Now Use PAN and Aadhaar to Open Online SBI Saving Account Instantly

Enabling digital fulfilment, State Bank of India (SBI) has re-launched its ‘Insta Saving Bank Account’ amidst Covid19 scare. Now you can open a Savings Account with the largest bank of India online without submitting any paper documents or visiting the bank branch.

You can open a Savings Bank Account right from your home, serving the lockdown. All you require is your Pan Card and Aadhaar e-copies to submit with your application through YONO APP. The ease of opening a Savings Account during the current situation is much useful to the customers in the present times. SBI Chairman, Rajnish Kumar said, the product will be beneficial in current COVID 19 situation as customers need not visit the bank branch.

The Insta Saving Account was available previously too. However the re-launch is specifically timed to match with current requirements of banking digitally.

SBI’s press statement says: The SBI Insta Saving Bank Account holders can have 24×7 banking access. SBI will also issue basic personalized RuPay ATM-cum-debit card to all the new account holders of Insta Saving Bank Account.

Features & Benefits of SBI Instant Bank Account

Minimum Balance: From March 11, 2020, SBI has waived off minimum balance requirement. The account can be opened with zero balance. The maximum balance however should not be more than Rs. 1 lakh.

Transactions size: As per SBI’s website, total credit summations should not be more than Rs 2 Lakhs in a year.

Access point: To open SBI Insta account download SBI YONO App. You can also access here: https://www.sbiyono.sbi portal

Tech requirement: Available on iPhone with iOS 8 and above and Android Phones with version 5.0 and above.

Flexibility to choose home branch: You can tag home branch as per your convenience.

Nominee: You are required to make 1 nominee for Insta Saving Account within the Yono app.

Rupay Debit Card: A free Rupay Debit Card (basic) will be issued. Follow online Green PIN process to generate ATM PIN.

SMS Alerts: The account transactions and important notifications are sent through SMS alert service on the registered mobile number.

SBI Quick Missed call service: You also get free Quick Missed Call service wherein you get Account Balance & Mini Statement on giving a missed call to bank.

Other Benefits:

• As it is an online account, no physical passbook or Cheque book will be issued. An audio-visual statement will be emailed periodically. Similarly a monthly Electronic Statement will also be available to view.
• The final decision to approve your request remains with SBI only.
• The account cannot be held jointly. Besides this should be the only account of the customer with the bank.
• A transaction cap of Rs. 49,999/- is also placed.
• No cash transactions with bank branch are allowed for this account.

How to open SBI instant savings bank account?

• Download YONO app.
• Enter PAN and Aadhaar details.
• Submit OTP (one-time password)
• Share details as required.
• As your request is accepted, account will be activated instantly.
• You can start transacting immediately.

Eligibility

• Only Indian residents who do not have any tax liability outside India can open SBI Insta Saving Account.
• The minimum age for application is 18 years.
• Only new customer can apply. Customers with existing relationship with bank are not allowed to open this account.
• You should have a valid Aadhaar number and Permanent Account Number (PAN). In case Customer’s name varies in the two documents, the details inscribed on Aadhaar will be used for records.
• Besides you should also have a valid and active local mobile number registered in your name and an active email address. The number should also be linked to Aadhaar number.
• It is important to note here that you should not have similar OTP based Aadhaar verification Savings Account with other Banks or Financial Institutions.

FAQs

✅ What is SBI insta Saving account?

All new customers can open SBI Insta Saving Account online by sharing Aadhaar and PAN details via SBI YONO App. They do not need to visit the bank to open the account.

✅ How does SBI Insta Saving Account work?

The SBI Insta Saving Account works like SBI Savings Account, however with a capping of Rs 1 Lakh maximum account balance. No passbook or cheque book is issued. Customers can access e-statement through the YONO app. The same is also emailed each month to the registered mobile number.

✅ Do I need to maintain minimum balance in SBI Insta Saving Account?

No SBI has waived off need to maintain minimum balance in its Saving Account.

✅ How do I check status of my application?

The application is accepted instantly. The bank also reserves right to reject the application.

✅ What are benefits of SBI Insta Saving Account?

The account works as aadhaar based verification account which allows you to transact on the go. You do not need to visit the bank. Some of the benefits include: Basic Rupay Debt Card, Access through YONO App, missed call service, SMS Alert etc.

✅ What all documents are required to complete SBI Saving Account online application?

Only two documents are required: Aadhaar and PAN.

✅ What will be my home branch?

Customers get flexibility to tag home branch of their own choice.

✅ Is there a transaction limit?

Yes, a capping is set at Rs. 49,999 per transaction. Also, the sum total of credits should not be more than Rs 2 Lakh.

✅ What are operating system requirements to open online SBI Account?

You can access YONO app on iPhones with iOS 8 and above and Android version 5.0 and above.

✅ How do I close SBI Insta Bank Account?

You can close the account by writing a letter to the home branch.