Now open an SBI digital savings account using YONO – here’s how

SBI has said through a Tweet that “Open a savings account ANYTIME, ANYWHERE! Just download the YONO SBI app and get started now.” Opening a digital savings account with SBI itself has a variety of benefits, such as being completely paperless, no need to visit a branch, OTP-based authentication, quick access to banking and Video KYC for the account would be done for account opening.

Eligibility is required to open an SBI Digital Savings Account

1. Only those who are residents of India and are at least 18 years of age and do not owe any tax liability to countries other than India are eligible to open SBI digital savings accounts.

2. To open an account, the client must have a valid Permanent Account Number (PAN) and an Aadhaar number.

3. Both the customer’s legitimate email address and mobile phone number must be registered in their name.

4. For a digital savings bank account, an individual must complete e-KYC through biometric authentication by visiting any SBI branch and complying with all other standards, including KYC procedures, as prescribed by the bank.

5. A client must maintain an SBI Digital Savings Account at any given time, and a Digital Savings Account can only be established from a mobile phone number.

6. Anyone who meets the prerequisites listed above is eligible to open and manage an SBI Digital Savings Account in their own name. It is not allowed to operate SBI Digital Savings with a joint account

Characteristics of the SBI Digital Savings Account

1. When opening a digital savings account, the applicant’s branch selection will be designated as their home branch.

2. SBI’s YONO app offers the nomination function, which is mandatory for digital savings accounts and only one nominee is eligible for nomination.

3. A digital savings account can be canceled by means of a written request at the branch of origin.

4. Charges for checkbooks will be the same as for regular savings accounts.

5. The account holder will be provided with a courtesy Classic Debit Card and the annual maintenance fees will be the same as for regular savings accounts.

6. The account will not include a passbook. A statement with audio and video content will be emailed to the client.

7. Based on bank records, a monthly electronic statement will be provided.

8. Clients must maintain a minimum amount required for a standard bank savings account.

9. An SBI digital savings account holder can convert his account to a joint account only after converting the digital savings account to a standard one by visiting the bank branch. The client will have the option to convert the Digital Savings Account to a regular Savings Account or a CSP Account, except for the Basic Savings Deposit account and the Pehla Kadam Pehli Udaan account, according to SBI.

How to open an SBI Digital Savings Account if you are a new customer?

1. Open the SBI YONO app and go to the account opening section.

2. Now select Digital Savings Account and click ‘Apply Now’.

3. Select the option ‘Open with Aadhaar using e-KYC (Biometric Authentication) and on the next page enter your mobile number and email ID.

4. Complete the OTP verification process and accept the returns by entering your PAN number.

5. Now enter your personal details and take a selfie of yourself.

6. Enter your annual income details and educational details, select religion, marital status, enter your father and mother details, select occupation type and enter candidate details.

7. Now select the services you want for your digital savings account and then select your card type and variant.

8. Accept the terms and conditions, complete the OTP verification and you’re done.

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