NRIs will now be able to open new bank accounts via SBI’s YONO

SBI in focus: State lender State Bank of India (SBI) on Monday introduced a digital service allowing Non-Resident Indians (NRIs) to open NRE (Non-Residential External) and NRO (Non-Resident Ordinary) accounts, including both savings and current accounts, through its mobile app, YONO.

The service is primarily targeted at 'new to bank' (NTB) customers, streamlining the account opening process for them. SBI aims to address a longstanding demand from NRI customers for a hassle-free method of opening and managing their accounts in India.

An NRE account is established in India in the name of an NRI to manage their foreign earnings, while an NRO account is opened for NRI individuals to handle income earned in India, such as rent, dividends, pension, and interest, among others.

SBI has harnessed technology to create a seamless, digitised account opening process, ensuring efficiency and accuracy. The bank claims that this initiative offers a comprehensive solution to meet various NRI banking requirements. With this, customers can monitor the real-time status of their applications, providing them with updates at every stage of the process.

As of 3:19 pm, the stocks of SBI were trading 0.91 per cent higher at Rs 603.85 per share.