SBI YONO is an omni channel service given by SBI to its account holders, which will help account holders to benefit from an online as well as an offline experience as per their needs. It acts as an integrated digital banking platform. Through SBI Yono has introduced SBI Insta Saving Account, a digital zero balance account to their customers that they can open through the SBI YONO mobile app or by visiting the SBI YONO web portal.
Any Indian citizen above the age of 18 can open SBI Insta Saving Account.
Customers of SBI Insta Savings Account are required to keep a minimum balance account as per the regular savings account. However, minimum balance charges was waived off till 31st March 2019. The minimum balance for customers residing in metro and urban areas is Rs.3,000.
Here’s the minimum balance requirement for customers in different geographical locations:
Customers can open the digital savings account through SBI YONO app or website. To open the account through the app, one has download the YONO by SBI App. This helps to open an account within a few minutes.
As this online savings account can be made online without visiting the branch, the account has certain limitations on the maximum amount that can be credited to the account.
The maximum balance in the account at any point in time is Rs.1 lakh. Moreover, the total amount that can be credited to the account in a financial year is Rs. 2 lakh.
The bank offer free Rupay debit cards to the customers. The ATM PIN is generated through the Green PIN process.
It is mandatory to nominate a loved one while opening the bank balance through SBI Yono App. Customers can only add only nominee.
Passbooks and cheque book are not available for customers of the online savings account. Instead of the passbook, customers will receive statement in their registered email id.
Customers receive prevailing savings account interest on their digital account. SBI gives interest rate of up to 3.25% per annum. For deposits up to Rs.1 lakh, it provides 3.25%. For deposits above Rs. 1 lakh, the interest rate stands at 3%.
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