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For eliminating the tension mounting over maintaining average minimum balance among Indian citizens, the largest financial service provider State Bank of India (SBI) in a major move has now launched a new app which will take care the trouble over charges and balance issue in regards to basic savings bank deposit  (BSBD) account. SBI from time-to-time has been introducing various measures for customers in order to boost the performance in their savings account. 
What is BSBD account? 
A BSBD account can be  opened by any individual provided he/she has valid KYC documents. Primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees.
The eligibility of BSBD account is similar to that of regular savings bank account, also it is based on KYC compliant. It can be operated singly, jointly, or with either or survivor, former or survivor, anyone or survivor etc. facility.
Furthermore, there is nil minimum balance amount in BSBD account, also there is no upper limit set for maintaining maximum balance. The rate of interest is same as savings bank account. 
SBI's YONO app
SBI via it's official twitter account said, "Open a savings account instantly, right from the comfort of your own home. Get an Insta Savings Account by downloading the YONO app right now! The account requires no minimum balance till 31st August, 2018 as a limited period offer."
<blockquote data-lang="en">Open a savings account instantly, right from the comfort of your own home. Get an Insta Savings Account by downloading the YONO app right now! The account requires no minimum balance till 31st August, 2018 as a limited period offer. Download: <a href="https://t.co/VFpiAhO7NR">https://t.co/VFpiAhO7NR</a> <a href="https://t.co/9wYz0OHweY">pic.twitter.com/9wYz0OHweY</a>
— State Bank of India (@TheOfficialSBI) <a href="https://twitter.com/TheOfficialSBI/status/984695741015838721?ref_src=twsrc%5Etfw">April 13, 2018</a></blockquote>
<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>YONO offers all kinds of financial and lifestyle products of SBI. BSBD account can be opened either through paperless 'Digital savings account' or 'Insta savings account' offered on YONO. 
Here are saliant features of Digital savings account
<ul>
<li>For Resident Indian Individual above 18 years of age</li>
<li>Paperless account opening</li>
<li>Free personal accident insurance cover of Rs 5 Lacs</li>
<li>Single visit to branch for Aadhaar biometric verification</li>
<li>Personalized Platinum Debit Card</li>
<li>Aadhaar and PAN is mandatory</li>
</ul>
As for Insta savings account the features are: 
<ul>
<li>For resident Indian individual above 18 years of age</li>
<li>Paperless account opening</li>
<li>Personalised Rupay Card</li>
<li>Maximum balance in account can be Rs 1 Lacs</li>
<li>This account can be converted to Regular Savings Account within 1 year; by visiting your home branch</li>
</ul>
Here's a list of terms and conditions that these two portals have together. 
<ul>
<li>Aadhaar card having your mobile number; and PAN card is mandatory for opening this account</li>
<li>It will be a singly operated account only</li>
<li>Minimum balance charges, as applicable to Regular Savings Account; apply to this account also</li>
<li>Nomination is mandatory in the account</li>
<li>The account is opened on OTP based e-KYC of Aadhaar; and requires full KYC to be done by visiting a branch of Bank</li>
<li>This account is valid for 1 year period; within which you would need to complete KYC by visiting a branch of Bank</li>
<li>The account will be closed if KYC is not completed after 1 year</li>
<li>You can upgrade this account to Digital Savings Account or Regular Savings Account within 1 year. by visiting your home branch</li>
<li>The balance in account cannot be above Rs 1 Lac</li>
<li>The total credit summations permissible is Rs 2 Lacs in the year in the account</li>
<li>Branch selected by you will be Home Branch for the account</li>
<li>A personalised Rupay Debit Card is issued in this account</li>
<li>This account is only for Resident Indians, above 18 years of age</li>
<li>This account is not available for existing customers of the Bank</li>
<li>No branch transactions are allowed in this account</li>
<li>No Charges for non-maintenance of minimum balance upto August 2018</li>
</ul>
Earlier in March month, SBI trim down the charges levied on AMB in savings account with effect from April 01, 2018. 
The bank has reduced the charges by up to 75% in different categories of savings account, after taking in feedback from various stakeholders. From April 2018 onward, charges for non-maintenance of AMB for customers in metro and urban centres have been reduced from a maximum of Rs 50 per month plus GST to Rs 15 per month. 
