State Bank of India (SBI) has launched a digital platform to enable Non-Resident Indians (NRIs) to open Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts using its YONO mobile app. The TABLE-based end-to-end digital onboarding process allows NRIs to open accounts without visiting a bank branch, streamlining the process. The benefits of this process include real-time account activation, eliminating the need for physical documentation, and faster account openings.
SBI allows NRIs to open and maintain various types of accounts, including savings, current, and fixed deposit accounts in Indian Rupees or foreign currency. NRIs can deposit funds in NRO accounts through various means, including transfers from other accounts, personal cheques, and remittances from abroad.
To open an NRI account through YONO, NRIs must follow a seven-step process, including downloading the app, submitting personal and account details, and verifying their identity. The process is designed to streamline and simplify the account-opening process for NRIs, making it more convenient and efficient.