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

The country’s largest lender, State Bank of India (SBI), offers a digital savings account that can be set up online without having to visit a local branch. Customers no longer need to visit a branch or fill out paperwork to set up an SBI Digital Savings Account. Instead, SBI currently allows its customers to open a digital savings account using the YONO app.

SBI said via 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 range of advantages such as it is a completely paperless process, no need to visit a branch, authentication based on OTP, quick access to banking and KYC video for the account would be done for account opening.

Eligibility 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 have no 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 Aadhaar Number.

3. Customer’s legitimate email address and mobile phone number should 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 that may be prescribed by the bank.

5. One SBI Digital Savings Account must be maintained by a client at all times, and only one Digital Savings Account can be established from one mobile phone number.

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

SBI Digital Savings Account Features

1. When opening a digital savings account, the applicant’s branch selection will be referred to as their originating branch.

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

3. Upon written request to the originating branch, a digital savings account may be terminated.

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

5. A free regular debit card will be granted to the account holder and the annual maintenance fee will be the same as 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. According to bank statements, a monthly electronic statement will be provided.

8. Customers must keep a minimum amount as required by a standard bank savings bank account.

9. An SBI digital savings account holder can only convert their account to a joint account after converting the digital savings account to a standard account by visiting the bank branch. Customer will have the choice to convert the Digital Savings Account to Ordinary Savings Account or CSP Account except 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 client?

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 ‘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 data and take a selfie of yourself.

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

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

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

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