State Bank of India, the country's largest lender, has re-launched 'SBI Insta Saving Bank Account' an Aadhaar-based instant digital savings account, for customers who would like to open an account online through bank's integrated banking and lifestyle platform - YONO. The bank 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.
"This new service will offer complete paperless and instant digital savings account opening experience with just PAN and Aadhaar number," SBI said in a press release.
The SBI Insta Saving Bank Account holders will be issued personalised RuPay ATM-cum-debit card.
To open the SBI Insta Saving Bank Account, customers just need to download YONO app, enter their PAN and Aadhaar details, submit one-time password (OTP), and fill other relevant details. The nomination facility is available for SBI Insta Saving Bank Account holders along with 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.
Customers will have the flexibility to upgrade to full KYC by visiting their nearest SBI branch within one year's time, the public sector lender said.
Commenting on the development, Rajnish Kumar, Chairman, SBI said, "We are glad to re-launch SBI Insta Saving Bank Account. This account has all the features that would provide our potential customers a convenient, hassle-free and paperless banking experience without visiting the bank branch. In this digital age, we constantly aim to offer our customers the best digital banking experience backed up with the technology which would give them access to banking services anytime and anywhere."
SBI through YONO has come up with various initiatives which include YONO Cash, PAPL, YONO Krishi, catering to all categories of customers. The integrated digital and lifestyle platform by SBI - YONO has crossed the landmark of 51 million downloads. YONO which has 23 million registered users, witnesses 5 million logins per day along with over 4,000 daily disbursals of personal loans. The bank recently launched the YONO Global app in the UK and Mauritius and plans to cover 9 more countries by the end of 2020.
By Chitranjan Kumar