At present the country's largest state-run bank, State Bank of India allows you to open two types of savings accounts online namely Insta Savings Account and Digital Savings Account. For both these accounts, applicant need not visit the bank branch in person for a particular time period. After online registration process is completed, customers can begin to operate the savings bank account which in comparison to the usual savings account offers limited facilities.
Here are few of the important details that you need to know before heading to open an SBI savings account online:
Eligibility: Both these online savings accounts SBI Insta Savings Account and SBI Digital Savings Account can be opened by a resident Indian citizen who is aged over 18 years.
Procedure to open online savings account with SBI: To open either of the savings account online, you can either visit bank's website sbiyono.sbi or SBI's mobile app YONO.
Documents needed: For opening online savings account with SBI, you are required to keep your aadhaar and PAN handy. Other details required at the time of registration include e-mail address, mobile number and referral code i.e. optional.
KYC or Know Your Customer process: For the KYC verification, the online account holder is required to visit the bank branch. In case of Insta savings account, the verification process has to be completed within one year of opening the savings account online.
Minimum balance requirement: Similar to regular savings account holders, SBI Insta and Digital savings account customers are also required to comply with the monthly average balance (MAB) norms set by the bank. Nonetheless, these account holders are provided a waiver with no penalty charges for non-maintenance of minimum balance until 31st March 2019. This means if you open instant account with SBI, you can continue to operate it with nil balance until the end of March next year.
Home branch: Here in the applicant while applying for the online savings account with SBI can choose the branch of his or her choice that will be treated as home branch for the .new online savings account holder.
ATM card: With the Insta savings account, free Rupay debit card is issued to customers while with Digital savings account a classic debit card i.e. an ATM cum debit card is offered.
Mode of operation: Both these savings account types can be opened and operate on a single basis. And if one wishes to operate the digital savings account jointly, one needs to visit the bank branch.
Cheque book facility: The facility is available in case of SBI digital savings account and for it charges at par with regular savings account apply. However, with insta savings account, customers are not offered such a facility.
As per SBI, only one digital savings account can be opened for every device that includes mobile phone. Also, an individual can maintain only one online savings account at the bank. According to the bank, for opening Insta savings account at SBI, the applicant "should not have any existing relationship with SBI".