Money & Banking

SBI relaunches SBI Insta saving bank account

Our Bureau Mumbai | Updated on June 12, 2020 Published on June 12, 2020

State Bank of India (SBI) on Friday re-launched the ‘SBI Insta Saving Bank Account’, an Aadhaar-based instant digital savings account, for customers who would like to open an account via the bank’s digital banking platform, YONO.

India’s largest bank, in a statement, said this new service will offer a complete paperless and instant digital savings account opening experience with just the PAN and Aadhaar details.

SBI Insta Saving Bank Account holders can have 24x7 banking access. SBI will also issue basic personalised RuPay ATM-cum-debit card to all the new account holders of Insta Saving Bank Account.

“To open the SBI Insta Saving Bank Account, customers just need to download the YONO app, enter their PAN and Aadhaar details, submit OTP, and fill in other relevant details.

“Once the process is complete, the account holder will get his/her account activated instantly and can start transacting immediately. Customers will have the flexibility to upgrade to full KYC by visiting their nearest SBI branch within one year’s time,” the statement said.

Nomination facility is available for SBI Insta Saving Bank Account holders along with SMS alerts and SBI Quick Missed call service.

Rajnish Kumar, Chairman, 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.”

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Published on June 12, 2020
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