SBI Digital Savings Account: 14 services you can benefit from; all details here
SBI from time-to-time has been introducing various measures for customers in order to boost the their savings account.
The largest state-owned lender State Bank of India (SBI) has been motivating their customers to invest in their savings account either through zero account balance or through its newly launched SBI Yono app which can help open an account very easily. For eliminating the tension mounting over maintaining average minimum balance among citizens, the largest financial service provider in a major move launched Yono to remove trouble caused over charges and balance issues regarding basic savings bank deposit (BSBD) account. SBI from time-to-time has been introducing various measures for customers in order to boost the their savings account. SBI also propagates the benefits of digital method of savings account to a wide range of people.
Only Resident Indian Individual, over 18 years of age with capacity to contract in accordance with applicable laws in India, without any tax liability outside India is eligible for opening SBI Digital Savings Account.
To have a SBI Digital account, details like valid Aadhaar number and valid Permanent Account Number is must to meet the KYC norms. Further, a customer must be having a valid and active local mobile number registered in his/her name, a smart phone, and a valid and active email address.
One should always remember that, at any given point of time, Customer can have only one SBI Digital Savings Account.
Customer must download the YONO by SBI APP on his/her Mobile Phone/Device. SBI reserves the right to reject request for SBI Digital Savings Account without assigning any reason.
Here’s a list of features that SBI digital savings account offers.
Single Operations: An individual who fulfils the eligibility criteria mentioned above can open and operate SBI Digital Savings account in his/her own name. Joint account or joint mandate for operation of SBI Digital Savings is not permitted.
Only One Account per Individual: Each eligible individual can only open one SBI Digital Savings Account.
Minimum Balance: Customer will be required to maintain minimum balance as defined for normal Savings Bank Account.
Service Charges: There will be 25% concession on service charges related to Digital Savings Account; for accounts having quarterly average balance Rs 25,000/- and above.
Conversion of Account: Account holder will have the option to convert the Digital Savings account to joint account only after converting it to a regular savings account by visiting the home branch. The customer will be allowed to convert the Digital Savings Account to Regular Savings Account or as a CSP Account (except Basic Savings Deposit account and Pehla Kadam Pehli Udaan account).
Cheque Book: No free Cheque book/leaves will be provided for Digital Savings Account. However, Customer will have an option to opt for cheque book facility any time. For Cheque facility bank will charge @ Rs. 10/- per Cheque leaf; and minimum 10 Cheque leaves will be issued per request.
ATM Cum Debit card: A personalized special Platinum Debit Card (with customer’s photo when account is activated at sbiINTOUCH branch), will be issued free of cost. Annual maintenance charges of Rs. 200/- p.a. will not be charged from the second year for the card where customer maintains Average Quarterly Balance above Rs. 25,000/-. ATM pin has to be generated through Green PIN process.
Passbook Book: Passbook will not be provided in the account. Customer will be sent an audio-visual statement by email.
Statements of Account: A monthly Electronic Statement will be available on the Yono by SBI App as per the Bank's record. Monthly statements of account for the last 2 years will be available through the Yono by SBI app; however, this duration is subject to discretion of the Bank.
Technology Dependent: SBI Digital Savings for selected content is handset/operating system dependent. This Service is currently available on iPhone with iOS 6 and above, Android Phones with Android version 4.2 and above. There will be no obligation on the Bank to support all versions of Mobile Phone software.
Home Branch: Branch selected by the applicant will be tagged as Home Branch for opening Digital Savings Account Regular and other loan accounts in future.
Nomination Facility: The Nomination Facility is available within the Yono by SBI app and is mandatory for Digital Savings Account. Nomination can be made in favour of only one nominee.
Closure of Account by the Customer: The Digital Savings account can be closed only by making a written request at the home branch only.
Opening of Fixed Deposit and Recurring Deposit Accounts: The customer will be allowed to open e-TDR/e-STDR/e-RD/e-flexi/e-tax saving/e-annuity accounts.