SBI relaunches online ‘Insta Saving Bank Account’ through YONO

• SBI offers complete paperless and instant online account opening facility
• SBI Insta Saving Bank Account to provide instant online banking access
• Accounts opened without visiting a Branch

Mumbai, June 12, 2020: With an aim to provide convenient digital banking services to citizens of India, country’s largest lender State Bank of India has re-launched ‘SBI Insta Saving Bank Account’ an Aadhaar-based instant digital savings account, for customers who would like to open an account online through bank’s integrated banking and lifestyle platform – YONO. This new service will offer complete paperless and instant digital savings account opening experience with just PAN and Aadhaar number. 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.

To open the SBI Insta Saving Bank Account, customers just need to download YONO app, enter their PAN and Aadhaar details, submit OTP, and fill other relevant details. The nomination facility is available for SBI Insta Saving Bank Account holders along with SMS Alerts and SBI Quick Missed call service. 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.

Shri Rajnish Kumar, Chairman, SBI said, “We are glad to re-launch SBI Insta Saving Bank Account. This account has all the features that would provide our potential customers a convenient, hassle-free and paperless banking experience without visiting the bank branch. In this digital age, we constantly aim to offer our customers the best digital banking experience backed up with the technology which would give them access to banking services anytime and anywhere. This product would be beneficial to customers in this prevailing COVID 19 situation, who can open Savings Account at the comfort of their homes, without visiting a Bank Branch”.

In this journey of digital transformation and the new normal, the constant endeavor of YONO SBI is to offer its customers a gamut of banking and lifestyle services at their doorsteps with just the click of a button. YONO SBI for the past two years is accepted greatly by the customers. The Platform has now reached global markets with YONO Global in UK & Mauritius. YONO has also crossed the landmark of 51 millionn downloads and 23 million registered users in a little over two years. It has partnered with more than 100 e-Commerce players across 20 plus categories. SBI through YONO has also come up with various initiatives which include YONO Cash, PAPL, YONO Krishi and the likes, catering to all categories of customers.

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