The largest lender in the country, State Bank of India (SBI) is offering a savings account that has no minimum balance requirement till August 2018.
Known as the "Insta Savings Account," the facility allows you to open a savings account without having to visit any of SBI's branches. It is a limited period offer.
How to Open SBI's Insta Savings Account?
With the SBI YONO app installed on your phone, you can open this limited period offer savings account through it. Related Read: What is SBI's YONO App?
There is no need to submit any documents as the procedure is paperless, according to SBI's website. The account will be instantly activated using the app, hence the name "Insta."
- Only Indian residents over 18 years of age can apply for the Insta Savings Account.
- Aadhaar number and PAN are required while opening the account on YONO App.
Open an Insta Savings Account without even stepping into an SBI branch! Download the YONO app and start saving in your digital savings account today. The account requires no minimum balance till 31st March, 2019 as a limited period offer. Download: https://t.co/VFpiAhO7NR pic.twitter.com/FBv0zkZOgW— State Bank of India (@TheOfficialSBI) May 4, 2018
Features of Insta Savings Account
- On opening the account, you will get a Rupay debit card.
- An aggregate balance of Rs 1 lakh can be maintained in the account.
- Annual transaction limit is Rs 2 lakh.
- It does not require maintaining any minimum balance until August 2018.
- The Insta Savings Account can be converted to a regular savings account within a period of one year.