SBI Digital Savings Account: Features, eligibility, benefits – All you need to know

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Published: June 29, 2020 5:37 PM

The ‘SBI Insta Saving Bank Account’ is an Aadhaar-based instant digital savings account, which can be open through SBI YONO. It is completely paperless and can be opened with just a PAN and Aadhaar number.

sbi digital savings account, sbi savings bank, sbi instant account, sbi yono, ICICI Bank, ICICI Bank FD scheme for senior citizens, fixed deposit, FD, FD for senior citizens, Loan against FD, SBI, ICICI Bank Golden Years FDAn account holder also has the option to convert the digital savings account to a joint account, but only after converting it to a normal savings account.

Amid the COVID-19 lockdown, most people have started looking at digital savings accounts, which are quite easy to manage. SBI’s digital savings account has become quite popular, along with other digital accounts such as Axis Bank’s and ICICI Bank’s digital savings account.

For more convenience of customers with digital banking services, SBI has also relaunched its ‘SBI Insta Saving Bank Account’. It is an Aadhaar-based instant digital savings account, which can be opened through SBI YONO. It is completely paperless and can be opened with just a PAN and Aadhaar number.

According to the SBI website, at any given point of time, an individual can have only one SBI Digital Savings Account in his/her name. To open the SBI digital account, one can simply login on to the official website of SBI or do the account opening through the SBI YONO App.

However, there are some eligibility criteria that one needs to fulfill while opening an SBI online digital account. He/she needs to be a resident of India, age over 18 years, should be without any tax liability outside the country, must have valid Aadhaar and PAN card, and the account applicant must have a valid, active email address and local mobile number registered in his/her name.

An account holder also has the option to convert the digital savings account to a joint account, but only after converting it to a normal savings account. Account-holders can convert their SBI Digital into SBI Savings Account and avail all benefits that SBI is giving to its savings account holders.

Here is how you can open an SBI Insta Saving Bank Account:

  • Download the YONO app, and enter the PAN and Aadhaar details
  • Next, submit OTP, and fill other relevant details, and submit.
  • Customers can also choose a nominee for the SBI Insta Saving Bank Account
  • The account holder will get his/her account activated instantly, once the process is complete
  • One can also upgrade to full KYC by visiting their nearest SBI branch within a year of opening the account.

With the SBI Digital Savings account opening, the account holders are given a debit card free of cost, along with a checkbook as well. SBI will also issue a basic RuPay ATM-cum-debit card with the SBI Insta saving account to all new account holders. The annual maintenance fees of the card will be charged as per the extant guidelines of normal savings accounts.

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