SBI NRI Account Online Opening Facility:State Bank of India (SBI) has launched a new digital facility for Non-Resident Indians (NRI) customers, allowing Non-Resident External (NRE) and Non-Resident Ordinary (NRO) bank accounts to be opened online. This facility is being provided through SBI’s YONO app, for which tab-based end-to-end digital process has been started. This new initiative will not only make the account opening process easier for NRI customers, but they will also not have to go to the bank branch for this.
What are the advantages of tab based process?
With the help of TAB-based Digital Process, the time taken to open a bank account has reduced significantly. under this processReal-time account activation Facility is available. Also, there is no need for physical documentation. Verification of customer’s documents is also done digitally. With the help of new technology, the entire process of account opening is completed in a more efficient manner and in less time.
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Which bank accounts can be opened through the new facility?
According to SBI, the bank accounts that NRI customers can open in India through the new facility include accounts operated in Indian or foreign currency. These NRE and NRO accounts can be in the form of running account or fixed deposit (FD). Apart from these, FCNR (B) accounts operated in US Dollar, Euro, British Pound, Canadian Dollar, Japanese Yen and Australian Dollar.Can be opened only as fixed deposit.
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NRO What funds can be deposited into the account?
Funds that can be deposited into an NRO account include:
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Transfer funds from another Resident Indian, NRE, NRO, or FCNR (B) account.
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Fresh funds remitted from abroad through banking channels.
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Personal checks drawn on foreign accounts.
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Amount received through foreign currency notes or travelers cheques, deposited by NRI/PIO/OCI during their visit to India.
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Interest, dividend and maturity amount received on investment in India.
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How to open NRI account through YONO app
SBI has completely digitalized the process of opening NRI and NRO accounts through YONO app. Through this process, accounts can be opened in these steps:
Step 1: Download YONO app.
Step 2:Go to “Open Savings Account” option and select the option to open NRE/NRO account.
Step 3:Submit by filling in the country name, mobile number (including ISD code) and email ID.
Step 4:Verify mobile and email through OTP.
Step 5:Confirm the country of residence under ‘NRI consent’, then accept the data sharing and consent clause.
Step 6: After this NRE in the account. NRO, Saving in type. Current, and status type in NRI. Select PIO and click on Next.
Step 7:Fill in personal, passport, and address details.
Step 8:Select services like SMS alert, chequebook, debit card.
Step 9:Review all the details and submit OTP to accept the ‘Terms and Conditions’.
After completing these steps, your NRI account will be opened.
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NRI customers will get ease
The process of opening an account through the YONO app is not only fast and secure, but it has also been designed keeping in mind the needs and hassles faced by NRI customers. This initiative of SBI will not only save time for NRI customers, but will also remove many problems associated with the old method of opening accounts. This new digital facility of SBI is a big initiative for NRI customers.
