State Bank of India (SBI) is offering the facility of opening an account which does not require any minimum balance til August 2018. This latest offer would offer great convenience to customers, who will not be required to maintain any minimum balance in this savings account. The Insta Savings account of SBI, the largest lender of the country, does not require customers to visit any branch. SBI's Insta Savings Account can be opened by customers from the comfort of their home, SBI said. The zero minimum balance requirement of SBI's Insta Savings Account is a limited period offer, SBI said.
10 key things to know about SBI's zero minimum balance account - Insta Savings Account
1) SBI's Insta Savings Account can be opened via SBI's YONO app.
2) SBI's Insta Savings Account does not require customers to submit any documents. It, thus, offers the option of 'paperless account opening', SBI said.
3) SBI's Insta Savings Account is activated instantly, according to YONO app's official website, sbiyono.sbi.
4) Customers who open SBI's Insta Savings Account get a Rupay debit card.
5) Customers of SBI's Insta Savings Account can maintain an aggregate balance up to Rs. 1,00,000.
6) Customers of SBI's Insta Savings Account can make an annual transaction up to Rs. 2,00,000.
7) SBI's Insta Savings Account can be converted into a regular savings account within one year. Customers, however, will be required to visit their home branch.
8) SBI's Insta Savings Account does not require maintenance of any minimum balance until August 2018.
9) SBI's Insta Savings Account can be opened by resident Indian individual above 18 years of age only.
10) While applying for SBI's Insta Savings Account via mobile app YONO, users must keep their Aadhaar and PAN (Permanent Account Number) card details handy.