The State Bank of India (SBI) has made it simple for Non-Resident Indians (NRIs) to create NRE and NRO accounts (both savings and current accounts) online using its mobile app YONO. According to a statement from SBI, this service is intended for NTB, or "new to bank," consumers and will make the process of creating an account easier and more efficient for them. A hassle-free method for NRI clients to open and maintain their accounts in India has long been a requirement, and this effort now satisfies that need, the company claimed.
A Non-Residential External (NRE) account is a bank account opened in India in the name of an NRI to park his foreign earnings, whereas a 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, dividends, 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.