State of India (SBI) chairman Rajneesh Kumar has clarified that the zero balance feature for digital accounts opened through the YONO app will be valid up to March 2019.
With SBI’s digital service platform YONO (You Only Need One) close to completing nearly a year of execution, India’s largest bank’s Chairman has good news for zero-balance account holders opened using the app. State of India (SBI) chairman Rajneesh Kumar has clarified that the zero balance feature for digital accounts opened through the YONO app will be valid up to March 2019.
In an exclusive interview to TOI, Kumar said the bank might continue with the zero-balance feature considering the fact that the digital-only product has received “very good traction”. SBI had launched YONO — India’s first comprehensive digital service platform — in November last year. Previously, no charges were applicable for non-maintenance of minimum balance up to August 2018. Rajneesh Kumar clarified that “up to March 2019, the accounts will have zero-balance requirement.”
“Considering that it is a digital-only product and has received very good traction, we might continue with the zero-balance feature,” Kumar said. Along with an array of banking and financial services, SBI’s YONO app allows customers to meet their various lifestyle needs across categories that includes booking and renting cabs, entertainment, dining experience, travel & stay, and medical needs.
Kumar further mentioned that out of the 60,000 savings accounts opened by the SBI daily, around 25,000 accounts are opened online. In addition, online account opening has picked up pace of late because of the ease and the offers that come with YONO account. “We have nearly 17.4 crore customers in the 18-35 age bracket and another 13 crore in the 33-55 bracket. Around nine crore customers are over 55 and about 41 per cent of customers are below 35,” he said.