SBI : State Bank of India (SBI), the country’s largest public sector bank, has given a gift to NRI customers. SBI has launched a new digital service that allows non-resident Indians (NRIs) to open savings and current accounts using SBI’s Yono Banking App.
This service of the bank can be used by Non Resident Indian (NRI), Non Resident External (NRE) and Non Resident Ordinary (NRO). All of them can open their savings and current accounts through the bank’s Yono app.
SBI has started this facility considering the long pending demand of NRI clients. The bank has started the facility of opening digitalized accounts for NRIs. So that, he can open his account quickly and from one place from his home. Apart from this, customers can check the status of the application in real time. With this, they always remain updated about the status of their accounts.
NRIs and NROs can open accounts in this way through SBI’s YONO app.
Step 1: First download YONO SBI Banking App.
Step 2: On the main page, look for the option to open NRI and NRO account and select it.
Step 3: As soon as the new page opens, customers will have two options to submit their KYC information.
Option 1 – Submit the documents at the SBI branch of your choice in India.
Option 2 – Verify the KYC documents with a Notary, High Commission, SBI Foreign Office, Indian Embassy, Representative Office, Court Magistrate or Judge and mail them to the designated branch for further processing.
What are NRE and NRO accounts?
NRI account is a bank account opened in India in the name of an NRI to save his foreign earnings. NRO account is a bank account opened in India in the name of an NRI to manage his income earned in India. These earnings include rent, dividend, pension, interest etc.