SBI: The biggest government bank in India, State Bank of India (SBI), has introduced a new service for its clients. Through its mobile app YONO, SBI has introduced a digital service that enables Non-Resident Indians (NRIs) to open NRE and NRO accounts (both savings and current accounts) with ease.
Introduction of Account Creation Tool
This tool, which streamlines the account creation procedure, was created for NTB, or “New to the Bank,” customers, according to a statement from SBI. SBI made this move in response to the long-standing desire from NRI clients to create and maintain accounts in India.
NRO and NRE Account Overview
A Non-Resident Ordinary (NRO) account is formed in India in the name of an NRI to manage his income produced there, whereas a Non-Resident External (NRE) account is a bank account opened in the name of an NRI to deposit his international earnings in India. Rent, dividends, pensions, interest, and other types of income are among them.
Digitalized Account Creation
In a statement, SBI stated that the bank has used technology to build a digitalized, seamless account creation procedure that makes it easier and more accurate for consumers to open accounts. For NRIs, this means that they may get all of their banking needs met in one place. In addition, users can monitor the real-time status of their application, which keeps them updated on all developments. You Only Need One, or SBI YONO, is an integrated digital banking platform that lets users book flights, trains, buses, and taxis, shop online, and pay medical bills, among other financial and non-financial activities.