Now Open SBI Digital Savings Account Using YONO: Here’s How:

SBI has said through a tweet that ‘Open Savings Account Anytime, Anywhere! Just download the YONO SBI app and get started now.” There are many benefits of opening a digital savings account with SBI such as it is a completely paperless process, no need to visit a branch, OTP based authentication, up to banking Video KYC for quick access and account will be done for account opening.

Eligibility Criteria for opening SBI Digital Savings Account

1. Only people who are residents of India and are at least 18 years old and have no tax liability for 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 valid email address and mobile number of the customer should be registered in his name.

4. For a digital savings bank account, a person has to visit any SBI branch and complete e-KYC by biometric authentication and follow all other norms including KYC procedures as prescribed by the bank.

5. One SBI Digital Savings Account must be maintained by the customer at any point of time, and only one Digital Savings Account can be set up with one mobile phone number.

6. Any person who fulfills the pre-requisites listed above is eligible to open and manage an SBI Digital Savings Account in his/her own name. SBI Digital Savings is not allowed to operate from a joint account

Features of SBI Digital Savings Account

1. On opening of Digital Savings Account, the branch selection of the applicant will be designated as his/her home branch.

2. YONO App by SBI provides nomination facility, which is mandatory for digital savings accounts and only one nominee is eligible for nomination.

3. Cancellation of a Digital Savings Account can be done by giving a written request to the Home Branch.

4. The charges for check book will be the same as for regular savings accounts.

5. The account holder will be given a complimentary Classic Debit Card, and the annual maintenance charges will be the same as for regular savings accounts.

6. The passbook will not be included in the account. A statement with audio and video material will be emailed to the customer.

7. Monthly electronic statement will be made available as per the records of the bank.

8. Customers should maintain the minimum amount required for standard savings bank account of the bank.

9. A digital savings account holder of SBI can convert his account into a joint account only after visiting the bank branch and converting the digital savings account into a standard account. The customer will have the option to convert the Digital Savings Account to Regular Savings Account or CSP Account except Basic Savings Deposit Account and Pehla Kadam Pehli Udaan Account as per SBI.

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

1. Open SBI YONO App and go to Account Opening Section.

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

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

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 and mother details, choose business type, and enter nominee details.

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

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

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