NRIs can now open new bank accounts using SBI YONO app; Here's how

The State Bank of India (SBI) has come up with a digital facility for Non-Resident Indians (NRIs) to open NRE and NRO bank accounts through SBI's YONO application, Mint has reported. The facility allows both current and savings account openings. The service has been designed for the "new to bank" (NTB) customers and aims to smoothen the process of account opening at SBI for NRIs.

Speaking on the development, DMD & Head of Digital Banking and Transformation, Nitin Chugh, said, "With the launch of this digital service, NRIs can open their NRE and NRO accounts from the comfort of their homes, doing away with the need for an in-person visit to India."

How to open an NRI/NRO account using YONO?

Step 1: Download the YONO SBI app

Step 2: Select the option to open an NRE/NRO account

Step 3: Upon successful submission, customers have two options to submit their KYC. Option 1 is to submit the document at an SBI branch of choice in India; Option 2 is to attest the KYC documents by a Notary, Indian Embassy, High Commission, SBI Foreign Office, Representative office, Court Magistrate, or Judge and mail them to a centrally designated branch for processing.

The app allows customers to track the status of their applications in real-time.

State Bank of India is the largest commercial bank in India in terms of assets, deposits, branches, customers, and employees. It is a Fortune 500 company with operations in multiple countries. The bank is headquartered in Mumbai and controls a 25 per cent market share, serving over 480 million customers through its vast network of more than 22,405 branches.