State Bank of India (SBI) on Friday relaunched its facility to open a savings account in the bank online. Named 'SBI Insta Saving Bank Account', the country's largest lender is offering the facility to its customers to open the account through its app - YONO. In a release, SBI said that the new service will be completely paperless and customers would only need PAN and Aadhaar number. The account holders will also be issued an ATM-cum-debit card upon opening the account. In order to open an account via this process, customers need to download the YONO app, enter their PAN and Aadhaar details, submit the one-time password (OTP) and fill other relevant details.
The nomination facility would also be available. Once the process is complete, the account holder will get his/her account activated instantly and can start transacting immediately. Customers will have the flexibility to upgrade to full KYC by visiting an SBI branch within one year's time.
Commenting on the new service, SBI chairman Rajnish Kumar said, "This account has all the features that would provide our potential customers a convenient, hassle-free and paperless banking experience without visiting the bank branch."
"This product would be beneficial to customers in this prevailing COVID 19 situation, who can open Savings Account at the comfort of their homes, without visiting a bank branch," he added.