Big news SBI Bank account holders. State Bank of India (SBI) has introduced a new digital method for Non-Resident Indians (NRIs) to open NRE and NRO accounts. Launched in 2023, this initiative allows NRIs to utilize the YONO mobile app for account setup, making it unnecessary to visit a bank branch in person and enhancing convenience for users.
Benefits of Digital Onboarding
This TAB-based digital onboarding process enables instant account activation. By verifying documents digitally, it removes the need for physical paperwork, thus accelerating the account opening experience both at the branch and during customer interactions.
As stated on the SBI website, NRIs can maintain accounts in Indian rupees or foreign currencies. The available options include NRE or NRO accounts, which can be set up as current accounts, fixed deposits (FDs), or FCNR(B) accounts in various currencies such as USD, EUR, GBP, CAD, JPY, and AUD.
Eligibility for NRO Accounts
An NRO account can accept various types of funds. These include transfers from resident Indian accounts or other NRI accounts, new remittances from abroad via banking channels, personal cheques from foreign accounts, and income from foreign currency notes or travelers’ cheques presented by NRIs visiting India. A currency declaration form is necessary for amounts exceeding USD 5,000 in cash or USD 10,000 in travelers’ cheques.
The YONO app simplifies the process of opening an NRI account in just a few easy steps. Start by downloading the app and choosing “Open Savings Account,” then select “Open NRE/NRO Account.” Input your country name, ISD code, mobile number, and email address, then submit. You’ll need to verify the OTP sent to your mobile and email.
Here’s how to open an account using YONO:
Next, select your country of residence under the NRI consent section and agree to the data sharing terms. Choose your account type—either NRE or NRO—and specify your status as NRI or PIO. Take a moment to review the product details before deciding how to proceed with your account opening. You can either visit a branch in India or send your documents via courier to GNC in India.
Continue by entering your personal details, including passport and visa information, as well as your current and permanent addresses. You’ll also need to provide additional information like your educational background and occupation. If you wish, you can opt for services such as SMS alerts or a cheque book.
Finally, double-check all the information you’ve entered before accepting the ‘Terms and Conditions’ using the OTP. This step ensures that your NRI application through SBI’s YONO app is successfully completed.
