INSUBCONTINENT EXCLUSIVE:
State Bank of India (SBI), the country's largest bank, currently offers two types of savings accounts that can be opened online
These bank accounts - Digital Savings Account and Insta Savings Account - do not require the applicant to visit a branch in person for a
The customer can register and start operating the bank account - which is a type of savings account with limited facilities - without
Both SBI Digital Savings Account and SBI Insta Savings Account can be opened by resident citizens over 18 years of age, according to the
bank's website - sbi.co.in.1
What are Digital and Insta accountsSBI offers several types of savings bank accounts
Of these, the SBI Digital Savings and SBI Insta Savings accounts come with limited facilities compared to the regular savings account.2
How to open account: Both types of savings accounts can be opened online through SBI's mobile app YONO or website - sbiyono.sbi.3
Documents required: The bank requires the applicant to provide details such as Aadhaar, PAN and mobile number for opening the instant
Minimum balance: Individuals holding SBI Digital or SBI Insta savings accounts are required to comply with the bank's monthly average
balance (MAB) rules applicable to its regular savings bank account
However, the bank has till March 31, 2019 waived off the penalty charges applicable in case of non-compliance with the rules, according to
That means the customer can operate the accounts with a nil balance till the end of March next year without having to bear any penalty
Monthly average balance rules are a set of rules set by commercial banks for their customers holding non-zero balance accounts.5
ATM card: SBI provides a classic debit card, which is an ATM-cum-debit card, along with the digital savings bank account
With the Insta savings account, the bank provides a comes with a basic RuPay debit card, according to the bank's website.6
Home branch: The applicant provides his or her choice of branch to be set as home branch for both types of savings account.7
Mode of operation: Both the accounts - Digital savings account and Insta savings account - are opened and operated on a single basis,
The Digital savings account can be converted to a joint account, for which the the account holder is required to visit a branch.8
Cheque book facility: Digital savings account holders can opt for a cheque book facility, subscription to which attracts the same charges
applicable to a regular savings account
The Insta savings account does not offer a cheque book facility, according to SBI.9
SBI allows only one digital savings account per customer, according to the bank's website
Also, only one digital savings account can be created per device including mobile phone, according to SBI
For its Insta savings account, the applicant "should not have any existing relationship with SBI", according to the bank.10
The account holder is required to complete the KYC or Know Your Customer process by visiting an SBI branch
For the Insta savings account, the customer is required to take up KYC verification within one year of opening of account.
