SBI introduces digital opening of NRE/NRO account setup through YONO – DailyExpertNews

NEW DELHI: National Bank of India (SBI) has introduced a digital facility that allows Non-Resident Indians (NRIs) to effortlessly open NRE and NRO accounts (both savings and current accounts) through its mobile app YO NO.
This service is designed for NTB or ‘new to bank’ customers and offers them convenience and efficiency in opening an account, SBI said in a statement on Monday.
This initiative meets a long-standing demand from NRI customers for a hassle-free way to open and manage their accounts in India, the report said.
A non-residential external account (NRE) is a bank account opened in India in the name of an NRI, to park his foreign income; whereas in India, a Non-Resident Ordinary (NRO) account is opened in the name of an NRI to manage the income he/she earns in India. This income includes rent, dividend, pension, interest, etc.
The bank has deployed 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 monitor the status of their applications in real time and keep them informed every step of the way, it added.