Instant Savings Account by SBI Yono: Features, Benefits and Requirements - chaprama | Insights from the world of Technology and Lifestyle


Sunday, March 25, 2018

Instant Savings Account by SBI Yono: Features, Benefits and Requirements

State Bank of India's digital service app, Yono now allows the users to signup for a paperless digital savings account. Dubbed Insta Savings Account, the users get instant account activation, a Rupay debit card, no charges for non-maintenance of minimum balance until August 2018.

Requirements to open the SBI Insta Savings Account:

  • Aadhaar number with a mobile number linked to it
  • PAN card
  • The account is opened on OTP-based eKYC using Aadhaar.
Instant Savings Account by SBI Yono: Benefits and Requirements

Features of the SBI Insta Savings Account

  • Zero balance account until August 2018. Later regular charges apply for non-maintenance of minimum balance.
  • The account is valid for 1 year after that you have to visit the branch for full KYC else account will be suspended.
  • The maximum balance you can maintain is only Rs 1,00,000
  • The total credit summations permitted is only Rs 2 Lacs in the year in the account.
  • You can select the home branch as your wish
  • A personalized RuPay card will be issued 

To avail the benefits aforesaid, all you need is to download SBI Yono app, give the details of Aadhaar and PAN and open the account in less than 5 mins.

The other banks which provide similar eKYC digital accounts are Digi bank by DBS, Airtel Payments Bank, Paytm Payments Bank, India Post Payments Bank, Kotak 811 and Feno Bank.

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