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 account would be done for account opening.
Eligibility required to open SBI Digital Savings Account
1. Only those who are residents of India and are at least 18 years old and do not owe any tax liabilities to countries other than India are eligible to open SBI Digital Savings Accounts.
2. To open an account, the customer must have a valid Permanent Account Number (PAN) and Aadhaar number.
3. Both the customer's legitimate email address and mobile number must be registered in his or her name.
4. For a digital savings bank account, an individual must complete e-KYC by biometric authentication by visiting any SBI branch and complying with all other standards, including KYC procedures as may be prescribed by the bank.
5. One SBI Digital Savings Account should be maintained by a customer at any given time, and only one Digital Savings Account can be established from one mobile phone number.
6. Anyone who meets the prerequisites listed above is eligible to open and manage an SBI Digital Savings account in his or her own name. It is not allowed to operate SBI Digital Savings with a joint account
Features of SBI Digital Savings Account
1. Upon opening a digital savings account, the applicant's branch selection will be designated as his or her home branch.
2. YONO app by SBI offers the nomination facility, which is mandatory for Digital Savings Accounts and only one nominee is eligible for nomination.
3. By giving a written request at the home branch a digital savings account can be cancelled.
4. Charges for cheque books will be the same as those for regular savings accounts.
5. A complimentary Classic Debit Card will be granted to the account holder, and annual maintenance charges will be the same as those for regular savings accounts.
6. The account will not include a passbook. A statement with audio and video content will be emailed to the customer.
7. As per the bank's records, a monthly electronic statement will be provided.
8. Customers must keep a minimum amount as required by a standard savings bank account of the bank.
9. A digital savings account holder of SBI can convert his or her account to a joint account only after converting the digital savings account to a standard one by visiting the bank branch. The customer will have the choice of converting the Digital Savings Account to a regular Savings Account or a CSP Account except the Basic Savings Deposit account and Pehla Kadam Pehli Udaan account, as per SBI.
How to open an SBI Digital Savings Account if you are a new customer?
1. Open SBI YONO App and go to the account opening section.
2. Now select Digital Savings Account and click on ‘Apply Now’.
3. Select ‘Open with Aadhaar using e-KYC (Biometric Authentication) option and on the next page enter your mobile number and email ID.
4. Complete the OTP verification process and accept the declarations 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’s and mother’s details, select occupation type, and enter nominee 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 are done.
