The State Bank of India Launches Digital Service for Non-Resident Indians

The State Bank of India (SBI) has introduced a new digital service that allows Non-Resident Indians (NRIs) to easily open Non-Residential External (NRE) and Non-Residential Ordinary (NRO) accounts using the YONO mobile application. This service aims to attract “new to bank” customers and provide NRIs with convenient remote account management.

The YONO app offers a range of features for NRIs, including access to account balances, fund transfers, bill payments, and the ability to invest in mutual funds and other financial instruments. The NRE account allows NRIs to channel their foreign earnings into India, while the NRO account helps manage income generated within the country.

This initiative addresses a long-standing request from NRI clientele for a streamlined process for opening and managing their Indian accounts. The introduction of this digital service is a significant milestone for SBI, highlighting their commitment to innovation and delivering a seamless customer experience.

Opening an NRE or NRO account with SBI via the YONO app offers several advantages. Firstly, it provides convenience as NRIs can initiate account openings from anywhere in the world, eliminating the need for branch visits. The account activation process is also swift and straightforward, usually taking just a few minutes. Furthermore, the YONO app prioritizes data security, employing state-of-the-art security features. Lastly, NRIs can efficiently manage all their financial requirements and accounts from a single platform provided the YONO app.

According to Nitin Chugh, DMD & Head of Digital Banking & Transformation at SBI, this digital service simplifies the account-opening process for NRI customers and empowers SBI branches to provide quick and efficient customer service.

This new digital service SBI eliminates the need for NRIs to physically visit India to open an account, streamlining the process through technology. Customers can track the progress of their applications in real time and receive updates at each stage of the process.

Overall, the State Bank of India’s digital service for NRIs demonstrates their commitment to leveraging technology and innovation to enhance customer experience and provide convenient banking solutions.

Definitions:

– Non-Resident Indian (NRI): An Indian citizen who resides outside of India for employment, business, or other purposes.
– Non-Residential External (NRE) account: A rupee-denominated account that allows NRIs to park their foreign earnings and income generated outside of India.
– Non-Residential Ordinary (NRO) account: A rupee-denominated account that allows NRIs to manage their income earned in India, including rent, dividends, pensions, and interest.
– YONO app: A mobile application offered the State Bank of India that provides various banking and financial services.

Sources:
– [Source article: Money transfer options via bank account](https://www.moneycontrol.com/news/business/sbi-unveils-digital-service-for-nris-to-initiate-account-opening-via-yono-app-12244111.html)