INSUBCONTINENT EXCLUSIVE:
State Bank of India (SBI) enables users to open two kinds of savings account through mobile app YONOSBI or State Bank of India currently
offers a type of savings bank account that can be opened through mobile app YONO
This account does not require users to maintain any minimum balance till March 31, 2019
SBI's Digital Savings Account requires one-time visit to a branch of the bank for the purpose of biometric verification
This was said by SBI, the country's largest bank, on microblogging site Twitter
A Digital Savings Account can be opened online, either through a computer or smartphone with internet connection
The bank account comes with limited operability compared to a regular savings bank account
For example, a regular savings bank account at SBI can be opened on a single or joint mode of operation, but only single mode is allowed in
the digital savings account
YONO or its website.Once on the SBI YONO website, the user can click on the 'Open A Digital Account' link, and the 'Apply' button under the
Digital Savings Account section to proceed
After this step, a similar process is followed for opening of a digital account through both the modes.At this point, the user may proceed
by entering his or her basic details such as email and mobile number.(State Bank of India (SBI) Digital Savings Account: You need to enter
your basic details.)The user is prompted to enter the preferred choice for application password (to be used with YONO)
After filling in the required details, the user may proceed by clicking on the 'Submit' button below.After this, the user is asked to
confirm certain tax liability dates under FATCA or Foreign Account Tax Compliance Act
After choosing the correct option, the user may proceed by clicking on the 'Next' button.On the next page, the user is prompted to proceed
by entering his or her Aadhaar card number in the given field.The user is then required to authorise the bank to verify Aadhaar data (based
on the UID or Unique Identification Number provided by the user).(State Bank of India (SBI) Digital Savings Account: You are required to
the Aadhaar card number.The app, or the YONO website, then asks the user to enter details such as PAN (Permanent Account Number).The user is
then asked to give consent to receive information on "product updates, marketing promotions, special offers" from time to time.The user is
asked to select a home branch.SBI Insta Savings AccountThrough mobile app YONO, users can also open an Insta Savings Account
Similar to Digital Savings Account, this account is also opened on a paperless basis
The Insta Savings account requires a single branch visit by the customer, according to the SBI website.
