State Bank of India (SBI), the biggest bank in the country, offers a digital savings account that may be opened online without visiting a local branch. Customers can now open an SBI Digital Savings Account without going to a branch or filling out any paperwork. In its place, SBI now enables users to create a digital savings account using the YONO app.
SBI has said via a Tweet that “Open a Savings account ANYTIME, ANYWHERE! Simply download the YONO SBI app and get started now.” Opening a digital savings account with SBI itself has a range of benefits such as it is a completely paperless process, 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.
To open an SBI Digital Savings Account, you must be eligible:
- To open an SBI Digital Savings Account, a person must be an Indian citizen, be at least 18 years old, and be exempt from any international tax obligations.
- The client must possess a current Permanent Account Number (PAN) and Aadhaar number to open an account.
- The customer’s valid mobile number and email address must be set up in his or her name.
- To open a digital savings bank account, a person must complete e-KYC via biometric authentication at any SBI branch and adhere to all other requirements, including any KYC processes that the bank may impose.
- A customer should only maintain one SBI Digital Savings Account at any given time, and only one Digital Savings Account can be created from a single mobile phone number.
- Anyone who satisfies the aforementioned requirements is qualified to open and administer an SBI Digital Savings account in their name. Operating SBI Digital Savings with a joint account is prohibited.
How can a new customer start an SBI Digital Savings Account?
- Launch the SBI YONO app, then select the section for account opening.
- After that, choose Digital Savings Account and press “Apply Now.”
- Choose “Open with Aadhaar using e-KYC (Biometric Authentication)” and then input your email address and mobile number on the following page.
- Enter your PAN number to complete the OTP verification process and accept the declarations.
- Enter your information after which you take a selfie of yourself.
- Enter your annual income information, educational qualification, religion, marital status, father’s and mother’s information, occupation type, and nominee information.
- After choosing your card type and version, choose the services you want for your digital savings account.
- Once you have accepted the terms and conditions and verified your OTP, you are done.
