Now opening NRI and NRO accounts has become even easier

State Bank of India (SBI) has simplified the account opening process for NRI and NRO customers. The bank has launched TAB based end-to-end digital onboarding facility, which will facilitate NRI customers to open an account easily without visiting the bank.

TAB Based Banking: Open account sitting at home

SBI launched a digital platform in the year 2023, through which customers can open savings and current accounts using the YONO app. Under this new TAB based digital onboarding process, customers can verify and submit their documents online. This will eliminate the need to go to the bank, and will also save time in opening an account.

Account options for NRIs

According to SBI website, NRI customers can open their account in Indian currency or foreign currency.

• In Indian currency: Current Account or Fixed Deposit.
• In Foreign Currency: Fixed deposit accounts in foreign currencies like Dollar, Euro, Pound, Yen, Australian Dollar.

Process to open account through YONO app

If you want to open an NRE/NRO account using the YONO app, follow these steps:

1. Download YONO App:
   First of all download the app on your mobile.
2. Select Savings Account:
   Open the app and click on “Open Savings Account”. Then select “Open NRE/NRO Account”.
3. Enter basic information:
   • Select country name.
   • Enter mobile number and email ID along with ISD code.
   • Click on submit button.
4. Verify OTP:
   Complete the verification by entering the OTP received on your mobile.
5. Select Account and Details:
   • Select Account Type (NRE/NRO) and Savings or Current Account.
   • Select NRI/PIO status and proceed.
6. Document Submission:
   • Select the options on the screen:
     • Go to India and open an account.
     • Courier documents to GNC.
7. Fill in personal information:
   • Passport and visa details.
   • Permanent and local address.
   • Information about educational qualification, profession, religion and caste.
8. Verify data:
   • Read the entered information and enter OTP to accept the “Terms and Conditions”.
9. Submit Application:
   • After completing all the steps, your NRE/NRO account opening application will be successfully submitted.

advantages

• Document verification and submission sitting at home.
• The process is completed without going to the bank.
• Saving time and energy.

This initiative of SBI is a big step towards providing better experience and convenience to NRI customers. Now opening an account through YONO app has become faster and easier than before.