SBI, the country’s biggest lender has relaunched its online savings account opening facility- SBI Insta Saving Bank Account.
New Delhi: As people prefer to stay home and avoid going out as much as possible in order to protect themselves from the pandemic, SBI, the country’s biggest lender has relaunched its online savings account opening facility- SBI Insta Saving Bank Account. This is an Aadhaar-based instant digital savings account, meant for customers who don’t want to visit a branch to open a savings account.
How to open SBI Insta Saving Bank Account
This account can be opened online through the bank’s integrated banking and lifestyle platform – YONO. To open the SBI Insta Saving Bank Account, you need to download YONO app, and then enter PAN and Aadhaar number and submit OTP. After verification of OTP you need to give other personal details following which the account will be opened. The account holder will get his/her account activated instantly and can transacting with immediate effect.
SBI Insta Saving Bank Account will offer complete paperless and digital account opening experience. These account holders will be issued basic personalized RuPay ATM-cum-debit card and can have 24×7 banking access.
Nomination facility is available for SBI Insta Saving Bank Account holders along with SMS Alerts and SBI Quick Missed call banking service.
SBI Insta Saving Bank Account holders have the option to convert their account to a full-service KYC account by visiting their nearest SBI branch within one year of opening the account.
Worth mentioning here is that SBI savings account holders can enjoy a host of other digital banking services such as demat services, mutual fund, insurance and opening small savings schemes like Public Provident Fund (PPF), Sukanya Samridhi Yojna (SSY) and many other things.
Effective May 31, 2020, the interest rate on SBI savings bank deposits with a balance up to Rs. 1 lakh was revised to 2.70%. For savings accounts having balances above Rs. 1 lakh will also get 2.70% interest.