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SBI Digital Savings Account: Features, Benefits, How to Apply

SBI Digital Savings Account is an online savings account that one can open online. A single visit to the bank branch is needed to activate the account.

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How to Open SBI Digital Savings Account – Step-by-Step Process

SBI Digital Savings Account is an online savings account. Individuals can open the account by filling up the online account form and visiting the bank branch with KYC documents to activate the account.

SBI Insta Savings Account is another online savings account from SBI. In this article, we will check the features of the digital account and how it differs from SBI Insta Savings Account.

Features of SBI Digital Savings Account

No minimum balance: SBI Digital Savings Account is a zero balance account, and it does not have a minimum average balance requirement.
Personalised debit card: Customers can personalise their debit card as per their liking.
Option to choose various documents: Customers can also use other officially valid documents such as Passport, Election Card and NREGA. to open the account.
Single branch visit: Individuals need to visit branch once to open the account and use it with no restrictions.
Full-fledged account: The account opened is a full-fledged account and customers don’t have to visit the bank branch again to complete any KYC formalities.
Individual use: The digital savings account is meant for individual use. Customers are not eligible to open joint savings account.
Debit card: Customers get a classic debit card with no issuance charges. However, annual maintenance cost of a regular savings account will be applicable.
Cheque Book: The charge of the cheque book will be as per regular savings account.
Passbook: Physical passbook is not available for customers. However, the account statements will be sent through email. Also, you can check your account details through the YONO app.

How to open SBI Digital Savings Account Online

SBI Digital Savings Account is easy to open and can individuals can open the account online within a few minutes. Here is the step-by-step process of opening the SBI Digital Savings Account.

Step 1: Download SBI YONO app

Step 2: Click on ‘New to SBI’

Step 3: You will get the option to open ‘Insta Savings Account’ or ‘Digital Savings Account’. Click on ‘Digital Savings Account’.

Step 4: Now you will get the option to open your account through the Aadhaar e-KYC process or through other officially valid document. If you don’t want to use your Aadhaar, you can opt for the second option i.e. account opening through other officially valid documents. Select the ‘Open with Aadhaar’ for a faster account opening process.

Step 5: You can check the product page and click on ‘Next to proceed’.

Step 6: Add your mobile number, email id. You will receive an OTP on your mobile. Enter the OTP and click on ‘Submit’ to proceed.

Step 7: Give your FATCA declaration. This declaration shows that you are an Indian resident and don’t pay tax in any other country.

Step 8: Read the terms and conditions and click on ‘Next’.

Step 9: Add your personal details such as Aadhaar number, your full name, gender and date of birth.

Step 10: You can activate internet banking at this stage. Add your internet banking user id and check its availability. Enter the password and repeat the password to set the password. You will get the notification saying they will activate internet banking details after the online account opening process is over.

Step 11: Click a selfie or upload a photo.

Step 12: Add additional details such as annual income, educational details, marital status, father’s name, mother’s name and occupation.

Step 13: Add your nominee details.

Step 14: Select your internet banking rights.

Step 15: Enter the name you want to appear on your debit card. Accept the terms and conditions

Step 16: Enter the OTP sent to your mobile number to validate your account.

Step 17: You will get reference code. Keep the reference code safely. Visit the bank branch with the code along with the original and photocopy of your PAN card and Aadhaar card.

You will receive a welcome kit that will contain your debit card and other account opening formalities from the bank officials. They will activate your account and you can carry out banking transactions.

Differences between SBI Insta Savings and SBI Digital Savings Account

SBI Insta Savings Account is an instant digital savings account. Both the online savings accounts are zero balance accounts are meant for first-time bank users.

However, there are a few differences between the two savings accounts.

Use of Aadhaar number: Customers need to have an Aadhaar number and phone number registered with Aadhaar to open SBI Insta Saving Account. However, in case of Digital Savings Account, the individual can open the account using other document such as Passport, Driving License, etc.

KYC Status: SBI Insta Savings Account is an e-KYC account and comes withcertain limitations. The limitations are lifted after the full KYC process is completed. Digital Savings Account customers open a full KYC account after the visiting bank branch with the KYC documents.

Cheque Book: Digital Savings account holders can opt for cheque book facility. Cheque book facility is not available for insta savings account customers.

Instant account opening: Insta Saving Account is opened instantlyonline. However, in case of digital savings account, you need to visit the bank branch with the reference code to activate your account.

Conclusion

SBI Digital Savings Account is an online savings account for new to bank customers. If you don’t have an SBI account and don’t want to use your Aadhaar card, you can open SBI Digital Savings Account. After the single bank visit, the account is activated and is a full-fledged savings account.

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