On reduction of charges, P K Gupta, MD – Retail &amp; Digital Banking, SBI said, “We have reduced these charges taking into account the feedbacks and sentiments of our customers. Bank has always focused on keeping the interests of its customers first and this is one of our many efforts towards fulfilling customer expectations.”
Interestingly, while SBI provided relief to customers in regards to AMB in savings account, it also encouraged customers for shifting towards Bank Saving Bank Deposit (BSBD) account.

For eliminating the tension mounting over maintaining average minimum balance among Indian citizens, the largest financial service provider State Bank of India (SBI) in a major move has now launched a new app which will take care the trouble over charges and balance issue in regards to basic savings bank deposit  (BSBD) account. SBI from time-to-time has been introducing various measures for customers in order to boost the performance in their savings account. What is BSBD account? A BSBD account can be  opened by any individual provided he/she has valid KYC documents. Primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees.The eligibility of BSBD account is similar to that of regular savings bank account, also it is based on KYC compliant. It can be operated singly, jointly, or with either or survivor, former or survivor, anyone or survivor etc. facility.Furthermore, there is nil minimum balance amount in BSBD account, also there is no upper limit set for maintaining maximum balance. The rate of interest is same as savings bank account. SBI's YONO appSBI via it's official twitter account said, "Open a savings account instantly, right from the comfort of your own home. Get an Insta Savings Account by downloading the YONO app right now! The account requires no minimum balance till 31st August, 2018 as a limited period offer."Open a savings account instantly, right from the comfort of your own home. Get an Insta Savings Account by downloading the YONO app right now! The account requires no minimum balance till 31st August, 2018 as a limited period offer. Download: https://t.co/VFpiAhO7NR pic.twitter.com/9wYz0OHweY— State Bank of India (@TheOfficialSBI) April 13, 2018YONO offers all kinds of financial and lifestyle products of SBI. BSBD account can be opened either through paperless 'Digital savings account' or 'Insta savings account' offered on YONO. Here are saliant features of Digital savings accountFor Resident Indian Individual above 18 years of agePaperless account openingFree personal accident insurance cover of Rs 5 LacsSingle visit to branch for Aadhaar biometric verificationPersonalized Platinum Debit CardAadhaar and PAN is mandatoryAs for Insta savings account the features are: For resident Indian individual above 18 years of agePaperless account openingPersonalised Rupay CardMaximum balance in account can be Rs 1 LacsThis account can be converted to Regular Savings Account within 1 year; by visiting your home branchHere's a list of terms and conditions that these two portals have together. Aadhaar card having your mobile number; and PAN card is mandatory for opening this accountIt will be a singly operated account onlyMinimum balance charges, as applicable to Regular Savings Account; apply to this account alsoNomination is mandatory in the accountThe account is opened on OTP based e-KYC of Aadhaar; and requires full KYC to be done by visiting a branch of BankThis account is valid for 1 year period; within which you would need to complete KYC by visiting a branch of BankThe account will be closed if KYC is not completed after 1 yearYou can upgrade this account to Digital Savings Account or Regular Savings Account within 1 year. by visiting your home branchThe balance in account cannot be above Rs 1 LacThe total credit summations permissible is Rs 2 Lacs in the year in the accountBranch selected by you will be Home Branch for the accountA personalised Rupay Debit Card is issued in this accountThis account is only for Resident Indians, above 18 years of ageThis account is not available for existing customers of the BankNo branch transactions are allowed in this accountNo Charges for non-maintenance of minimum balance upto August 2018Earlier in March month, SBI trim down the charges levied on AMB in savings account with effect from April 01, 2018. The bank has reduced the charges by up to 75% in different categories of savings account, after taking in feedback from various stakeholders. From April 2018 onward, charges for non-maintenance of AMB for customers in metro and urban centres have been reduced from a maximum of Rs 50 per month plus GST to Rs 15 per month. On reduction of charges, P K Gupta, MD – Retail &amp; Digital Banking, SBI said, “We have reduced these charges taking into account the feedbacks and sentiments of our customers. Bank has always focused on keeping the interests of its customers first and this is one of our many efforts towards fulfilling customer expectations.”Interestingly, while SBI provided relief to customers in regards to AMB in savings account, it also encouraged customers for shifting towards Bank Saving Bank Deposit (BSBD) account. 

