The big bank called State Bank of India (SBI) has some good news. They made a new thing for their customers.
SBI now has a digital way for Non-Resident Indians (NRIs) to quickly open NRE and NRO accounts.
You can do this with their mobile app called YONO. This means you can open both savings and current accounts easily.
The bank has something special for new customers.
SBI mentioned in a statement that they have made a service just for people who are new to the bank. This service makes it easier to open an account.
Many NRI customers have been asking to open and handle their accounts in India for a while. Because of this, SBI has made this choice.
What is NRE and NRO?
An NRE account is for NRIs to put their foreign earnings in India.
On the other hand, an NRO account in India is for NRIs to handle the money they make in India, like rent, dividends, pensions, interest, and more.
Everything for NRIs in one place
SBI shared in a statement that they used technology to make a very easy and accurate way to open accounts.
This means NRIs can do all their banking stuff in one place.
Also, users can see how their application is doing at any time. This helps them know what’s happening at each step.
What is SBI YONO?
SBI YONO (You Only Need One) is like a digital banking tool that lets you do lots of things.
You can use it for banking stuff and also for booking flights, trains, buses, taxis, shopping online, and paying medical bills.