account is a bank account opened in India in the name of an NRI, to park his foreign earnings; whereas, an Non-Resident Ordinary (NRO) account is opened in India in the name of an NRI, to manage the income earned by him/her in India. These incomes include rent, dividend, pension, interest, etc.
The bank 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, it said.
Customers can track the status of their applications in real-time, keeping them informed every step of the way, it added.
