SBI Insta Saving Bank Account for instant digital savings accounts re-launched

State Bank of India (SBI) has re-launched its Aadhaar Card-based instant digital savings account called ‘SBI Insta Saving Bank Account’ for customers who want to open a bank account through its YONO digital banking platform.

The Indian public sector bank said that the new banking service will provide fully paperless and instant digital savings account opening experience using only the details from the PAN and Aadhaar cards of the customer.

SBI Insta Saving Bank Account holders will get round-the-clock banking access and will be issued basic customized RuPay ATM-cum-debit card.

For opening the SBI Insta Saving Bank Account, customers have to download the YONO app. They have to input details of their PAN and Aadhaar cards, followed by an OTP, and complete filling of other relevant details.

After the form filling is done, customers will see their SBI Insta Saving Bank Account instantly activated, following which they can begin transactions immediately.

SBI Insta Saving Bank Account for instant digital savings accounts re-launched. Photo courtesy of Pranayraj1985/Wikimedia Commons.

Account holders will get the flexibility to upgrade to full KYC by checking at their closest SBI branch within 12 months.

The SBI Insta Saving Bank Account holders also get to fill in nominees for their new bank account. Account holders will have services like SMS alerts and SBI Quick Missed call to help with their accounts.

Rajnish Kumar – Chairman of SBI said: “This product would be beneficial to customers in the prevailing Covid-19 situation, who can open savings account in the comfort of their homes, without visiting a bank branch.”