What is SBI Digital Savings Account?
SBI Digital Savings Account is an online account that can open online without visiting the bank branch, however, you still need to visit the bank branch for activating the account. This account can be opened online by filling in basic KYC details like PAN No, Aadhar No, residential address.
There are other variations of this account, known as SBI Insta Savings Account. That account can also be opened online; however, there are some differences in features of both accounts. Through the article, we will understand SBI digital saving account features, the Step-by-Step Process, how to open it, and why it differs from the SBI Insta Savings Account.
SBI Digital Savings Account History
State Bank of India from time to time has been coming new account for customers in order to boost the their savings account. In 2018, The largest state-owned lender State Bank of India (SBI) introduced its Digital saving account for a wide range of people. To have an SBI Digital account, details like a valid Aadhaar number and valid PAN is compulsory to meet the KYC norms.
14 Features & Benefits of SBI Digital Savings Account
- Personalized Classic debit card: A Classic Debit Card will be issued to the account, free of cost.
- Only One Account: Each eligible individual can only open one SBI Digital Savings Account.
- No Joint Account: Joint account or joint mandate for the operation of SBI Digital Savings is not permitted.
- Option to convert to Regular Account: You will have the option to convert the Digital Savings account to a joint account only after converting it to normal savings account by visiting the home branch.
- You can select your Home Branch: Branch selected by you will be tagged as Home Branch for opening Digital Savings Account.
- Single branch visit: The Digital account is opened online. However, it would help if you visited the branch once to Activate the account.
- Its Digitally Full-fledged account: You do not need to hand over any document online.
- Minimum balance: You will be required to maintain minimum balance as defined for normal Savings Bank Account
- Passbook: Passbook will not be provided in the account. You will be sent an audio-visual statement by email.
- Available only for Resident Literate Indians above 18 years of age.
- POI (Proof of Identity), POA (Proof of Address), and PAN card are mandatory.
- Nomination is mandatory.
- Cheque book available on request charges applicable
- A/C statement is emailed monthly.
SBI Digital Savings Account Eligibility
You need to fulfill below condition for availing Digital Saving account.
- You should be a resident of India.
- POI (Proof of Identity), POA (Proof of Address), and PAN card are mandatory.
- And your age should be over 18 years with the capacity to contract by applicable laws in India, without any tax liability outside India.
- You should possess a valid Aadhaar number and valid Permanent Account Number.
- If your name in Aadhaar is different from the PAN Card, the details as per Aadhaar will be taken on record.
- You must have a valid and active local mobile number registered in their name and a valid and active email address.
- Only one Digital saving accounts allowed in your name.
How to open SBI Digital Savings Account Online Step-by-Step Process.
In the last step, the SBI portal will share your Reference code. Use it to validate KYC in any branch. The Reference code will also be sent on your Email ID and Mobile No. The reference code will be valid for 15 days. You need to submit the above code along with the KYC document, One Photo. After the Dual verification, your ID is activated.
Total Time: 17 minutes
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Visit the www.sbiyono.sbi or download YONO and click Apply Now Button.
You can apply for an SBI Digital Savings Account either through the mobile app YONO or its website. Visit the https://www.sbiyono.sbi/ or download the YONO App from the Google Play store Go to the website and click on Apply now button.
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Provide Mobile number and OTP. Email ID are optional.
Please provide the following details to receive OTP . You need to share Mobile number and OTP for the same. Email ID and are optional, however it is recommend to provide Email ID for the account opening. You need have Email ID for Netmaking.
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Verify the Mobile number with OTP
After Inserting mobile number, an OTP will be sent on your mobile number. Put OTP in the Given Box.
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FATCA or CRS declaration
Click on I am liable for tax in India only and NOT in any jurisdiction (Country or Territory) outside India. Digital Savings Account is available only for customers who are liable to pay taxes in India only. I indemnify SBI against all losses arising due to difference in name on my PAN card and identification documents, if any.
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Conform FATCA and Click on Next
Carefully read all FATCA and CRS declaration. Conform that your are not the citizen of US, as SBI Digital Account is not available for US citizen.
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fill the personal and Identity detail in Step 1-2
Fill the personal details like Name, Father Name, Mother Name, Select the Proof of Identity , Proof of Current address. Document No , Document Expiry. etc.
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Provide Additional Details
Provide additional details like Father Name, Mother Name, martial Status, If married then spouse name, Occupation etc..
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Select the Personalized Kit
Select the Personalizes KIT, Like Card Type, Card Variant, Name as per Debit card.
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Check on Information on other product and Offering
Check on Information on other product and Offering and also check on I hereby agree to SBI Bank/Subsidiaries/Affiliates/agent contacting major various other product updates, marketing promotion, special offers or any such information form time to time.
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Please create the Internet User Name and Password.
Please create the Internet User Name and Password. You password should be between 8 to 20 Characters, Combination of Alphabets, should contain at least One 0-9 digit. Please remember the ID and Password created at time. ID will be activated after your account is opened.
Other alternatives of SBI Digital Savings Account
The immediate alternatives to the SBI Digital Savings Account are the SBI Insta Savings account. Both are digital accounts that can be opened online. But there is some difference between them.
| Basics | SBI Insta Savings account. | SBI Digital Savings Account |
| Use of Aadhaar number | You need to have Aadhaar number Registered with Mobile no to Open Insta Account | Here Aadhaar number Registered with Mobile is not mandatory. You can open this account with valid documents. |
| KYC Status | SBI Insta Savings Account is a fully digital account that can be opened online. You do need to visit the Bank branch to activate the account. | SBI Digital Savings Account is a fully KYC account; however, you need to visit the branch to activate the account. |
| Cheque Book | You can order a checkbook in this account. | Checkbooks are not available here. |
Bottomline
SBI Digital Savings Account is an online savings account for new to bank customers. If you have prior relationship with SBI then, you are not eligible for this account. Only one demerit of this account that you need to visit the SBI Branch for account activation.
You have any queries about this account, You ask me in the comment box below.
