Features of SBI Digital Savings Account

August 30, 2022 Finance Talk Valli Sarvani No comments

State Bank of India (SBI) offers online savings account for its customers. SBI Insta Savings Account and Digital Savings Account are digital accounts offered by SBI.

SBI Digital Savings Account can be opened easily by filling up an online account form. Submission of KYC documents is essential to activate the account.

If you want to open SBI Digital Savings Account through the YONO app, then follow the below-mentioned process:

If you have the YONO app, open it. Or download the app and open it. Then click on the New to SBI tab and choose the Digital Savings Account option.

If you want to open an account through Aadhaar e-KYC process, then choose it. Or choose other valid documents like Passport to open the account.

Choosing Aadhaar e-KYC process enables faster account opening. Click on proceed and add your mobile number and email ID.

Enter the OTP received on your mobile number and proceed. You need to give FATCA declaration. It is a declaration that you are an Indian resident and do not pay taxes in other countries.

After reading the terms and conditions, click on ‘Next’. Add your personal details in the specified columns.

Also, add your internet banking user ID. If your desired user ID is not available, you have to choose another one. Then set a password by entering it twice in the specified columns.

Upload a photo and enter additional details required like annual income, occupation etc.

Add your nominee. You have to enter the name that needs to appear on your debit card.

After accepting the terms and conditions, you will receive an OTP on your mobile. Validate your account by entering it.

You will get a reference code. Visit the bank branch with the reference code along with your KYC documents.

After finishing this formality, you will receive a welcome kit. That means your account is active.

Here are the features of the SBI Digital Savings Account:

SBI Digital Savings Account is a zero balance account. There is no need to maintain a minimum average balance in the account.
The account is meant for individuals. Hence, it can be opened by a single customer. Customers cannot open a joint savings account.
They can have a personalized debit card. Apart from an Aadhaar card, other documents like a Voter Id card, Passport etc., are also accepted to open the account.
There are no restrictions to use the account. Customers need to visit the bank branch only once. After that, they need not visit the branch.
A classic debit is issued for the customers of this account. There are no issuance charges for it. However, annual maintenance charges will be applicable.
For cheque book, charges are the same as regular savings bank accounts.
No physical passbook is issued to customers. But they can receive account statements through email. Besides, they can check account details through the YONO app.

Image by mohamed hassan from Pxhere (Free for commercial use / CC0 Public Domain)