The State Bank of India NSE 1.13 % (SBI) relaunched its Aadhaar-based instant digital savings account facility on Friday for customers who want to open an online account using the Yono platform.
Yono is the lender’s integrated banking and lifestyle platform.
The ‘instant savings bank account’ will offer a completely paperless and instant digital savings account opening with just PAN and Aadhaar number, the bank said in a release.
“This account will provide our potential customers a convenient, hassle-free, and paperless banking experience without visiting the bank branch,” SBI chairman Rajnish Kumar said.
The bank will issue basic personalized RuPay ATM-cum-debit cards to all the new account holders of instant saving bank accounts.
To open an account, customers need to download the Yono app, enter their PAN and Aadhaar details, submit a one-time password, and fill other relevant details, the release said.
Nomination facility is also available for account holders along with SMS alerts and SBI’s missed call service.
Once the process is completed, 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 (Know Your Customer) account by visiting their nearest SBI branch within one year’s time.