If you are planning to open an account in SBI (State Bank of India), you can do so via SBI's YONO app, which enables to open two types of accounts. SBI Insta Savings Account and SBI Digital Savings Account are the two kinds of savings bank accounts that you can open through your phone, said the country's largest lender on its official website - sbi.co.in. The minimum balance charges on both these accounts have been waived till March 31, 2019, it further said.
Here are the key things to know SBI Insta Savings Account and SBI Digital Savings Account:
SBI Insta Savings Account:
1. Eligibility & Process: Only resident Indians, over 18 years of age are eligible for opening Insta Savings Account. The account, which is a paperless account, comes with the 'instant account activation' facility and does not require the applicant to visit the branch, said SBI.
2. Features: Account will be opened in single name only. There is a transaction limit cap at Rs. 49,999 per transaction. Cash transaction services for this account are not permitted in branch.
3. Minimum Balance: Customer will be required to maintain minimum balance as defined for normal savings bank account. However, minimum balance charges for have been waived till March 31, 2019. However, maximum balance in the account can be Rs. 1 lakh only.
4. Debit card, Passbook & Cheque Book: A basic Rupay debit card is issued with SBI Insta Savings Account. However, passbook and cheque book facility is not be provided with the account.
5. Nomination Facility: The nomination facility is available and is mandatory for Insta Savings Account. Nomination can be made in favour of only one nominee.
SBI Digital Savings Account:
1. Eligibility & Process: Only resident Indians, over 18 years of age are eligible for opening Insta Savings Account. For opening a SBI Digital Savings Account, which is a paperless account, single branch visit is required.
2. Features: Joint account or joint mandate for operations of SBI Digital Savings is not permitted, said SBI. Each eligible individual can only open one SBI Digital Savings Account. However, account holders have the option to convert the Digital Savings account to joint account only after converting it to a normal savings account by visiting the home branch.
3. Minimum Balance: Customer will be required to maintain minimum balance as defined for normal savings bank account. However, minimum balance charges for have been waived till March 31, 2019. However, maximum balance in the account can be Rs. 1 lakh only.
4. Debit card, Passbook & Cheque Book: A personalised special Platinum Debit Card is issued free of cost. Cheque book are the same as are applicable to normal savings account. However, passbook facility is not available.
5. Nomination Facility: The nomination facility is available and is mandatory for Insta Savings Account. Nomination can be made in favour of only one nominee.
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