SBI: NRIs can now open new bank accounts through the YONO app in three quick steps. Here is how | Mint
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Business News/ Money / Personal Finance/  SBI: NRIs can now open new bank accounts through the YONO app in three quick steps. Here is how
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SBI: NRIs can now open new bank accounts through the YONO app in three quick steps. Here is how

The State Bank of India (SBI) introduces digital opening of NRE/NRO account setup through YONO

SBI has introduced a digital facility for NRIs to effortlessly open NRE and NRO accounts through YONO app.Premium
SBI has introduced a digital facility for NRIs to effortlessly open NRE and NRO accounts through YONO app.

The State Bank of India (SBI) has introduced a digital facility for NRIs to effortlessly open NRE and NRO accounts (both savings and current accounts) through SBI's YONO. This service is designed for NTB or “new to bank" customers, providing them with ease and efficiency in the account opening process.

"With the launch of this digital service, NRIs can open their NRE/NRO accounts from the comfort of their homes, eliminating the need for an in-person visit to India. This innovative approach simplifies the process for NRI customers and empowers SBI branches with the tools they need to provide quick and efficient customer service." said Speaking on the launch, Shri Nitin Chugh, DMD & Head (Digital Banking & Transformation)

Three quick steps to open your NRI/NRO account through YONO

1)Download the YONO SBI app 

2)Select the option to open an NRE/NRO account

3)On successful submission customers have two options to submit their KYC: option 1 - submit the document at an SBI branch of choice in India; option 2 - Attest the KYC documents by a Notary, Indian Embassy, High Commission, SBI Foreign Office, Representative Office, Court Magistrate, or Judge and mail them to a centrally designated branch for processing.

Customers can track the status of their applications in real-time

SBI is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. As of June 2023, the bank has a deposit base of over Rs. 45.31 lakh crore with a CASA ratio of 42.88% and advances of more than Rs. 33 lakh crores. The number of customers using Internet banking and mobile banking stands at 117 million and 64 million respectively. With SBI’s digital strategy right on track – the bank witnessed 63% of new savings accounts opened through the integrated digital and lifestyle platform YONO in FY23. 

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ABOUT THE AUTHOR
Sangeeta Ojha
A business media enthusiast. Writes on personal finance, business and banking.
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Published: 20 Sep 2023, 06:27 AM IST
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