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SBI Insta Saving Bank Account – Features, How to Open, Limitations

SBI Insta Savings Account is an online savings account that individuals can open online without visiting the nearest bank branch. PAN and Aadhaar are the only two documents needed to open the instant savings account.

How to Open SBI Insta Savings Account Online

How to open SBI Insta Saving Bank Account – Step-by-Step Process

SBI Insta Saving Account is an online savings account that individuals can open online without visiting the nearest bank branch. You need to fill up the online account opening form to open the account and start using it instantly. PAN and Aadhaar are the only two documents needed to open the instant savings account. 

Who can open the account?

  • Resident Indian individual
  • Individuals above 18 years of age
  • Individuals who don’t have an SBI savings account
  • Individuals who have not opened a savings account through the Aadhaar OTP

What’s needed to open the account?

  • Aadhaar number
  • PAN card
  • Aadhaar registered mobile number

Features of SBI Insta Saving Account

  • Zero Balance Account: Currently, SBI Insta Savings Account is a zero balance account. Hence, it does not have a minimum balance requirement.
  • Instant account opening: You can open the account instantly online without visiting a bank branch. You will receive your account number and CIF number after the online account opening process is complete.
  • Debit card: You will receive a basic RuPay debit card with your account. The annual maintenance cost of this card is Rs.125 plus taxes.
  • Online banking features: Account holders can access SBI online banking features such as mobile banking, internet banking to transfer funds and pay utility bills.
  • No Passbook: Customers of Insta Savings Account don’t receive any physical passbook. The account statement is sent through email. Customers can also check their account details through their YONO app.
  • No Cheque book: Cheque book facility is not available for account holders. Full KYC process needs to be completed to avail cheque book. 
  • E-KYC account: The account opened online is an e-KYC account. Hence, as per regulatory guidelines, the bank account has certain limitations. To lift all restrictions, customers need to complete the full KYC by visiting the assigned branch with the original KYC documents within 12 months. 
  • Limitations: The maximum balance that can be saved in the account is Rs.1 lakh. Also, the total credits in the savings account in a financial year cannot exceed Rs.2 lakhs.
  • Validity: Initially, the account is valid for 12 months. You need to complete your KYC to use your account with no hassles.  

How to open SBI Insta Savings Account online

You can open SBI Insta Savings Account online within a few minutes. Follow these steps to open the bank account.

Step 1: Download the SBI YONO app

Step 2: Tap on ‘New to SBI’

Step 3: In this step, you will find the option to open an Insta Savings Account or SBI Digital Savings Account. Click on Insta Savings Account and tap on ‘Apply Now’.  

Step 4: After accepting the terms and conditions, add your mobile number that you want to be registered with the bank account. In this step, it is not neccessary to add your Aadhaar registered mobile number. You will receive a communication from the bank on this number.

Enter the OTP to validate your mobile number.

Step 5: Create a password for your YONO app. Add a security question that you can use if you forget your password.

Step 6: Provide the FATCA declaration.

FATCA declaration is a simple declaration of your citizenship.

Step 7: Enter your Aadhaar number and enter the OTP that you have received on your Aadhaar registered mobile number.  

Step 8: Enter your personal details.  

Step 9: Add your address details

Step 10: Enter your PAN number

Step 11:  You will see your Aadhaar photo. Click on ‘Next’ to continue.

Step 12: Add your educational qualification details.

Step 13: Choose your marital status.

Step 14:  Father’s, mother’s name

Step 15: Add other details such as your annual income, occupation, religion, etc.

Step 16: Give your nominee details. You can also include their address if it differs from your address.

Step 17: Select your home branch by locality. Type your locality name and it will assign the nearest bank branch to you.

Step 18: Agree the terms and conditions and enter the OTP sent to your registered mobile number.

Step 19: Next, you will get the option to give the name that you would want to appear on your debit card.

Your account is now open. You will find the account number, CIF number and bank branch. Keep these details handy for future reference.

You need to visit the bank branch with your KYC documents within 12 months to convert your account into a full KYC account.

Limitations of the SBI Insta Savings Account

The account is an e-KYC account, and hence it comes with certain limitations.

  • The account is active for 12 months. 
  • The maximum balance that customers can keep in their account is Rs.1 lakh.
  • The sum of money credited to the account should not exceed Rs.2 lakh in one financial year.  

Should you open the instant savings account?

You can open the account if you are looking to open an instant savings account. You can use this account to save for emergencies and goals. However, you need to keep in mind that you can open the account if you don’t have an existing relationship with SBI.

Conclusion

SBI Insta Savings Account is an instant savings account that you can open by downloading the YONO app. As SBI has removed minimum balance requirement, the online savings account is a zero balance account. All you need is a PAN card, Aadhaar number to open the account.   


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