NRIs can now Easily Setup NRE/NRO Accounts on SBI YONO App

The State Bank of India (SBI) has introduced a digital facility that allows Non-Resident Indians (NRIs) to easily open NRE (Non-Residential External) and NRO (Non-Residential Ordinary) accounts, including both savings and current accounts, through its mobile app YONO. This service primarily aims at customers who are new to the bank (NTB), providing them with a convenient and efficient process for opening and managing their accounts in India. It addresses a longstanding demand from NRI customers for a hassle-free method of handling their accounts in India.

About NRE and NRO Accounts

NRE and NRO accounts are two types of bank accounts that are specifically designed for non-resident Indians (NRIs).

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NRE (Non-Resident External) Account

An NRE account is a bank account that is used to deposit and manage foreign currency earnings in India. NRIs can use their NRE accounts to receive money from abroad, withdraw money in Indian rupees, and transfer money back to their home country. The interest earned on NRE accounts is tax-free in India.

NRO (Non-Resident Ordinary) Account

An NRO account is a bank account that is used to deposit and manage income earned in India, such as rent, pension, or salary. NRIs can also use their NRO accounts to receive money from abroad. However, the interest earned on NRO accounts is taxable in India.

Benefits of NRE and NRO Accounts

NRE and NRO accounts offer a number of benefits to NRIs, including:

Ease of use: NRE and NRO accounts can be opened and operated easily from abroad.
Repatriation: NRIs can freely repatriate the money in their NRE accounts back to their home country. However, there is a limit on the amount of money that can be repatriated from NRO accounts each year.
Tax benefits: The interest earned on NRE accounts is tax-free in India.

Seamless, Digitized Account Opening

SBI has leveraged technology to create a streamlined and digital account opening process that ensures efficiency and accuracy. This approach serves as an all-encompassing solution for the banking needs of NRIs, offering a hassle-free experience.

Real-Time Application Tracking

Additionally, SBI’s NRI customers can track the status of their account opening application in real-time, providing them with timely updates and insights at every stage of the process, further enhancing convenience and transparency.

About the SBI YONO App

The SBI YONO App is a mobile banking and lifestyle app developed by the State Bank of India (SBI). It is a one-stop shop for all your banking, shopping, and investment needs.

Features of the SBI YONO App

Banking: You can check your account balance, transfer money, pay bills, and more.
Shopping: You can shop for products and services from a variety of merchants, including groceries, electronics, and travel.
Investments: You can invest in a variety of financial products, such as mutual funds, stocks, and bonds.

Benefits of using the SBI YONO App:

Convenience: The SBI YONO App is a one-stop shop for all your banking, shopping, and investment needs. You can access all of these services from a single app.
Security: The SBI YONO App is secure and uses the latest security features to protect your data.
Ease of use: The SBI YONO App is easy to use and navigate. Even if you are not tech-savvy, you will be able to use the app with ease.

Shubham Mittal

Shubham Mittal is a renowned current affairs writer and expert in government exam preparation, inspiring readers with insightful articles and guiding aspirants with his expertise.

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