Country's largest lender, State Bank of India, relaunched its Aadhaar-enabled instant digital savings account. This account is for customers who would like to open an account online through the bank's integrated banking platform — YONO. It is completely paperless and can be opened without having to visit a branch.
Rajnish Kumar, Chairman, SBI said, “This product would be beneficial to customers in this prevailing COVID 19 situation, who can open Savings Account at the comfort of their homes, without visiting a Bank Branch.”
Who can apply for the account:
Only resident Indian, above the age of 18 years who has capacity to contract in accordance with applicable laws in India, without any tax liability outside India is eligible for opening SBI Digital Savings Account.
A valid Aadhaar card and valid Permanent Account card holder.
Anyone with valid local mobile number and active email address.
How to apply:
Download YONO app
Enter PAN card and Aadhaar details
Submit OTP and fill other relevant details.
Opt for facilities like nomination, SMS alerts and SBI Quick Missed call service.
Once the process is complete, the account holder will get his/her account activated instantly and can start transacting immediately.
To complete the process, the customers will have to upgrade to full KYC by visiting their nearest SBI branch within one year’s time.
An individual cannot have more than one SBI Digital Savings Account.
Only one Digital Savings Account can be opened from one Mobile phone/device.
SBI Insta Saving Bank Account holders have 24x7 banking access.
SBI will also issue basic personalised RuPay ATM-cum-debit cards to all the new account holders of Insta Saving Bank Account.