Welcome to the digital age, where convenience and speed are the norm. Gone are the days of waiting in long bank queues to open a savings account. With the advent of technology, you can now open a digital savings account from the comfort of your home. In this blog, we'll take you through the step-by-step process of opening a digital account online, so you can start saving and managing your finances effortlessly.

Understanding the Digital Savings Account: A Modern Approach

A Digital Savings Account is a type of bank account that allows individuals to manage their savings and conduct various banking transactions entirely online, without the need for physical visits to a bank branch. It is a modern and convenient approach to traditional savings accounts, leveraging the power of technology and the Internet to provide users with seamless and efficient banking services.

Key Features of Online Digital Savings Account

Here are the features you must know if you want to open a digital savings account:

• Online Account Opening: Users can open a Digital Savings Account through the bank's website or mobile banking app, eliminating the need for paperwork and physical verification. With YONO SBI, you can now open a Digital Salary Account from the comfort of your place.
• 24/7 Accessibility: Account holders can access their Digital Account anytime, anywhere, using internet-enabled devices like computers, smartphones, or tablets.
• Ease of Use: Digital Savings Accounts are designed with user-friendly interfaces, making banking tasks simple and intuitive even for individuals with minimal technical knowledge.
• Fund Transfers: Account holders can transfer funds between the accounts, pay bills, and conduct other transactions electronically.
• E-statements and Alerts: Bank provides electronic statements and notifications for account-related activities, keeping customers informed about their account status.
• Security Measures: Bank implements robust security measures to protect users' financial information and transactions, such as encryption and two-factor authentication.
• KYC Verification: To comply with regulatory requirements, bank conducts the Know Your Customer (KYC) verification process electronically for new account openings.
• Customer Support: Assistance and support are available through various channels, including online chat, email, and phone, to address any account-related queries or issues. So, when you open a digital savings account, there will be proper customer support.

Step-by-Step Guide to Digital Account Opening through Video KYC

Here’s how to open a Digital Savings Account through YONO SBI app:

Step 1: Download YONO SBI App

The first step is to download and install the YONO SBI App from the relevant app store. This app will be your platform for accessing SBI's digital services and managing your banking needs.

Step 2: Initiate Account Opening

Once the YONO SBI App is installed, launch it and look for the "New to SBI" option. This is where you'll begin the account opening process. Select ‘without branch visit’

Step 3: Select Insta Plus Savings Account

Choose "Open Savings Account." Pick the "Insta Plus Savings Account" from the various savings accounts available to proceed with the account opening journey.

Step 4: Provide Aadhaar or Virtual Identity Number Details

As part of the application process, you'll be asked to enter your Aadhaar or Virtual Identity Number details.

Step 5: Verify Aadhaar OTP

Upon entering your Aadhaar details, a One-Time Password (OTP) will be sent to the mobile number linked to your Aadhaar.

Step 6: Enter Relevant Details

In this step, you'll need to provide additional information such as your personal details, contact information, and any other necessary details required for the account opening procedure. Select your Home Branch

Step 7: Schedule Video Call

To proceed with the Video KYC process, you must schedule a slot for video call to visually confirm your identity and documentation.

Step 8: Complete Video KYC

At the appointed time, log in to the YONO SBI App and use the "Resume" feature to continue the account opening process. During the video call, you'll interact with an SBI representative who will guide you through the Video KYC process and capture your photograph. They will ask you to show your identification documents such as PAN Card, ensuring these match with provided details for verification purpose.

Step 9: Account Activation

Once the Video KYC process is successfully completed and your identity is verified, your Insta Plus Savings Account will be opened. However, please note that this account will be activated for debit transactions only after SBI Officials have verified it. This verification step ensures the security and legitimacy of the report.

Benefits of Insta Plus Savings Account on YONO SBI:

• No charges for non-maintenance of account balance
• No issuance and annual maintenance charges for debit card
• Unlimited free cash withdrawals at SBI ATMs
• No NEFT and RTGS charges on remittances
• Free consolidated account statement
• Free SMS and Internet Banking facilities

Tips for a Smooth Digital Account Opening Experience

To open a digital savings account through Video KYC, follow the tips mentioned below:

• Use a reliable internet connection to avoid disruptions during the process.
• Keep your documents handy for verification and quick upload during video call.
• If you encounter any issues, don't hesitate to contact customer support for assistance.

Conclusion

Opening a digital savings account has never been easier! Embrace the convenience of online banking and take control of your finances with just a few clicks. Remember to choose YONO SBI, app that suits your needs, provides accurate information during the application process, and keeps your login credentials secure. So, what are you waiting for? Open a digital savings account today and enjoy the benefits of modern banking at your fingertips!