India’s largest bank, SBI, has a network of more than 15,000 branches and five partner banks located in the most remote parts of India. A wide range of banking products and services are offered to corporate and retail clients by the State Bank of India (SBI). To provide Indian citizens with comfortable digital banking facilities, the State Bank of India has re-launched ‘SBI Insta Saving Bank Account’ for customers who would like to open an account online via the integrated banking and lifestyle portal of the bank, YONO.
Types of online SBI savings account
The State of Bank of India offers two types of online savings account facility:
- Insta Savings Account- It is a type of savings account offered by State Bank of India. This account is opened using a completely paperless process and it can be opened by just Aadhaar number and PAN number. The account is opened through YONO app.
- Digital Savings Account- This account type allows individuals to open a bank account by minimising the visits to the bank branch and reducing the paperwork as well. The account can be opened by visiting the official website of SBI — onlinesbi.com or sbi.co.in, YONO or visiting MyLoanCare website. A user can only have one Digital Savings account and they should not have Joint account or joint mandate for operation.
Features of an SBI Insta Account
- With only a PAN and Aadhaar number, this new service will deliver entirely paperless, and instant digital savings account opening experience. Holders of the SBI Insta Saving Bank Account, an Aadhaar-based instant digital savings account will have 24/7 banking access.
- SBI will also issue all the new account holders of the Insta Saving Bank Account with the primary customised RuPay ATM-cum-debit card.
- Customers only need to download the YONO app, enter their PAN and Aadhaar numbers, send OTP, and fill out other related information to open the SBI Insta Saving Bank Account.
- For SBI Insta Saving Bank Account holders, along with SMS Updates and SBI Fast Missed call service, the nomination facility is also available.
- If the process is complete, the account holder can automatically activate his or her account and can start making purchases immediately.
- Within one year, SBI consumers would have the flexibility to switch to complete KYC by visiting their nearest SBI branch.
- There is no compulsion of keeping a minimum balance.
- Bank charges zero fees for the digital transactions Nil digital transaction fee.
- The overall balance can only be ₹ 1.00 lakh in the account.
- Complete credit summations approved for the account in a year are ₹ 2.00 Lacs.
- A monthly statement is available with the insta savings account.
Features of SBI Digital Savings account
- Account-holders will only have the option to transfer a Digital Savings account to a joint account by visiting the home branch after moving it to a regular savings account. You will be authorised to transfer the Digital Savings Account to a Regular Savings Account or a CSP Account (except the Pehla Kadam Pehli Udaan and Simple Savings Deposit Accounts).
- The cost of cheque books would be the same as for regular bank accounts.
- A Classic Debit Card will be given at no cost to the account. It is essential to produce ATM pins via the Green PIN process. As per the current rules for regular savings accounts, annual maintenance fees will be charged.
- The account would not have a passbook. An audio-visual statement will be emailed to consumers.
- As specified in the standard Savings Bank account, consumers would be expected to retain a minimum balance.
- SBI Digital Savings is a handset/operating system dependent. Any person who has an iPhone with iOS 8 and above and Android version 5.0 and above can enjoy the benefits of this service. However, there is no obligation on the bank to support all version mobile software.
- For opening a Digital Savings account branch selected by the applicant is considered as a home branch.
- For Digital Savings account it is mandatory to choose one nominee, nominee facility is also available through YONO app.
Who is eligible for Opening an Online SBI Savings Account?
The eligibility criteria are not different from the regular SBI savings account.
- Indian residents above 18 years of age willing to contract in compliance with relevant laws in India without any tax liability outside India are entitled to open the SBI Insta Savings and Digital Savings Account.
- A valid Aadhaar card and PAN card.
- Anyone with a legitimate mobile number and an email address that is working.
- If your age is under 18 years, the local guardian or the minor’s parents can open a savings account on your behalf.
What is not permitted?
- A person can not own more than one SBI Insta Savings Account or Digital Savings.
- You can only open one Insta Savings Account or Digital Savings on one cell phone/device.
Steps to Open SBI insta savings account though YONO
- On your cell phone, visit the Android Play Store or SBI Yono portal.
- Download the SBI YONO app and install it.
- Using your Aadhaar, PAN, and other personal information, register yourself on the app or portal
- Select between the Digital Savings Account and the Instant Savings Account on the SBI Yono web portal
- Click the Submit button after choosing one of the two accounts.
- Set up a PIN for mobile banking.
- Start making immediate use of your account.
You get a welcome kit to use, whether you submit online or offline, after acceptance. The starter kit will contain:
- SBI Debit cum ATM Card with a hidden PIN
- 10 leaves cheque book
You must ensure that you have a sealed welcome kit when you are getting it. If it is not, call the bank directly and notify them.
Online Savings Account Opening Process has been simplified to provide hassle-free and quick banking solutions. Now you can open an SBI account without visiting a branch and avail the benefits of both a regular savings account and zero balance account schemes.
Also published on Medium.