Do you know about this Insta Savings Account facility being provided by the State Bank of India (SBI). This amazing facility can be availed through SBI YONO App. All you have to do is to download the App on your mobile phone or use the SBI YONO portal https://www.sbiyono.sbi portal. You can open an account from the comfort of your home using Aadhaar OTP authentication.
See features of SBI Insta Savings Account: See features here. For more information visit the bank website.
-Customer will be required to maintain minimum balance as defined for normal Savings Bank Account.
-Maximum balance in the account can be Rs 1 lakh only.
-Total credit summations in a year allowed for the account is Rs 2 Lakhs.
-Insta Savings Account for selected content is handset/operating system dependent. This Service is currently available on iPhone with iOS 8 and above, Android Phones with Android version 5.0 and above.
-There will be no obligation on the Bank to support all versions of Mobile Phone software, the bank website says.
-Branch selected by the applicant will be tagged as home branch for opening Insta Savings Account.
-Nomination facility is available within the App and is mandatory. Nomination can be made in favour of only one nominee.
-A basic Rupay Debit Card will be issued.
-ATM PIN to be generated through Green PIN process.
-Passbook will not be provided in the account. Customer will be sent an audio-visual statement by email.
-No Cheque book facility will be provided for this account.
-A monthly Electronic Statement will be available as per the Bank’s record; however, this duration is subject to discretion of the Bank.
-Customer are required to complete e-KYC through biometric authentication by visiting home branch within one year of opening of account. The Insta Savings account can be closed by making a written request at the home branch only, after completing the KYC formalities.
-If KYC exercise is not completed within 1 year of opening the account, the account will be closed and banker Cheque favouring the customer will be issued against the balance payable in the account.