How SBI Insta Savings Account Is Different From Digital Savings Account

SBI Insta Savings Account and SBI Digital Savings Account are the two kinds of bank savings bank accounts that you can open through your smartphone.

How SBI Insta Savings Account Is Different From Digital Savings Account

You can open State Bank of India (SBI) Insta Savings or Digital Savings accounts using your phone

Looking to open an SBI account from home? SBI or State Bank of India provides a mobile app, called YONO, through which it enables individuals to open two types of account from home. SBI Insta Savings Account and SBI Digital Savings Account are the two kinds of savings bank accounts that you can open through your smartphone (and internet connection) from the comfort of your home. This was said by SBI, the country's largest bank, on microblogging site Twitter. But what's the difference between both the accounts?

Here are 10 things to know about SBI's two accounts - Insta Savings Account and Digital Savings Account - that you can open using your smartphone:

1. Debit card: While the insta savings account comes with a free RuPay debit card, a personalised platinum debit card is issued with the digital savings bank account, according to SBI.

2. Branch visit: SBI's Insta Savings Account comes with the "instant account activation" facility and does not require the applicant to visit the branch. However, SBI's Digital Savings Account requires the applicant to make a single visit to the branch.

3. Mode of operation: An Insta Savings Account can be opened and operated on a single basis. That means the ownership of the bank account is limited to one person only. However, the Digital Savings Account can be operated on a single or joint basis. In a joint account, more than one person holds the bank account. For example, two members of a family can operate a bank account on a joint basis. While mobile app YONO provides the Digital Savings Account on a single basis initially, the user can convert the account into a joint account by visiting an SBI branch, according to the SBI YONO website.

4. Conversion to salary account: SBI's Digital Savings Account can be converted into a salary account, according to the bank. "Check for salary package tie-up with SBI," it mentions. However, no such facility is mentioned against the Insta Savings Account.

5. Minimum balance charges: Both the SBI YONO bank accounts are kept outside of the purview of the bank's monthly average balance (MAB) rules, wherein the account holder is required to maintain a certain amount of average balance every month to avoid penalty charges. According to SBI YONO website, this offer is available till March 31, 2019. (Also read: Debit Card Charges That You Have To Pay)

6. Cheque book: Under the Digital Savings Account, SBI offers the option of a cheque book facility with applicable charges, according to its website. The bank, however, does not mention any such option under the Insta Savings Account.

7. Age requirement: Minimum age to open SBI account through YONO: Both the accounts can be opened by resident Indians above 18 years of age. Both the accounts also require mandatory nomination.

8. Paperless process: Both the SBI accounts are opened on a paperless basis, meaning the user does not need to submit physical copies of the acceptable documents at an SBI branch at the time of opening of account, according to SBI YONO website.

9. Documents required: SBI requires users, looking to open either of the two bank accounts through YONO, to provide information on their Aadhaar card and PAN (permanent account number) card. The card numbers are entered online, either through the mobile app or the YONO website.

10. Balance/transaction limit: In case of Insta Savings Account, SBI has stipulated an aggregate end of day balance up to Rs 1 lakh and total annual credit transactions up to Rs 2 lakh, according to its website. In case of Digital Savings Account, SBI has restricted cash withdrawal through the Platinum debit card to a maximum of Rs 1 lakh. "GCC (Green Channel Counter) machines available at the branches for cash withdrawal in excess of Rs. 1 Lakh," SBI clarifies on rules applicable to the Digital Savings Account. A GCC is a counter manned by a teller where a transaction processing device (TPD), similar to a PoS (Point of Sale) machine, is attached to the terminal, according to the SBI website.