The Yono App Is Enough; Non-residents Can Open SBI Account Faster

State Bank of India or SBI, the country’s largest commercial banking institution, has introduced new digital services for expatriates. The feature is that non-residents can open NRE and NRO accounts (Savings & Current Account) through SBI’s mobile application Yono very quickly and without any other strings attached.

A press release of SBI mentioned that it has fulfilled the long-standing demand from the expatriates. With this, non-resident customers can easily manage bank accounts in India and open new accounts. By digitizing the account opening process using modern technology, the banking needs of non-residents can be solved efficiently and accurately.

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How to open an account?

Step 1: Download YONO SBI App from Play Store.

Step 2: Select option to open NRE/NRO account.

Step 3: After successfully completing the process, two options are left for the customer to submit the KYC document. Option 1: Submit the required documents at any SBI branch in India. Option 2: Get the KYC documents attested from any Notary, Indian Embassy, High Commission, SBI Foreign Office, Representative Office, Court Magistrate/Judge etc. and send to the designated branch where the applications are handled centrally.

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Nitin Chhag, Head, Digital Banking & Transformation and DMD pointed out that SBI has always been a step ahead of other banks in delivering customer-centric service solutions and benefits of innovative technology. With the introduction of new digital services, expatriates can easily open their NRE/NRO accounts from the comfort of their homes. The advantage is that this can be done without coming directly to India. Through this, SBI will be able to deliver services to non-resident customers very quickly and effectively, he said.

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SBI

SBI is the largest commercial banking institution in India in terms of assets under management, investments, branches, customers and employees. According to documents available at the end of the June quarter, deposits in SBI stood at over Rs 45 lakh crore. Cash ratio is 42.88 percent and loan disbursement is Rs 33 lakh crore. 11.7 crore customers avail net banking and 6.4 crore customers avail mobile banking services. Meanwhile, 63 per cent of new savings bank accounts opened in FY 2022-23 were through Yono app, SBI’s integrated digital & lifestyle platform. This underlines that the bank’s digital strategies are in the right direction.