Online SBI Insta Savings Account Features & Limitations

SBI insta savings account is an aadhar based savings account launched by State Bank of India. It provides facility to the customers to open instant savings accounts online without visiting the bank.

The customers only need a valid Aadhar card number, PAN card number and active mobile number linked with the aadhar card and valid email ID to open an online savings account.

The process is very simple, you have to download SBI YONO mobile app and complete the account opening process through this app only. For verification of your identity, an OTP (One Time Password) will be generated to complete the account activation process.

If you do not have any other OTP aadhar based savings account with any other bank, you can apply for this account.

The nomination facility, debit card, SMS Alert facility also provided with this account.

In the following paragraphs we have explained the complete process step by step to open the SBI insta savings bank account and its features & limitations.

     

    How to open an SBI insta savings account online?

    The following are the steps to follow to open an insta saving account.

    Step 1:

    Download and open the SBI YONO app.

    Step 2:

    Select the “New to SBI” tab, thereafter select the Insta Saving Account option by clicking on “Apply Now”.

    Step 3:

    After that Product Information is given to read and select the declaration.

    Step 4:

    Now you have to fill a mobile number which is linked to your aadhar card thereafter OTP will be generated, OTP will be received on your mobile number, you have to fill OTP in space provided and submit it.

    Step 5:

    After OTP submission, you have to fill the password and security question and click on the “NEXT”.

    Step 6:

    There will be an information display that you have to complete this process within 15 days; otherwise your entered data will be lost. Thereafter “FATCA/CRS” declaration and “personal” declaration will have to be selected.

    Step 7:

    Now, the main step starts, you are required to fill the Aadhar card number registered with your mobile number given at the starting of opening the account. An “OTP” will be generated and you have to fill the “OTP” for validation of the Aadhar card and click on the “NEXT”.

    Step 8:

    Your basic personal details will be filled through a linked aadhar card. Only you need to fill some personal details in the form like, Place of birth, country and citizenship, Nationality, State and District etc.

    Step 9:

    Now fill your PAN card and click on “NEXT”, thereafter your photo will be automatically captured from your aadhar card.

    Step 10:

    Fill Additional detail like: Education, Marital status, Father’s Name, Mother’s Name, Income and Occupation etc.

    Step 11:

    Fill the Nomination detail like relation with the nominee, date of birth of nominee and address and click on “NEXT”

    Step 12:

    Select the SBI Branch where you want to open a insta savings account.

    Step 13:

    After selecting the branch detail, a “Term & condition” page will be displayed, read it completely and scroll down all the condition (otherwise declaration will not be selected) and select the declaration. Thereafter an OTP will be generated and send it to your mobile number. You have to fill it.

    Step 14:

    Now you have to fill your name for displaying on your debit card and select the “NEXT”, now a page generates which display your account has been opened and details your account number, branch code etc.

    Note:

    KYC of insta saving account has to be submitted within one year from the opening of the account to convert it into your normal bank account.

     

    Interest rate of SBI Insta account

    Interest rate of SBI insta account is @ 2.70% per annum w.e.f. 31st May,2020.

     

    Features of Insta savings account

    • There is no minimum balance for opening the account with SBI. It is zero balance saving account.
    • Your account will be activated within 15 minute through the SBI YONO app. You need not submit documents to the bank.
    • Your Personalized Rupay debit card will be sent to you by post on your address. You have to generate your online pin through ATM and SBI YONO internet banking.
    • Nomination facility also provided with this account.
    • There are additional facilities given with this account like SBI Quick missed call service, SMS Alert message.

     

    Limitations of Insta savings account 

    • Only new customers can open this account.
    • You have to upgrade your account to SBI normal saving account within 1 year by submitting KYC for additional service which is not attached with this account.
    • There is no cheque book issued with this account because cheque books need signature verification, but this account opened with aadhar card number.
    • You will not receive a passbook for this account, only electronic statements can be generated through ATM, Internet Banking etc.
    • You have to maintain aggregate balance upto rupees 100000 and you’re not allowed a total credit amount more than rupees 200000 in a year.

     

    Conclusion

    There are some features and limitations of SBI insta savings account, but if you cannot go to the bank for opening the account then this facility is helpful to you.

    This facility provides for handling the COVID-19 situation to minimize the public dealing with the bank. You have the option to upgrade your account within one year by submitting the KYC.


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