Want to open a SBI Zero Balance savings account; then you should know about YONO app

news-want-to-open-a-sbi-zero-balance-savings-account-then-you-should-know-about-yono-app-42825

For eliminating the tension mounting over maintaining average minimum balance among Indian citizens, the largest financial service provider State Bank of India (SBI) in a major move has now launched a new app which will take care the trouble over charges and balance issue in regards to basic savings bank deposit  (BSBD) account. SBI from time-to-time has been introducing various measures for customers in order to boost the performance in their savings account.  What is BSBD account?  A BSBD account can be  opened by any individual provided he/she has valid KYC documents. Primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees. The eligibility of BSBD account is similar to that of regular savings bank account, also it is based on KYC compliant. It can be operated singly, jointly, or with either or survivor, former or survivor, anyone or survivor etc. facility. Furthermore, there is nil minimum balance amount in BSBD account, also there is no upper limit set for maintaining maximum balance. The rate of interest is same as savings bank account.  SBIs YONO app SBI via its official twitter account said, Open a savings account instantly, right from the comfort of your own home. Get an Insta Savings Account by downloading the YONO app right now! The account requires no minimum balance till 31st August, 2018 as a limited period offer. Open a savings account instantly, right from the comfort of your own home. Get an Insta Savings Account by downloading the YONO app right now! The account requires no minimum balance till 31st August, 2018 as a limited period offer. Download: https://t.co/VFpiAhO7NR pic.twitter.com/9wYz0OHweY — State Bank of India (@TheOfficialSBI) April 13, 2018 YONO offers all kinds of financial and lifestyle products of SBI. BSBD account can be opened either through paperless Digital savings account or Insta savings account offered on YONO.  Here are saliant features of Digital savings account For Resident Indian Individual above 18 years of age Paperless account opening Free personal accident insurance cover of Rs 5 Lacs Single visit to branch for Aadhaar biometric verification Personalized Platinum Debit Card Aadhaar and PAN is mandatory As for Insta savings account the features are:  For resident Indian individual above 18 years of age Paperless account opening Personalised Rupay Card Maximum balance in account can be Rs 1 Lacs This account can be converted to Regular Savings Account within 1 year; by visiting your home branch Heres a list of terms and conditions that these two portals have together.  Aadhaar card having your mobile number; and PAN card is mandatory for opening this account It will be a singly operated account only Minimum balance charges, as applicable to Regular Savings Account; apply to this account also Nomination is mandatory in the account The account is opened on OTP based e-KYC of Aadhaar; and requires full KYC to be done by visiting a branch of Bank This account is valid for 1 year period; within which you would need to complete KYC by visiting a branch of Bank The account will be closed if KYC is not completed after 1 year You can upgrade this account to Digital Savings Account or Regular Savings Account within 1 year. by visiting your home branch The balance in account cannot be above Rs 1 Lac The total credit summations permissible is Rs 2 Lacs in the year in the account Branch selected by you will be Home Branch for the account A personalised Rupay Debit Card is issued in this account This account is only for Resident Indians, above 18 years of age This account is not available for existing customers of the Bank No branch transactions are allowed in this account No Charges for non-maintenance of minimum balance upto August 2018 Earlier in March month, SBI trim down the charges levied on AMB in savings account with effect from April 01, 2018.  The bank has reduced the charges by up to 75% in different categories of savings account, after taking in feedback from various stakeholders. From April 2018 onward, charges for non-maintenance of AMB for customers in metro and urban centres have been reduced from a maximum of Rs 50 per month plus GST to Rs 15 per month.  On reduction of charges, P K Gupta, MD – Retail Digital Banking, SBI said, “We have reduced these charges taking into account the feedbacks and sentiments of our customers. Bank has always focused on keeping the interests of its customers first and this is one of our many efforts towards fulfilling customer expectations.” Interestingly, while SBI provided relief to customers in regards to AMB in savings account, it also encouraged customers for shifting towards Bank Saving Bank Deposit (BSBD) account. 