Monday, September 18, 2023

SBI introduces Digital Opening Of NRE/NRO Account Setup Through YONO

State Bank of India, the country’s largest lender has introduced a digital facility for NRIs to effortlessly open NRE and NRO accounts (both savings and current accounts) through SBI's YONO. This service is designed for NTB or “new to bank” customers, providing them with ease and efficiency in the account opening process.

This initiative fulfils a long-standing demand from NRI customers who have yearned for a hassle-free way to open and manage their accounts in India. The bank has leveraged technology to create a seamless, digitized account opening process that ensures efficiency and accuracy, making it a one-stop solution for NRI banking needs. Customers can track the status of their applications in real-time, keeping them informed every step of the way.

Speaking on the launch, Shri Nitin Chugh, DMD & Head (Digital Banking & Transformation) said, “SBI has always been at the forefront of innovation and customer-centric solutions, and this latest offering is no exception. With the launch of this digital service, NRIs can open their NRE/NRO accounts from the comfort of their homes, eliminating the need for an in-person visit to India. This innovative approach simplifies the process for NRI customers and empowers SBI branches with the tools they need to provide quick and efficient customer service.”

SBI's commitment to serving its NRI customers is unwavering, and the introduction of the YONO SBI NRI account opening service is evidence of this dedication. By bridging geographical boundaries and removing traditional barriers, SBI is making it easier than ever for NRIs to access world-class banking services.

Three quick steps to open your NRI/NRO account through YONO:

Step 1: Download YONO SBI app 

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

Step 3: On successful submission customers have two options to submit their KYC: option 1 - submit the document at an SBI branch of choice in India; option 2 - 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.

About State Bank of India:

State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of over 30 lakh Indian families. The home loan portfolio of the bank has crossed Rs. 6.53 lakh crore. As of June 2023, the bank has a deposit base of over Rs. 45.31 lakh crore with CASA ratio of 42.88% and advances of more than Rs. 33 lakh crore. SBI commands a market share of 33.4% and 19.5% in home loans and auto loans respectively. SBI has the largest network of 22,405 branches and 65,627 ATMs / ADWMs in India with 78,370 BC outlets. The number of customers using internet banking and mobile banking stand at 117 million and 64 million respectively. With SBI’s digital strategy right on track – the bank witnessed 63% of new savings accounts opened through the integrated digital and lifestyle platform YONO in FY23. SBI observed 23,400 new digital savings bank accounts being opened per day via YONO in the quarter ended June 2023. YONO, which has more than 6.36 crore registered users, witnessed more than 1 crore average daily logins in Q1 FY24. In terms of digital lending, the bank disbursed pre-approved personal loans worth Rs. 5,428 crore through YONO in the same period. SBI also has the highest number of followers on Facebook and Twitter amongst all banks worldwide.

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